US Hybrid Announces the Acquisition of the Motor Division from Satcon Technologies 09/29/2008
TORRANCE, Calif.--(BUSINESS WIRE)--US Hybrid Corporation, a leading provider of integrated power conversion components for electric, hybrid and fuel cell vehicles, announced today the purchase of the motor division form Satcon Technology Corporation (NASDAQ:SATC). The new company, Magmotor Technologies Inc. (www.magmotor.com) located in West Boylston, MA is a wholly owned subsidiary of US Hybrid Corporation.
Magmotor Technologies Inc. offers a broad range of brush and brushless servomotors, and custom designed motors that serve equipment manufacturers in several high-tech markets. Magmotor Technologies Inc. will strengthen US Hybrids' capability to bring a complete line of components to medium and heavy-duty vehicle manufacturers. "US Hybrid is now capable of providing cost-effective electromechanical motion and control solutions for both OEM and first tier suppliers," said Guy Rini, EVP Commercial Vehicle Systems.
Magmotor Technologies will continue to serve equipment manufacturers while expanding its presence in the medium and heavy-duty markets. The expansion into mobile markets helps accelerate the commercialization of alternative drives solutions through shared technology and economy of scale that benefit all market segments. Abas Goodarzi, President and CEO, noted, "US Hybrid can provide integrated solutions in support of EV and HEV for medium and heavy duty markets."
About US Hybrid Corporation
US Hybrid specializes in the design and manufacturing of integrated power conversion components for electric, hybrid and fuel cell vehicles as well as renewable energy. US Hybrid offers comprehensive engineering expertise and experience in high-performance motors and controllers, DC-DC, DC-AC power conversions, and vehicle system design and integration. The company's products utilize adaptive digital power converter topologies to provide reliable and cost effective integrated system solutions for OEM and system suppliers.
Contacts
US Hybrid Corporation
Dr. Abas Goodarzi, 310-212-1200
abas@ushybrid.com
