Satcon Receives Court Approval To Support Warranty And Service Programs
Satcon Technology Corporation® (NASDAQ CM: SATC), a leading provider of utility-scale power conversion solutions for the renewable energy market, today announced that the United States Bankruptcy Court for the District of Delaware (the "Court") granted the Company's request to honor product warranty programs for existing Satcon Products. Satcon will also be able to extend warranties to customers on future Satcon Products in the ordinary course of business. These key programs enable Satcon to continue to provide the critical post sale service and support as part of their ongoing day to day operations and future sales development efforts during their pending chapter 11 cases.
Highlights of the Programs include:
- The Satcon Extended Warranty Plan is an extension of the Satcon 5-year unlimited hour usage warranty for a period of up to 20 years.
- The Satcon Extended Warranty can be purchased in one or five-year blocks at any time at an additional cost within the Warranty period prior to the expiration of the current Warranty term. Terms and conditions will be the same as those applying to the Standard Inverter Warranty.
- Preventative Maintenance Plans are offered as an extension of the Extended Warranty for a period of up to 20 years (in five-year increments) to ensure worry free usage, optimal performance and a lower total cost of ownership.
In addition to ongoing warranty support, Satcon will be offering additional assurances to our customers by establishing an Intellectual Property (IP) Escrow account with a nationally recognized intellectual property escrow service. The Escrow account will house the core technical drawings, source code and supplier information in order to ensure that Satcon customers have the continued ability to support and service their Satcon equipment in the event that the company or its successors are not able to provide these services in the future.
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