SatCon Expands Operations in Spain to Serve Mediterranean Countries
16 April 2008 - 12:28AM
Business Wire
SatCon Technology Corporation� (Nasdaq CM: SATC), a developer of
power management and system architecture solutions for the
alternative energy and distributed power markets today announced
that it has signed a definitive agreement with Internacional Master
Technology SL (�i+TEC�) to expand its operations in Spain. The
agreement provides for business development support for the
European market, and specifically to the Spanish market, project
development and project management support. As part of the
agreement, SatCon will incorporate a fully owned subsidiary company
and establish a sales, application engineering and service
organization to serve the European market. �We are pleased to be
strengthening our relationship with i+TEC to expand our operations
into mainland Europe in general and Mediterranean countries in
particular,� stated Clemens van Zeyl, President of SatCon�s Power
Systems Division. �Local customer support is critical to expanding
our business in Europe and executing upon our global expansion
plans. I would like to personally thank Mr. Manuel Lopez-Lopez,
President of i+TEC, and his team, for our success to-date, and I
look forward to further success in 2008.� About I+TEC International
Master Technologies (i+ Tec) is a Spanish company that provides
energy efficiency solutions to the European market in general and
the Spanish market in particular. Its primary business objective is
to identify high-technology companies that offer advanced products
and services, which add significant value to a customer�s energy
infrastructure. I+TEC currently serves the photovoltaic market as a
SatCon Power System�s partner and the high efficiency lighting
market in partnership with 3M and BB-Lightconcepts. About SatCon
Technology Corporation SatCon Technology Corporation is a developer
and manufacturer of electronics and generators/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. 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.
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