SatCon Technology to Acquire Inverpower ControlsJune 26, 2001 by Jeff Shepard
SatCon Technology Corp. (Cambridge, MA) announced that it has signed a definitive agreement to acquire the assets of Inverpower Controls Ltd. (Canada). SatCon has paid $100,000 in cash and will issue 400,000 shares of common stock as consideration for the purchase of Inverpower. Closing of the transaction is subject to certain conditions, but the acquisition is expected to close within the next month.
“A key element of our growth strategy is to enhance our position as a supplier of power- and energy-management products through acquisitions that grow our capabilities and provide depth and breadth to our product lines,” said David Eisenhaure, SatCon’s president and CEO. “The acquisition of Inverpower’s assets, which include 65,000sqft of manufacturing capability and a strong team of manufacturing technologists, will increase our manufacturing capacity to support our current high-quality, high-reliability digital power products such as our power-conversion systems for advanced battery UPS systems. Inverpower’s electronics modules and systems will become an important addition to our alternative energy, distributed power and power-quality products for higher power ranges.”