Satcon Technology Corp. (MM) (NASDAQ:SATC)
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SatCon Technology Corporation(R) (Nasdaq NM: SATC), a
developer and manufacturer of power electronics and motors for the
alternative energy markets, today announced that it has hired Gary G.
Brandt, to the newly created role of Vice President, Corporate
Development, reporting to David Eisenhaure, Chairman and Chief
Executive Officer. Mr. Brandt is the former Chief Financial Officer of
Hydrogenics Corporation.
Mr. Brandt is a senior business leader with extensive
cross-industry and cross-border experience in the alternative energy
and telecommunications sectors. From 2001 to 2005, he was CFO of
Hydrogenics Corporation, a hydrogen and PEM fuel cell technology
company based in Toronto, Canada. During his tenure, the Company
completed a fully marketed equity offering that raised US $62 million.
As well, the Company completed three acquisitions, including the
acquisition of Stuart Energy for US $120 million. Business development
initiatives launched during his tenure contributed to a five-fold
increase in revenues at Hydrogenics to pro forma US $35 million. Prior
to his position at Hydrogenics, Mr. Brandt was CFO of Colorado-based
@Link Networks, Inc., a private data networking company. Prior to
@Link Networks, Inc. he was Vice President, Investor Relations for
WorldCom, Inc. as well as for MFS Communications. Mr. Brandt completed
his Bachelor of Commerce (Honors) Degree at Queen's University,
Kingston, Ontario and his Masters of Business Administration at York
University, Toronto.
"This is a tremendous addition to SatCon and an important step
forward as we seek to create shareholder value," said David
Eisenhaure, SatCon Chairman and Chief Executive Officer. "Gary is a
well respected industry leader with a great track record. He has
raised capital, overseen mergers and acquisitions, and delivered
revenue growth specific to our industry. We will benefit from his
energetic presence and his demonstrated expertise in corporate
strategy and capital markets relationships. Gary is a recognized
leader who can immediately begin to contribute to our corporate
development initiatives. I believe our shareholders will be very
pleased that we were able to bring such a strong addition to our
management team."
About SatCon Technology Corporation
SatCon Technology Corporation is a developer and manufacturer of
electronics and motors for the Alternative Energy, Hybrid-Electric
Vehicle, Grid Support, High Reliability Electronics and Advanced Power
Technology markets. For further information, please visit the SatCon
website at www.satcon.com.
Statements made in this document that are not historical facts or
which apply prospectively are forward-looking statements that involve
risks and uncertainties. These forward-looking statements are
identified by the use of terms and phrases such as "believes,"
"expects," "plans," "anticipates" and similar expressions. Investors
should not rely on forward looking statements because they are subject
to a variety of risks and uncertainties and other factors that could
cause actual results to differ materially from the Company's
expectation. There can be no assurance that the company will be
successful in achieving any of the objectives that are stated within
the release, and such failure to achieve those objectives could have a
material, adverse effect on the future of the Company. Additional
information concerning risk factors is contained from time to time in
the Company's SEC filings. The Company expressly disclaims any
obligation to update the information contained in this release.