SatCon Technology Corp. announced that Clemens van Zeyl has joined the company as President of SatCon's Subsidiary, SatCon Power Systems Canada, Ltd., focused on the emerging worldwide Alternative Energy markets. Clemens was President and CEO of Inverpower, the Canadian public company acquired by SatCon in 2001. Most recently, he was President and CEO of HERA Hydrogen Storage Systems Inc. By drawing on Clemens' experience, SatCon believes it is now better equipped to expand its manufacturing output in Burlington while improving operational efficiency and broadening alternative energy market initiatives.
SatCon also announced the establishment of business units aligned with its product and market initiatives to establish greater accountability for operating results within each product line. Mike Turmelle, as President of SatCon Power Systems, USA will focus the efforts of that organization in Hybrid Electric Vehicle product development. Jack Worthen, as President of SatCon Electronics will continue to grow the Marlboro operation and develop and market new micro- power management products.
SatCon Applied Technology, with Bill O'Donnell as President will continue to pursue government defense and energy related contract work that supports the long-term interests and product focus of the entire Corp.. Applied Technology will also support the other business units by performing internal R&D in support of new products for the alternative energy and HEV markets.
The Company also announced that Dr. Millard Firebaugh, President and Chief Operating Officer, will be retiring effective May 31, 2006. Dr. Firebaugh cited a desire to spend more time with his family as the reason for his decision to retire. Dr. Firebaugh will continue to serve on a part-time basis to facilitate the organizational changes and assist SatCon in executing a number of alternative energy initiatives.
"Under Millard's leadership, our company has made tremendous strides towards establishing a truly sustainable growth-oriented business model," said David Eisenhaure, Chairman and Chief Executive Officer. "We have streamlined operations, installed new processes to ensure accountability, deepened our strategic planning processes, strengthened the management team, and improved our corporate governance while positioning the Company for sustainable growth. I am confident that, over the longer term, the systems he has implemented will lead to growth, profitability and improved shareholder value."
