SatCon to build Battery Power Converter for Daimler Chrysler Fuel Cell Hybrid Electric Vehicle

    CAMBRIDGE, Mass.--Oct. 3, 2002--SatCon Technology Corporation(R) , a leader in critical powering solutions, announced today that it has been awarded a contract from DaimlerChrysler for a second Battery Power Converter for use in their fuel cell hybrid electric vehicle demonstrator fleet. This system is designed to provide power conversion between the battery and the fuel cell.
    Commenting on the order, David Eisenhaure, SatCon president and chief executive officer said, "This order is important in that it recognizes the successful performance of our initial converter during recent demonstrations and highlights the capability of SatCon Applied Technology to support the next-generation automotive market. SatCon has been intimately involved in the technology development for hybrid electric automobiles for some time. We are currently finishing up a successful program with the Department of Energy to build low cost hybrid electric automobile controllers. We are also working with another of the large automotive manufacturers on auxiliary motors for fuel cell cars. We are pleased that we have successfully delivered products to DaimlerChrysler that meet their needs in this initiative and we continue to believe that alternative fuel vehicles will represent the future of the automobile."
    For more information on DaimlerChrysler's hybrid electric vehicle program, and to see a picture of SatCon's converter installed in the Natrium vehicle, visit the DaimlerChrysler website at http://www.daimlerchrysler.com/index_e.htm and click on "On the Move with Salt and Water" or go to www.satcon.com home page and click on the article.

    About SatCon Technology Corporation

    SatCon Technology Corporation manufactures and sells power and energy management products for digital power markets. SatCon has three business units: SatCon Power Systems manufactures and sells power systems for distributed power generation, power quality and factory automation, including inverter electronics from 5 kilowatts to 5 megawatts. SatCon Electronics manufactures and sells power chip components; power switches; RF devices; amplifiers; telecommunications electronics; and hybrid microcircuits for industrial, medical, military and aerospace applications. SatCon Applied Technology develops advanced technology in digital power electronics, high-efficiency machines and control systems for a variety of defense applications with the strategy of transitioning those technologies into multiyear production programs. For further information, please visit the SatCon website at www.satcon.com.

    Statements made in this document that are not historical facts or which apply prospectively are forward-looking statements that involve risks and uncertainties. Among the important factors that could cause the Company's actual circumstances, or results, to differ materially from those implied by such forward-looking statements include market conditions, developments in the Company's business and industry, inability to gain customer acceptance of its new products, failure to receive any additional orders from DaimlerChrysler, failure to commercialize this product in automotive production quantities, and difficulties in developing technology enhancements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's filings, including but not limited to the Company's Forms 10-K and 10-Q. Copies of those filings are available from the Company and the Securities and Exchange Commission.