SatCon To Raise $20.2 Million In Public Offering

BOSTON (AP) — SatCon Technology Corp. said Wednesday it has priced a common stock offering that will raise $20.2 million.

The Boston-based company, which makes power generation products for the alternative energy industry, will sell 15.6 million shares of common stock at $1.30 per share.

In a Securities and Exchange Commission filing, the company said it plans to use the proceeds for working capital, other general corporate purposes and possible acquisitions of other businesses, products or technologies.

SatCon granted the underwriters an option to purchase up to an additional 2.3 million shares. Thomas Weisel Partners is the managing underwriter and Ardour Capital Investments is the co-managing underwriter.

Shares lost 55 cents, or 26 percent, to $1.56 in morning trading. The stock has traded in the range of $1.08 to $3.51 during the past year.