SATC Satcon Technology Corp. (MM)

SatCon Technology Corporation(R) (Nasdaq NM: SATC), a developer and manufacturer of power electronics and motors for the alternative energy markets, today announced that it has selected Vitale, Caturano & Company, LTD. as its independent auditors for fiscal 2006. David Eisenhaure, SatCon's Chief Executive Officer issued the following statement. "We believe that working with Vitale will provide SatCon with the same exceptional level of service as we had grown accustomed to with Grant Thornton LLP. We believe the change to Vitale will provide for a more cost efficient audit process. The decision to retain Vitale was that of our Audit Committee and was not related to any disagreements of any kind with Grant Thornton LLP. We want to thank Grant Thornton LLP for their past services and we are looking forward to our new relationship with Vitale." The Company previous released the required disclosures in a current report on Form 8-K and Amendment No. 1 to that current report on Form 8-K/A, which was filed on January 5, 2005 with the Securities and Exchange Commission. All such filings are available via the Securities and Exchange Commission web site at www.sec.gov. About SatCon Technology Corporation SatCon Technology Corporation is a developer and manufacturer of electronics and motors for the Alternative Energy, Hybrid-Electric Vehicles, Grid Support, High Reliability Electronics and Advanced Power Technology markets. For further information, please visit the SatCon website at www.satcon.com. About Vitale, Caturano & Company Vitale, Caturano & Company, Ltd. ("VCC") is the largest Boston-owned accounting firm in New England with 280 employees providing full-service CPA, business advisory, and technology consulting services. The firm provides auditing and accounting services including tax, estate, financial and retirement planning, and business advisory services. VCC's technology group offers a full range of services including networking, hardware and software, and ERP implementation with full financial and business operations knowledge. In 2005, VCC was named one of the "Best Places to Work" in Massachusetts by the Boston Business Journal, one of the "Top 50 CPA firms in the country" by Accounting Today, and America's fastest growing audit firm by The Accounting Report by Art Bowman. VCC has received the Practice Innovation Award by Practical Accountant four times. The firm is an independent member of Baker Tilly International, a network of high quality, independent accountancy and business services firms who are committed to providing the best possible service worldwide. 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 "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. There can be no assurance that the company will be successful in achieving any of the objectives that are stated within the release, and such failure to achieve those objectives could have a material, adverse effect on the future of the Company. 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.