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California To The Rescue? Satcon Receives $2M Grant From CEC

July 11, 2012

The Satcon (SATC :NASDQ) saga continues as the Boston-based company today announced they have received $2 million from the California Energy Commission (CEC).

Satcon will be working the equally financially challenged A123 (AONE :NASDAQ) and the Hawaii-based Renewable Energy Services and the Sacramento Municipal Utility District (SMUD) to develop methods to reduce the effects of renewable power intermittency.

The grant from the CEC, which definitely is not a bailout, could be viewed as an endorsement of the technologies Satcon and A123 have previously developed.

A123 is no stranger to government money as they received a $249 million grant from the Obama administration. As the battery manufacturer for electric vehicles seeks to survive the infancy of the electric car market, A123 is raising $39 million cash in hopes of buying them more time.

Compounding the problems of the Waltham, Massachusetts-based company was a recall of defective batteries that were to be deployed in the Fisker Karma. Coincidentally, Fisker Automotive was guaranteed $529 million in a DOE loan but drew less than half that amount before the government placed the money on hold.

Shares of Satcon were up 0.34 percent in afternoon trading while A123 shares were down 3.59 percent. 

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