SatCon awarded three Department of Defense contracts worth a potential $3.2 million; SatCon to apply expertise in turbines, alternators and drives to develop high-power applications for Army and Navy

Business Wire, Feb 22, 1995

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Feb. 22, 1995--SatCon Technology Corp., Cambridge (NASDAQ:SATC), the leader in active motion control technologies, announced Wednesday that it has been awarded three new contracts through the Department of Defense, Small Business Innovation Research Program.

The three contracts total $210,000, and each has a potential for an additional $1 million worth of projects for a potential $3.2 million. The contracts follow SatCon's February 8th announcement that it had been awarded three DOD contracts totaling $1.8 million.

The contracts call for SatCon to research the production of a gas turbine engine and lightweight, high-performance alternator-generator sets for the Army, as well as permanent magnet variable speed drives for applications on Navy ships.

"These contracts represent the practical application of technology SatCon has developed for other projects," said David Eisenhaure, president and chief executive officer of SatCon.

"Our continuing strategy is to bring our technology to broader commercial markets. SatCon's turbine engines have enormous potential because of their tremendous power and efficiency, while variable speed drives provide precise speed control and high power density in uses such as hydraulic pumps and compressors. In addition, our alternator-generator sets are positioned to compete in a market that exceeds $15 billion annually."

SatCon Technology Corp., Cambridge, was founded in 1985 to apply expertise in magnetics and active motion control to solving problems for industries and consumers. SatCon has developed an extensive base of proprietary knowledge that it implements in all of the company's products and projects.

A SatCom flywheel now holds the world record for perimeter speed at 4,668 mph, more than 50 percent faster than the previous record. Other SatCon technologies include magnetic, non-contact bearings, electromagnetic steering and braking systems for vehicles, and high-output, long-life electric motors for industry.

CONTACT: SatCon Technology Corp.

Michael C. Turmelle, 617/661-0540

Schwartz Communications

David Close or Jim Owens, 617/431-0770