Satcon Closes Offering Of 17.9 Million Shares

BOSTON (AP) — Satcon Technology Corp., which makes power generation products for the alternative energy industry, said Monday it has completed a public offering of 17.9 million shares at a price of $1.30 each.

The gross proceeds to Satcon, before expenses, totaled about $23.3 million.

The 17.9 million shares included 2.3 million shares from the exercise of the underwriters' overallotment option.

Thomas Weisel Partners was the managing underwriter and book runner and Ardour Capital Investments was co-managing underwriter.

Satcon's shares fell 4 cents, or 2.3 percent, to close earlier at $1.72.