SatCon Completes Acquisition of Inverpower Controls
SatCon Technology Corp. (Cambridge, MA) announced that it has completed its acquisition of Inverpower Controls Ltd. (Canada). SatCon paid $100,000 in cash and issued 400,000 shares of common stock as consideration for the purchase. Henceforth, the Inverpower brand name, facilities and assets will be incorporated into SatCon's power systems business unit.
"We are very pleased to announce the completion of this key strategic acquisition," said David Eisenhaure, SatCon's president and CEO. "Inverpower's electronics modules and systems will become an important addition to our high-quality, high-reliability digital power products for alternative energy, distributed power and power quality products. This acquisition gives SatCon the ability to increase its product lines into the 2MW to 100MW and higher power ranges, providing us with a broader market for our power technologies. We can now service customers anywhere from 5kW residential sizes to several hundred kilowatts for commercial customers and into the multi-megawatt industrial power ranges. This acquisition also enhances our international market reach, since the Inverpower facility has the ability to certify its products as UL- and CE-compliant."