SATC Satcon Technology Corp. (MM)

SatCon Technology Corporation� (Nasdaq GM: SATC), a developer and manufacturer of power electronics and motors for the alternative energy markets, today announced the following organizational changes: John Carroll, an existing independent director, has been appointed Chairman of the Board of Directors, replacing David Eisenhaure. Mr. Eisenhaure will remain a director and continue to serve as Chief Executive Officer and President of the Company. In a further effort to streamline operations and reduce overhead, Michael Turmelle�s employment with the Company will terminate, effective October 31, 2006. Mr. Turmelle has been serving as President of SatCon Power Systems, USA. Mr. Carroll joined SatCon as a director in May�2005. Mr.�Carroll is currently Founder and Chairman of The Newgrange Company, a diversified plastics product manufacturer with operations in the United States, India, Vietnam and China. Prior to establishing Newgrange sixteen years ago, he was Chief Financial Officer of Leach�& Garner Company and previously served as a consultant with Arthur D. Little,�Inc. Mr.�Carroll holds an MBA in Finance from Columbia University and is an English Chartered Accountant. He currently serves on the boards of A. W. Chesterton Company and Leach�& Garner Company. Commenting on his appointment as Chairman, Mr. Carroll noted, "The Board believes that a fresh perspective will assist management to improve shareholder value by better focusing SatCon's business strategies to commercialize its superior technical capabilities. I will work closely with David Eisenhaure and his management team to achieve this end." 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 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. SatCon Technology Corporation(R) (Nasdaq GM: SATC), a developer and manufacturer of power electronics and motors for the alternative energy markets, today announced the following organizational changes: -- John Carroll, an existing independent director, has been appointed Chairman of the Board of Directors, replacing David Eisenhaure. Mr. Eisenhaure will remain a director and continue to serve as Chief Executive Officer and President of the Company. -- In a further effort to streamline operations and reduce overhead, Michael Turmelle's employment with the Company will terminate, effective October 31, 2006. Mr. Turmelle has been serving as President of SatCon Power Systems, USA. Mr. Carroll joined SatCon as a director in May 2005. Mr. Carroll is currently Founder and Chairman of The Newgrange Company, a diversified plastics product manufacturer with operations in the United States, India, Vietnam and China. Prior to establishing Newgrange sixteen years ago, he was Chief Financial Officer of Leach & Garner Company and previously served as a consultant with Arthur D. Little, Inc. Mr. Carroll holds an MBA in Finance from Columbia University and is an English Chartered Accountant. He currently serves on the boards of A. W. Chesterton Company and Leach & Garner Company. Commenting on his appointment as Chairman, Mr. Carroll noted, "The Board believes that a fresh perspective will assist management to improve shareholder value by better focusing SatCon's business strategies to commercialize its superior technical capabilities. I will work closely with David Eisenhaure and his management team to achieve this end." 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 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.