Satcon Technology Corp. (MM) (NASDAQ:SATC)
Historical Stock Chart
From Jul 2019 to Jul 2024
Satcon Technology Corporation (NASDAQ CM: SATC), a leading provider of
utility scale distributed power solutions for the renewable energy
market, today announced that it has partnered with FuelCell Energy Inc.
and Enbridge Inc. in the production of a new, multi-megawatt hybrid
energy system for natural gas pipeline operations in Ontario Canada.
The new product, named the Direct Fuel Cell-Energy Recovery Generation
(DFC-ERG™) system, aims at generating
ultra-clean electricity, while recovering energy normally lost during
natural gas pipeline operations. The system combines a 1.2 megawatt
Direct Fuel Cell power plant from FuelCell Energy with a 1 megawatt
unfired gas expansion turbine. Satcon’s 1.2
megawatt Fuel Cell Power Conditioning System is the enabling link
between the fuel cell and utility grid. Operating at natural gas
pipeline letdown stations, the system can generate 2.2 megawatts of
ultra-clean electricity, or enough power for approximately 1,700
residences. The system is also the first multi-megawatt commercial fuel
cell to operate in Ontario.
“Our involvement in this project demonstrates
the demand for our industry-leading megawatt-class inverters for fuel
cell applications,” said Steve Rhoades,
President and Chief Executive Officer of Satcon. “As
the leader in large scale, utility grade renewable energy conditioning,
Satcon was chosen because of our experience in both industrial power
distribution and advanced utility scale solutions. We are excited about
the opportunity to partner with Enbridge and FuelCell Energy on this
project, which is a major step toward the commercialization of fuel
cells.”
Enbridge has ordered FuelCell Energy's new up-rated 1.2 megawatt DFC
power plant to ensure product integration is complete in time to meet
the needs in emerging markets in Ontario, Canada, and Connecticut, as
well as other U.S. states.
About Satcon
Satcon Technology Corporation is the leading provider of utility scale
distributed power solutions for the renewable energy market, enabling
the industry’s most advanced reliable and
proven clean energy alternatives. For over 22 years, Satcon has designed
and delivered the next generation of efficient energy systems for solar
photovoltaic, stationary fuel cells, wind-turbines, and energy storage
systems. To learn more about Satcon, please visit www.Satcon.com.
About Enbridge Inc.
Enbridge Inc., a Canadian company, is a leader in energy transportation
and distribution in North America and internationally. As a transporter
of energy, Enbridge operates, in Canada and the U.S., the world's
longest crude oil and liquids transportation system. The Company also
has international operations and a growing involvement in the natural
gas transmission and midstream businesses. As a distributor of energy,
Enbridge owns and operates Canada's largest natural gas distribution
company, and provides distribution services in Ontario, Quebec, New
Brunswick and New York State. Enbridge employs approximately 5,500
people, primarily in Canada, the U.S. and South America. Enbridge's
common shares trade on the Toronto Stock Exchange in Canada and on the
New York Stock Exchange in the U.S. under the symbol ENB. Information
about Enbridge is available on the Company's web site at www.enbridge.com.
About FuelCell Energy, Inc.
FuelCell Energy develops and markets ultra-clean power plants that
generate electricity with higher efficiency than distributed generation
plants of similar size and with virtually no air pollution. Fuel cells
produce base load electricity giving commercial and industrial customers
greater control over their power generation economics, reliability and
emissions. Emerging state, federal and international regulations to
reduce harmful greenhouse gas emissions consider fuel cell power plants
in the same environmentally friendly category as wind and solar energy
sources -- with the added advantages of running 24 hours a day and the
capacity to be installed where wind turbines or solar panels often
cannot. Headquartered in Danbury, Conn., FuelCell Energy services over
50 power plant sites around the globe that have generated more than 124
million kilowatt hours, and conducts R&D on next-generation fuel cell
technologies to meet the world’s
ever-increasing demand for ultra-clean distributed energy. For more
information on the company, its products and its worldwide commercial
distribution alliances, please see www.fuelcellenergy.com.
Safe Harbor
Statements made in this press release 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, including its Annual
Report on Form 10-K and other periodic reports filed with the SEC.
Forward-looking statements contained in this press release speak only as
of the date of this release. Subsequent events or circumstances
occurring after such date may render these statements incomplete or out
of date. The company expressly disclaims any obligation to update the
information contained in this release.