Satcon Announces Agreement to Enter Alternative Energy Market in Spain

SatCon Technology Corp.® announced that it has entered into a memorandum of understanding (MOU) with International Master Technologies I+Tec (IMT) to establish a local presence in Spain, expanding into the growing European market. IMT is a Spanish corporation specializing in energy solutions utilizing advanced technology. ITM represents several large multi-national corporations, including a large USA corporation, in Spain and is currently developing several projects in the energy arena.

"We continue to implement our strategy to focus our Stationary Power Systems business on both alternative energy systems and energy efficiency solutions, and I am pleased to be working with International Master Technologies I+Tec to implement our plans for Spain and other markets", said Clemens van Zeyl, President of SatCon’s Stationary Power Systems Division. "Spain is a rapidly growing market for photovoltaic power plants and alternative energy in general, and is a key country within the European Union for SatCon to have a presence."

"We are very pleased to establish this relationship considering SatCon’s excellent technological record and commercial success in North America", stated Mr. Manuel Lopez-Lopez, President, International Master Technologies I+Tec. "We are confident that our approach to the Spanish market will result in mutual benefits for both organizations in a very short period of time."

In addition, David Eisenhaure, SatCon’s Chief Executive Officer stated, "I am pleased with the continued progress that we are making in growing our presence in the alternative energy markets, and in particular, this first international expansion. I welcome Mr. Manuel Lopez-Lopez to the SatCon team and personally look forward to working with him. Mr. Lopez-Lopez has a long history in the international energy sector with Siemens-Westinghouse, ABB and major Spanish corporations, and I believe his experience will be invaluable as SatCon continues to develop its business model in the rapidly evolving energy sector".