in 1985 satcon technology corporation was founded by dave eisenhaure, formerly of mit/draper laboratory, to develop, market, and sell products required by the world’s growing need for cleaner and lower-cost energy and power. in 1992 the company’s ceo dave eisenhaure and cfo mike turmelle took the company public on the nasdaq exchange (nasdaq:satc). after the company became public, it acquired eight private companies and one public company. the two most notable of these acquisitions were the former westinghouse electric vehicle group, which was acquired from northrup grumman, and inverpower, a public canadian company. these acquisitions and the parent company were reorganized into a diverse organization with four plants in the u.s. and canada. satcon provided products and services to major international companies, including chrysler, general motors, ford, litton, fuel cell energy, applied materials, as well as major divisions of the u.s. armed forces. satcon also created beacon power as a separate public company to commercialize flywheel energy storage products. products developed by satcon have contributed to the advancement of the utility, hybrid vehicle, ship building, industrial automation, semiconductor processing, and defense markets. satcon is particularly well known for its work in advanced electric drives; in the technology of inverters for smart grid and photovoltaic applications; and in the development of light-weight, high-power electronics, which contributed to the development of practical hybrid and electric vehicles.