News

SatCon Obtains Approximately $4,700,000 Financing From Exercise of Warrants

July 23, 2007 by Jeff Shepard

SatCon Technology Corp.(®), a developer of power management and system architecture solutions for the alternative energy and distributed power markets announced that it has agreed to amend its existing Warrant B’s issued in connection with its US$12,000,000 secured convertible note financing to reduce the exercise price from $1.68 to $1.31 per share and that the note holders have all exercised such Warrant B’s. The company expects to obtain approximately $4,700,000 in new funds as a result of such exercise. The company will use the proceeds from the financing for general corporate purposes, including working capital for its business.