2008-07-16 07:30:00
Responding to Strong International Demand and Enabling U.S. Customers
to Complete Renewable Energy Projects Prior to the Expiration of the
Current Federal Installation Tax Credit (ITC)
BOSTON–(EMWNews)–SatCon Technology Corporation (NASDAQ CM:SATC), a leading provider of
utility scale renewable energy solutions for distributed power markets,
announced today that the company will increase manufacturing capacity by
50% in the third quarter of 2008, an additional 20% over original plans
developed to address significant growth in the European and Asian
markets. The expanded production will focus on the company’s
industry leading 500kW and 225kW PowerGate Plus™
solar PV inverters. This initiative is in response to the increase in
demand for SatCon solutions due to industry pressure to complete
large-scale renewable energy projects prior to the expiration of the
current Federal Installation Tax Credit (ITC).
“The failure to pass the ITC has put a hard
deadline on when we start our large commercial projects so that the
systems are operational by December 31st,”
said Mark Frederick, Managing Partner of Pacific Power Management. “SatCon’s
commitment to increase production at this critical time is essential to
our successful completion of these systems in time to realize the
significant benefits.”
“Our customers have communicated a significant
increase in demand for our large commercial and utility scale products
throughout the balance of 2008 as they race to finish their projects
before the end of the year,” said Steve
Rhoades, SatCon’s President and Chief
Executive Officer. “We have made the
strategic decision to expand our manufacturing capacity in order to
deliver the highest value to our customers and ensure our customers in
the U.S. are able to realize the benefits available to them from the
current ITC.”
SatCon introduced the now industry leading 225 Kilowatt (kW) solar PV
inverter in April of 2005 and industry standard 500 Kilowatt (kW)
PowerGate Plus™ solar PV inverter in December
of 2005 to record adoption rates in the rapidly accelerating utility
scale, distributed energy market. With the recent introduction of the
1.2 Megawatt (MW) and 2.4 Megawatt (MW) PowerGate™
fuel cell inverters, SatCon continues to demonstrate its dominant
position in large-scale renewable energy solutions.
About SatCon
SatCon Technology Corporation is the leading provider of utility scale
renewable energy solutions for distributed power markets, 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 Pacific Power Management
Pacific Power Management is a full service commercial solar provider.
Services include assessment, financing support, design, engineering,
installation, web-based monitoring, maintenance and public relations
support to promote our customer’s
environmental leadership. The company emphasizes first-class service,
efficient, high-quality systems and complete project management. The
company’s proprietary, flat-roof racking
systems are designed for a 50-year life and high solar panel output
efficiency. More information at: www.pacpower.biz.
Safe Harbor
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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SatCon Technology Corporation Relations |
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