SATC Satcon Technology Corp. (MM)

SatCon Technology Corporation (NASDAQ NM: SATC), a developer and manufacturer of power electronics and motors for alternative energy markets, today announced that it has been issued a purchase order from Azure Dynamics Corporation for the production of 50 systems for use on hybrid electric vehicles, in a delivery fleet application. The products to be shipped include a brushless DC motor (rated at 250 - 350 VDC input, 3 Hp), motor controller, and a DC/DC power converter (rated to 120 Amps continuous) which lowers the DC bus voltage from 350 VDC (nominal) to 12 - 14 VDC to power conventional automotive electrical components and systems. SatCon designs and manufactures a range of high voltage electrical components, subsystems, and systems for power steering applications, fans, pumps, vehicle drives, and alternative power generation sources (dual output alternator, in-line power generator, and similar devices) for electric and hybrid electric vehicle platforms. "We are pleased to have been selected by Azure Dynamics for this particular project," said Millard Firebaugh, President and Chief Operating Officer. "Azure Dynamics has done an excellent job identifying early adopting markets for alternative electric and hybrid electric technologies. Our technologies and products are a great fit for their particular applications and we look forward to continuing to be an important supplier to Azure Dynamics." SatCon is actively involved in addressing the technical challenges facing the US automotive industry through its Hybrid Electric Vehicle (HEV) initiatives. The company has a strong HEV track record having provided solutions for both hybrid and electric vehicles for nearly 15 years. In 1992, SatCon entered the vehicle technology business with a 'ground-breaking' development of the power train system for the 750HP Chrysler Patriot -- Formula One racecar. SatCon was recognized for providing 'best-in-class' power density technology for power conversion electronics, turbo-alternators, traction motors, and energy storage flywheels. In late 1999, SatCon acquired the Westinghouse/Northrop Grumman Electric Vehicle division; an established production manufacturer of hundreds of Chrysler EPIC minivan electric drive train systems and complete electric and hybrid electric conversions for truck and bus applications providing the company with solutions for affordable traction drive systems, DC/DC converters, and battery charging systems. Through SatCon's subsequent and continuing R&D contracts with the US Government Departments of Defense and Energy, the company has further advanced its solutions for high power density, high electrical efficiency, and low manufacturing cost potential for inverters, DC/DC converters, hybrid PM traction motors, integrated starter/generators, and generators. The company presently has active development contracts with the US Army for pulse chargers, battery chargers, generators, starter/generators, auxiliary power units, and associated drive electronics. About SatCon Technology Corporation SatCon Technology Corporation is a developer and manufacturer of electronics and motors for the Alternative 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. About Azure Dynamics Corporation Azure Dynamics is a leader in the development and production of hybrid electric and electric commercial and military vehicles and systems. The company estimates it has over 25 million miles of vehicle experience. Azure Dynamics' operations are based in North America and Europe. Azure Dynamics Corporation is a public company trading on the TSX (AZD) in Canada and on AIM (ADC) in the UK. For more company information please visit www.azuredynamics.com. 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. 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.