Satcon Technology Corporation (Nasdaq: SATC) today announced that it has priced its previously announced public offering of 15,557,692 shares of its common stock at a price to the public of $1.30 per share.
The gross proceeds to Satcon, before expenses, from the sale of shares are expected to be $20,225,000. Satcon also granted the underwriters an option to purchase up to an additional 2,333,654 shares of its common stock. The closing of the offering is expected to take place on June 15, 2009.
Thomas Weisel Partners LLC is acting as managing underwriter and book runner and Ardour Capital Investments, LLC is acting as co-managing underwriter.
Satcon Technology Corporation is a provider of utility scale distributed power solutions for the renewable energy market.
In April, Satcon announced a strategic partnership to market the company’s solar power inverters with rooftop installations made by Solyndra. Solar inverters convert photovoltaic-produced electricity from direct current (DC) to alternating current (AC), which can then be used in a facility’s electrical systems.
In April, Satcon also signed a supply agreement with renewable energy integrator Ecostream to provide 330 megawatts (MW) of energy conversion devices, including its solar inverters.
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