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Satcon Announces 40 Megawatt Supply Agreement with Siliken Renewable Energy

^{Published on 2008-12-16 07:32:07 - Market Wire}
 

BOSTON--([ BUSINESS WIRE ])--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 signed a strategic supply agreement with Siliken Renewable Energy USA, the North American subsidiary of Spanish-based system integrator Siliken SA. As part of the agreement, Satcon will deliver 40 megawatts (MW) of its next generation PowerGate® Plus PV power conditioning solutions to Siliken over the next 12 months.

"Our focus is to grow profitably while delivering reliable and cost effective renewable energy to our customers," said Leonard Fernandez, Vice President and General Manager of Siliken Renewable Energy. "The combination of Satcon's best in class power conditioning solutions and their commitment to partner with us to drive value over the entire lifespan of our projects were key components in our decision to partner with them."

Siliken will utilize the full portfolio of PowerGate® Plus solutions as well as Satcon's industry leading 20 year warranty and service plan programs. With 11 power ratings ranging from 30 kW to 1 MW (UL and CE certified), Satcon offers the most field-tested and proven utility ready power conditioning systems in the industry. Engineered from the ground up to meet the demands of large-scale installations, Satcon PV inverters feature an outdoor-rated enclosure, advanced monitoring and control capabilities, and Edge™, Satcon's next-generation MPPT solution.

"As a world leader in delivering efficient and price competitive energy through large scale solar power projects, Siliken is a strong partner for Satcon," said Steve Rhoades, Satcon's President and Chief Executive Officer. "Our proven advanced feature, utility ready PowerGate Plus solutions are specifically designed to provide consistent and reliable value for these more complex systems. We are pleased to have this opportunity to partner with Siliken to achieve the next wave of large scale solar power innovation."

About Satcon

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. To learn more about Satcon, please visit [ www.Satcon.com ].

About Siliken Renewable Energy

Siliken Renewable Energy, who has exclusive availability to Siliken modules, provides complete system integration services for large-scale solar farms located throughout the North American Market. Siliken S.A., the parent company, has extensive vertical integration by manufacturing their own silicon, inverters and PV panels in both commercial and building-integrated versions.

Safe Harbor

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.