SatCon Receives Additional $5 Million Contract for 'All-electric' Ship Electronics Assemblies; Contract Value for Shipboard Integrated Power Systems Now Totals $12.0 Million.Business/Technology Editors CAMBRIDGE, Mass.--(BUSINESS WIRE)--Sept. 25, 2002 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 leader in critical powering solutions, announced today that it has been awarded a $5 million contract from General Atomics General Atomics is a nuclear physics and defense contractor headquartered in San Diego, California. Among other things, it is the manufacturer of the Predator unmanned aerial vehicle (UAV). to continue the development of Integrated Power Systems (IPS (1) (Inches Per Second) The measurement of the speed of tape passing by a read/write head or paper passing through a pen plotter. (2) (IPS) (Intrusion Prevention S ) for future U.S. Navy "all-electric" ship platforms. This contract phase, when added to the previous IPS phases brings the total value of this program to SatCon to over $12.0 million. SatCon is part of a contractor team that includes General Atomics and Gibbs and Cox. Under this phase of the contract, SatCon will deliver 30 100kW modular, electrical power converter and control assemblies to be installed on the RV Triton The RV Triton is a trimaran vessel owned by Gardline Marine Sciences Limited and a former prototype British warship demonstrator for the QinetiQ defence research company. , a British research vessel A research vessel (R/V) is a ship primarily constructed to carry out scientific research at sea. Role of research vessels Research vessels carry out a number of roles at sea. Some of these can be combined into a single vessel, others require a dedicated vessel. , for at-sea testing as part of the Navy's on-going development of all-electric ship platforms. The program is managed through the U.S. Naval Sea Systems Command The Naval Sea Systems Command (NAVSEA) is the largest of the U.S. Navy's five "systems commands," or materiel organizations. NAVSEA consists of four shipyards, eight "warfare centers" (two undersea and six surface), four major shipbuilding locations and the NAVSEA headquarters, . "By its selection of this team, the US Navy has demonstrated its confidence in the design and capability of this modular hardware approach," said David Eisenhaure, SatCon president and chief executive officer. "For SatCon Applied Technology, this effort further solidifies our position as a leader in the field of power conversion and demonstrates its commitment to the development of the technologies necessary to support future Navy all-electric platforms. The benefit to the Navy is to replace mechanical systems with electrical systems that will reduce cost and weight and improve performance. The IPS program also has a more general benefit by supporting hardware production that has cross application to distributed power generation and power quality systems for commercial and industrial applications as well." About General Atomics General Atomics (GA) and its affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. comprise one of the world's leading resources for high technology systems development and nuclear technology. GA specializes in diversified research, manufacturing and development in energy, defense and other advanced technologies, many for environmentally sensitive applications. GA and its affiliated companies also manufacture, operate, and service state-of-the-art unmanned aircraft Unmanned Aircraft (UA) is a term used in the Federal Aviation Administration (FAA) definition of Unmanned Aircraft System (UAS). UA refers to the aircraft portion of the system required to operate it, also known as Unmanned Aerial Vehicle. (UAVs), and provide information technologies, nuclear instrumentation, superconducting magnets Superconducting magnets are electromagnets that are built using superconducting coils. Construction Composition Coil windingsThe coil windings of a superconducting magnet are made of wires of type II superconductors (e.g.niobium-titanium). , systems for hazardous material destruction, and many other products and services for government and industry.About SatCon Technology Corporation SatCon Technology Corporation manufactures and sells power and energy management products for digital power markets. SatCon has three business units: SatCon Power Systems manufactures and sells power systems for distributed power generation, power quality and factory automation, including 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. electronics from 5 kilowatts to 5 megawatts. SatCon Electronics manufactures and sells power chip components; power switches; RF devices; amplifiers; telecommunications electronics; and hybrid microcircuits for industrial, medical, and aerospace applications. SatCon Applied Technology develops advanced technology in digital power electronics, high-efficiency machines and control systems with the strategy of transitioning those technologies into products. 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 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. Among the important factors that could cause the Company's actual circumstances, or results, to differ materially from those implied by such forward-looking statements include market conditions, developments in the Company's business and industry, inability to gain customer acceptance of its new products, failure of the Navy to fully fund the IPS program, and difficulties in developing technology enhancements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's filings, including but not limited to the Company's Forms 10-K and 10-Q. Copies of those filings are available from the Company and the Securities and Exchange Commission. |
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