Document:

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                                                                EXHIBIT 10.1

                             CO-OPERATION AGREEMENT

This Co-Operation, License and Supply Agreement ("Agreement") made as of the
26th day of April, 2002.

                                 by and between

                        SATCON POWER SYSTEMS CANADA LTD.
                            having its head office at
                              835 Harrington Court
                           Burlington, Ontario, Canada
                                     L7N 3P3
                  (hereinafter referred to as "SatCon Canada")

                                       and

                               HATCH STELTECH LTD.
                            having its head office at
                               2800 Speakman Drive
                          Mississauga, Ontario, Canada
                                     L5K 2R7
                  (hereinafter referred to as "Hatch Steltech")

                                       and

                                   SIEMENS AG
                                DIVISION I&S MP3
                         having its place of business at
                                 Schuhstrasse 60
                            D-91052 Erlangen, Germany
                     (hereinafter referred to as "Siemens")

     - each singularly hereinafter referred to as "Party" or collectively
     "Parties" -

1.   DEFINITIONS

1.1  "SPLC(TM)" is the Smart Predictive Line Controller, as defined in Annex 1,
     including the documentation necessary for the use of such smart predictive
     line controller.

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1.2  "SVC" is a Static Var Compensator that provides bus voltage regulation by
     rapid reactive load current compensation by fixed capacitors and inductors
     in parallel (or in shunt) with the load.

1.3  "Siemens SVC" is a SVC designed and manufactured by Siemens.

2.   SUBJECT OF THE AGREEMENT

2.1  SatCon Canada is the owner of patents that cover the SPLC technology. Hatch
     Steltech is the exclusive marketing and sales licensee of the SPLC
     technology for AC Electric Arc Furnace applications. Siemens manufactures
     the Siemens SVC, which is used in the iron and steel industry. The Parties
     hereto intend to co-operate as defined hereinafter in the field of SPLCs
     for current control of arc furnaces for the iron and steel industry.

2.2  Both Hatch Steltech and SatCon Canada grant to Siemens the exclusive
     worldwide right to market and sell the SPLC to third parties in the iron
     and steel industry (hereinafter referred to as "CUSTOMERS") who have an arc
     furnace which is equipped with a Siemens SVC or who placed an order or a
     letter of intent with Siemens to install a new SVC. In addition, both Hatch
     Steltech and SatCon Canada grant to Siemens the nonexclusive worldwide
     right to market and sell the SPLC to CUSTOMERS that intend to install a new
     SVC.

2.3  If Siemens identifies a CUSTOMER who is interested in the installation of
     an SPLC without combining it with a SVC or a Siemens SVC, Siemens shall
     inform Hatch Steltech thereof. Upon such information, Hatch Steltech and
     Siemens shall decide within reasonable time if they will cooperate to
     submit an offer to such CUSTOMER; however, it is expressly understood that
     neither Hatch Steltech nor Siemens is obliged to participate in any way in
     such cooperation. If Hatch Steltech and Siemens agree to cooperate to
     submit an offer, they shall decide which Party will act as a subcontractor
     for the other Party and they will agree upon the details of the
     subcontractor agreement based on the CUSTOMER'S request for quotation. If
     Hatch Steltech and Siemens decide not to cooperate to submit an offer,
     Hatch Steltech and/or SatCon Canada are not allowed to submit an offer
     alone or with a third party to the CUSTOMER identified by Siemens unless
     the third party or Hatch Steltech has identified this CUSTOMER
     independently and Hatch Steltech immediately upon identification of the
     CUSTOMER by Siemens notifies Siemens in writing and is able to prove such
     independent identification and the customer's interest in a SPLC
     installation for the same project by written or otherwise reasonably
     acceptable evidence. Siemens shall remain entitled to offer its products
     and services without the involvement of Hatch Steltech or SatCon Canada.

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2.4  If Siemens offers and sells a SPLC to a CUSTOMER (hereinafter referred to
     as "PROJECT") SatCon Canada shall provide the SPLC controls and Hatch
     Steltech shall provide the engineering and project management for the
     PROJECT to Siemens. The conditions for the provision of the SPLC controls
     and performance guarantees have to be discussed and agreed upon among Hatch
     Steltech, SatCon Canada and Siemens for each PROJECT based on the CUSTOMERS
     request for quotation. The scope of supply for the SPLC controls is
     described in Annex 2. It is agreed between the Parties that the price to be
     paid by Siemens to Hatch Steltech for one piece of SPLC controls shall be
     C$500,000 payable pro rata as Siemens receives payment, however not later
     than 60 days following shipment of major components. Hatch Steltech will
     consider adapting the price and conditions on a case-by-case basis
     according to the requirements of the CUSTOMER or other commercial demands.

