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Strengthens Footprint in Alternative Energy Sector with Introduction of Advanced Microgrid Application
Satcon Technology Corporation (NASDAQ CM: SATC), a leading provider of utility scale distributed power solutions for the renewable energy market, announced today that it has been awarded a contract worth approximately $6 million by the Office of Naval Research to design and test an advanced modular 500 kilowatt (kW) Energy Storage Module (ESM) for the DDG-51 Arleigh Burke class ships.
The 500kW ESM is a component in a 2.5 MW Ship-wide power generating system designed to enable fuel efficient, single generator operations, delivering annual fuel savings in excess of $1 million per ship. This contract is related to the congressionally mandated effort to develop fuel efficiency improvements for all U.S. military branches and runs through October 2010.
"We are honored to be recognized by the US Navy for our leading-edge technology and expertise in high-power and efficient electric power conversion systems, especially for this application where ruggedized power quality and system reliability are critical," said Dr. Leo Casey, Satcon's Vice President and Chief Technology Officer. "The advanced technologies developed as a result of this project are key enablers for Satcon's core business in the alternative energy sector, particularly for distributed microgrid applications."
The Applied Technology solution builds on Satcon's advanced bi-directional power conversion technologies; including DC/AC and DC/DC converters as well as other government-sponsored advanced technology for power electronics subsystems.
Satcon has partnered with Creative Energy Solutions of Wilmington DE, Inanovation of Plano TX, and NDI Engineering of Thorofare NJ for this project.
About Satcon Technology Corporation
Satcon Technology Corporation is a leading provider of utility scale distributed power solutions for the renewable energy market, enabling the industry’s most advanced reliable and proven clean energy alternatives. For over 22 years, Satcon has designed and delivered the next generation of efficient energy systems for solar photovoltaic, stationary fuel cells, wind-turbines, and energy storage systems.
About Creative Energy Solutions
CES was founded in 2005 to utilize alternative energy technologies to alleviate the national electrical grid congestion. CES has focused on systems solutions to create a distributed power generation infrastructure to avoid grid congestion while reducing costs for both consumer and producer. CES is well versed with military and commercial electrical power applications, enabling it to easily provide the bridge between those two markets.
Inanovation’s NanoGreen® batteries are nanotechnology based lithium batteries that provide safe, reliable, long-life energy storage solutions for military, commercial, and industrial applications.
About NDI Engineering Company
NDI is a privately held consulting firm offering naval architecture, marine, civil, structural, mechanical, electrical engineering and design services for Government clients chartered with responsibility for maintenance of our infrastructure, the protection of our environment and the defense of our country.
The opinions, finding and conclusions or recommendations expressed in this material are those of the author(s) and do not necessarily reflect the views of the US Navy or the Office of Naval Research.
Statements made in this press release 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, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.
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Satcon Technology Corporation
Investor Relations Manager
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