SatCon Announces 10 Megawatts in Orders for Photovoltaic Inverters from a Series of New and Existing Customers.BOSTON Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. -- Renewable Energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. Subsidiary's Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. Exceeds $16 Million SatCon Technology Corporation(R) (Nasdaq NM: SATC SATC Sex and the City (HBO series) SATC Software Assurance Technology Center (NASA) SATC Sexual Assault Treatment Center (Broward County, Florida) ), a leading developer and manufacturer of power electronics and controls for renewable energy markets, today announced that over the last four (4) months it has received multiple purchase orders from new and existing customers exceeding 10 Megawatts (MW) in renewable energy, photovoltaic inverters A photovoltaic inverter changes direct current (DC) from a solar cell array to alternating current (AC), synchronizes with a grid and feeds the energy into the grid, mostly a public utility grid. . Over the course of the past 12 months and current fiscal year, the Company has recorded over 26.5 MW of photovoltaic inverter orders and has shipped over 21 MW. Currently, the Company has a record backlog in this market sector of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $4.5 million, all of which is scheduled for shipment by the end of the current calendar year. In addition to this record backlog of short-cycle business, SatCon's Stationary Stationary can mean:
n. 1. (used with a sing. verb) The science and technology of electronics and the development of electronic devices as applied to aeronautics and astronautics: power distribution products, which are complementary to the Company's renewable energy product portfolio. This total backlog exceeding $16 million is a 165% increase compared to a year ago, when the orders on hand were $6 million. "Our strategy to focus our Stationary Power Systems business on both renewable energy inverters and complementary industrial power quality and conditioning products, is paying off in terms of market share and revenue growth", said Clemens van Zeyl, President of SatCon's Stationary Power Systems Division. "With orders on-hand exceeding the approximately $11.5 million of revenue expected for the current fiscal year, the Division is poised for significant revenue growth in the next year driven largely through its success in the renewable energy markets. From a financial sustainability perspective, the Stationary Power Systems Division is achieving operational efficiencies related to our increase in shipments of photovoltaic inverters, which is expected to accelerate our time to breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations , and increase our investment in product development and marketing." In addition, David Eisenhaure, SatCon's Chairman and Chief Executive Officer stated, "I am pleased with the progress we are making in growing our presence in the renewable energy markets. Earlier this fiscal year we successfully launched a 500kW inverter (1) A logic gate that converts the input to the opposite state for output. If the input is true, the output is false, and vice versa. An inverter performs the Boolean logic NOT operation. (2) A circuit that converts DC current into AC current. Contrast with rectifier. , which further completed our offerings of UL 1741 listed photovoltaic inverters. This product has played a significant role in our market success this year." Eisenhaure continued, "Growth of our renewable and alternative energy business continues as the primary focus for SatCon in fiscal 2007. We understand that sustained growth requires investment in product, facilities and people, and we are determined to direct a significant portion of our working capital to this opportunity. As an indication of our commitment to this strategy, I am pleased to announce the investment in our next generation PowerGate inverter for this market sector as a key initiative for fiscal 2007." About SatCon Technology Corporation SatCon Technology Corporation is a developer and manufacturer of electronics and 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. |
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