SatCon Reports Financial Results For First Quarter 2008
SatCon Technology Corp. announced its operating results for the quarter ended March 29, 2008. Revenues for the 1st quarter ended March 29, were $14.9 million, compared to $8.3 million in the 1st quarter of 2007, an increase of approximately 79%. Revenues in the Power Systems Division, increased by 182% to $10.2 million for the quarter compared to $3.6 million in the 1st quarter of 2007. Driving that growth were revenue increases in photovoltaic and fuel cell inverters of over 178% to $8.9 million compared to $3.2 million for the same period in 2007.
Commenting on the financial results, new President and CEO, Steve Rhoades said; "When I decided to come to SatCon it was because I believe that SatCon has a solid technical background and history; a growing market opportunity; and positive traction in both photovoltaic and hybrid electric vehicle products. These are the primary draws that convinced me to join the SatCon team and become a part of its exciting future. In the near term, our challenge is to capitalize on SatCon’s enviable position in time, place and capability and convert our past technical success into commercial success."