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SATC Satcon Technology Corp. (MM)

0.4275
0.00 (0.00%)
Pre Market
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type
Satcon Technology Corp. (MM) NASDAQ:SATC NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.4275 0 01:00:00

Satcon Delivers World’s First Hybrid Fuel Cell Energy System

23/10/2008 6:05pm

Business Wire


Satcon Technology Corp. (MM) (NASDAQ:SATC)
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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.

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