2.5  In addition to the SPLC controls Hatch Steltech and SatCon Canada will
     provide for a PROJECT, at the request of Siemens, at extra cost on a lump
     sum basis:
     -    surge protection with surge arrestors and resistor - capacitor (RC)
          elements;
     -    electrode regulator panel, control software, and associated manuals
     -    supervisory flicker control integration and IEC 868 flicker meter
     -    engineering services
     -    project & construction management
     -    on-site-services, such as, but not limited to, commissioning and
          start-up - services;
     -    training;
     -    translations of the documentation.

     In case any of these products and/or services are requested by Siemens,
     Hatch Steltech, supported by SatCon Canada, shall make a lump sum proposal
     to Siemens for the requested products and/or services in a timely manner
     prior to the date the Parties recognize that the overall proposal has to be
     submitted to the CUSTOMER.

2.6  Hatch Steltech shall provide Siemens during the term of this Agreement with
     the current, non-confidential sales material for the SPLC, including, but
     not limited to, CDs, brochures and presentation material, without any cost
     to Siemens. Siemens shall have the right to present and distribute these
     sales materials to CUSTOMERS.

2.7  Hatch Steltech and Siemens shall endeavor to provide the other Party with
     information reasonably required for the purpose of the co-operation and the
     PROJECTS envisaged hereunder.

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2.8  Hatch Steltech and SatCon Canada shall have no grounds for any claim (for
     example, without limitation, claims for direct, indirect or consequential
     damages, cost reimbursement and the like) against Siemens if Siemens does
     not market and sell any SPLCs.

3.   CONFIDENTIAL INFORMATION

3.1  The Parties agree that they shall use all business and technical
     information received from any other Party in connection with this Agreement
     and which the other Party expressly states to be confidential or the
     confidential nature of which can be assumed on the basis of the
     circumstances of its disclosure or its contents (hereinafter referred to as
     "Confidential Information"), solely for the purposes for which it was
     provided, treat it in the same way as their own business secrets and not
     make it available to third parties, unless the Confidential Information in
     question:

     -    is generally available from public sources or in the public domain;

     -    is received at any time from any third party without a nondisclosure
          obligation to the disclosing Party;

     -    is shown to have been developed independently by the receiving Party
          without reliance on the disclosing Party's confidential information or
          to have been known to the receiving Party prior to its disclosure by
          the disclosing Party;

     -    must be disclosed to the CUSTOMER or other third parties for the
          purpose of performing this Agreement, but only if the CUSTOMER or the
          other necessary third parties are or become subject to an equivalent
          confidentiality obligation;

     -    is approved for release by written agreement of the disclosing Party;

     -    is required to be disclosed by law or the rules of governmental
          organization, provided, however, that the compelled Party immediately
          notifies the disclosing Party to enable the disclosing Party to
          contest the disclosure or seek an appropriate protective order.

3.2  The obligation created by Article 3.1 shall continue for a period of 5
     years after receipt of the Confidential Information.

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3.3  Publications of any kind referring to the co-operation hereunder shall
     require the prior written approval of the affected Party.

3.4  The Parties hereto shall not be obligated to any remuneration for
     disclosure to the other Party of any information under this Agreement and
     agree that no warranties of any kind are given with respect to such
     information as well as any use thereof. If a receiving Party discloses
     Confidential Information to a third party in breach of its obligations
     hereunder, the Disclosing Party shall be entitled to claim compensation for
     damage suffered due to such disclosure up to a maximum amount of EUR
     5,000,000 (five million Euro), which compensation shall be to the exclusion
     of any other rights and remedies it may be entitled at law or in equity,
     except in cases of intent. However, it is agreed that the Disclosing Party
     shall be entitled to injunctive relief if such is necessary to prevent such
     breaches of this Agreement.

4.   TERM AND TERMINATION

4.1  This Agreement shall become effective upon the date hereof and shall remain
     in force and effect for a period of 3 (three) years unless terminated
     earlier with a 6 months prior written notice sent to the other two Parties,
     which notice may be sent at the earliest 12 months after the date of this
     Agreement.

4.2  Any Party may terminate this Agreement in the event that one of the other
     two Parties is in breach of a material term of this Agreement and that such
     breach is not cured within ten (10) days after written notification of such
     breach is received.

