Satcon Receives Court Approval to Support Warranty and Service Programs
Company Granted Ability to Continue Support Five to Twenty Year Warranty and Service Programs and Establish Intellectual Property (IP) Escrow Account
BOSTON--(BUSINESS WIRE)-- Satcon Technology Corporation® (NASDAQ CM: SATC), a leading provider of utility-scale power conversion solutions for the renewable energy market, today announced that the United States Bankruptcy Court for the District of Delaware (the "Court") granted the Company's request to honor product warranty programs for existing Satcon Products. Satcon will also be able to extend warranties to customers on future Satcon Products in the ordinary course of business. These key programs enable Satcon to continue to provide the critical post sale service and support as part of their ongoing day to day operations and future sales development efforts during their pending chapter 11 cases.
Highlights of the Programs include:
The Satcon Extended Warranty Plan is an extension of the Satcon 5-year unlimited hour usage warranty for a period of up to 20 years.
The Satcon Extended Warranty can be purchased in one or five-year blocks at any time at an additional cost within the Warranty period prior to the expiration of the current Warranty term. Terms and conditions will be the same as those applying to the Standard Inverter Warranty.
Preventative Maintenance Plans are offered as an extension of the Extended Warranty for a period of up to 20 years (in five-year increments) to ensure worry free usage, optimal performance and a lower total cost of ownership.
In addition to ongoing warranty support, Satcon will be offering additional assurances to our customers by establishing an Intellectual Property (IP) Escrow account with a nationally recognized intellectual property escrow service. The Escrow account will house the core technical drawings, source code and supplier information in order to ensure that Satcon customers have the continued ability to support and service their Satcon equipment in the event that the company or its successors are not able to provide these services in the future.
Satcon will be implementing these measures immediately. Please direct all inquiries about Satcon's Service and Warranty Programs to 1-866-568-0244 or by email at Support@Satcon.com
Satcon Technology Corporation® is the leading provider of utility-scale power conversion solutions for the renewable energy market, enabling the industry's most advanced reliable and proven clean energy alternatives. For over 27 years, Satcon has designed and delivered the next generation of efficient energy systems for solar photovoltaic, stationary fuel cells, and energy storage systems. To learn more about Satcon, please visit www.Satcon.com.
Statements made in this press release that are not historical facts or which apply prospectively are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as "will," "intends," "believes," "expects," "plans," "anticipates" and similar expressions. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company's expectation. Additional information concerning risk factors is contained from time to time in the company's SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.
Satcon Technology Corporation
Michael Levi, 949-201-5955
KEYWORDS: United States North America Massachusetts
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