Satcon Technology Corp. (MM) (NASDAQ:SATC)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Satcon Technology Corp. (MM) Charts. Click Here for more Satcon Technology Corp. (MM) Charts.](/p.php?pid=staticchart&s=N%5ESATC&p=8&t=15)
SatCon Technology Corporation® (Nasdaq CM:
SATC), a developer of power management and system architecture solutions
for the alternative energy and distributed power markets today announced
that, over the past few months, in excess of $1.2 million in orders have
been received for on-board vehicle components to support both domestic
and international production builds of hybrid electric vehicles and
electric vehicles in the off-road vehicle, heavy truck and specialty
vehicle market segments.
The Company’s products are based on SatCon’s
leading technical component capabilities and their systems integration
experience in the hybrid and electric vehicle automotive market over the
past 10 years. SatCon has extensive capabilities and experience in
providing key power systems, such as hybrid and electric drive systems,
for various transportation projects including buses, trucks, vans and
prototype vehicles.
“We were pleased to see that our electric and
hybrid electric vehicle business is growing,”
said David Eisenhaure, SatCon President and Chief Executive Officer. “We
are excited about our progress in becoming a significant supplier into
the alternative energy market with our photovoltaic electronics. This
continuing growth in our alternative fuel vehicle business is a good
complement to that work. We all believe that we need to decrease the
nation’s foreign oil dependency. Given that
the country uses one-fourth of the world’s oil
while possessing only 3 percent of its reserves, underscores for us at
SatCon the critical need to develop alternative energy sources and
efficiencies.”
The company has been providing solutions for hybrid and electric
vehicles for over 10 years. In 1992, SatCon entered the vehicle
technology business with a groundbreaking development of the power train
system for the 750 horsepower Chrysler Patriot Formula One racecar
including best-in-class power density technology for power conversion
electronics, turbo-alternators, traction motors, and energy storage
flywheels. In 1998, SatCon acquired the Westinghouse/Northrop Grumman
Electric Vehicle division; an established production manufacturer of
hundreds of Chrysler EPIC minivan electric drive train systems and
complete electric and hybrid electric conversions for truck and bus
applications providing the company with solutions for affordable
traction drive systems, DC/DC converters, and battery charging systems.
Through SatCon’s continued R&D contracts with
the US government Departments of Defense and Energy the company has
further advanced its solutions for high power density, efficiency, and
low manufacturing cost potential for inverters, DC/DC converters, hybrid
PM traction motors, integrated starter/generators, and generators. The
company presently has active development contracts with the US Army for
pulse chargers, battery chargers, generators, starter/generators, APUs,
and associated drive electronics.
SatCon, under its Magmotor brand name, has released to production a
product line of brushless DC motors and controllers ranging from 0.5hp
to 10hp at 300vdc nominal for a variety of electric and hybrid
electrical vehicle applications. These on-board vehicle applications
include drive systems for power steering, HVAC systems, compressors,
pumps and fans. The division also manufactures DC/DC converters for high
voltage applications (300vdc nominal to 12 or 24vdc nominal), for
further information pertaining to these products contact Peter Morgan at
(810) 225-4699 or peter.morgan@satcon.com.
For further information regarding technology development needs contact
Dennis Mahoney at 888-728-2660 or dennis.mahoney@satcon.com.
About SatCon Technology Corporation
SatCon Technology Corporation is a developer and manufacturer of
electronics and generators/motors for the Renewable 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.
(SATC-G)
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 “will,”
“intends,” “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. 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.