4.3  Any Party shall have the right to terminate this Agreement immediately and
     without notice

     -    in the event one of the other Parties has made an assignment for the
          benefit of creditors or is insolvent, is the subject of proceedings in
          bankruptcy or has ceased to conduct business in the normal course or a
          receiver, trustee, referee or similar officer has been appointed to
          take charge of all or part of that other Party's assets.

     -    if there is a change in control of one of the other Parties, which in
          the reasonable opinion of the terminating Party, adversely affects
          such Party's position, rights or interests.

4.4  The duty of Hatch Steltech and SatCon Canada to provide to Siemens a SPLC
     and any other products and/or services for a PROJECT acquired by Siemens
     and Siemens' duty to pay for such products and/or services before the
     termination of this Agreement shall not be affected by the termination of
     this Agreement.

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4.5  The duty of the Parties to hold each Party's Confidential Information in
     confidence under the terms of Article 3 hereto and the provisions in
     Articles 2.8, 4.4 and 5 hereto shall not be affected by the termination of
     this Agreement.

5.   ARBITRATION; GOVERNING LAW

5.1  Any claims, differences or disputes arising out of or in connection with
     this Agreement (hereinafter referred to as "Dispute"), including any
     question regarding its existence, validity, termination or its performance,
     or in connection with arrangements regarding the performance of this
     Agreement shall be settled by an amicable effort by the Parties. An attempt
     to arrive at a settlement shall be deemed to have failed as soon as one
     Party so notifies the other Parties in writing.

5.2  If an attempt at settlement has failed, the Dispute shall be finally
     settled under the Rules of Arbitration of the International Chamber of
     Commerce in Paris (hereinafter referred to as "Rules") by three arbitrators
     appointed in accordance with the Rules.

     The seat of arbitration shall be Zurich. The procedural law of this place
     shall apply where the Rules are silent.

     The language to be used in the arbitration proceedings shall be English.

     The arbitral award shall be substantiated in writing. The arbitral tribunal
     shall also decide on the matter of costs of the arbitration and on the
     allocation of expenditure among the respective parties to the arbitration
     proceedings.

5.3  This Agreement shall be governed, construed and enforced in accordance with
     the substantive laws of Switzerland, without regard to its conflicts-of-law
     provisions.

6.   GENERAL

6.1  Siemens shall be entitled to exercise all of its rights and duties arising
     out of this Agreement by its "Affiliates", except an Affiliate which is
     deemed to be a competitor of either of the other two Parties in this
     application. "Affiliate" shall mean a company, in which Siemens has a
     majority of stock and/or voting rights. If Siemens makes use of such right,
     Siemens shall inform the other parties thereof and the Affiliate shall
     co-operate with the other parties as stipulated in this Agreement. In such
     case, all the rights and obligations of this Agreement, including its

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     confidentiality provisions, shall be binding upon the Affiliate and shall
     apply accordingly to such co-operation.

6.2  No modification to this Agreement will be binding, unless made in writing
     and signed by a duly authorized representative of each Party.

6.3  No Party shall assign its rights under this Agreement to any third party,
     without the prior written consent of the other two Parties, and any
     attempted assignment without this consent shall be void.

6.4  Any individual provision of this Agreement which is or becomes invalid, or
     any omission to provide for any subject matter, shall not affect the
     validity of the remaining provisions of this Agreement. In such cases, the
     Parties shall seek effective solutions as closely as possible approximating
     (in economic effect) to the invalid provisions.

6.5  The language of this Agreement shall be English. Correspondence, technical
     and commercial documents as well as any other information relating to this
     Agreement shall be in English.

6.6  No Party or any of its respective agents, employees, independent
     contractors, or representatives shall:

     -    be considered an agent, employee or representative of one or both of
          the other two Parties for any purpose whatsoever,

     -    have any authority to make any agreement or commitment for any other
          Party, nor to incur any liability or obligation in the other two
          Partie's names or on their behalf, or

     -    represent to third parties that they have any right so to bind the
          other one or both Parties hereto.

6.7  Nothing contained in this Agreement shall be construed as creating an
     agency, partnership or joint venture relationship among the Parties.

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IN WITNESS WHEREOF, the Parties hereby have caused this Agreement to be executed
by their duly authorized representatives on the dates set forth below.

HATCH STELTECH LTD.                                 SIEMENS AG, DIVISION I&S MP3

Date : MAY 21/02                                    Date : 30.04.2002
       ------------------                                  ----------------

By:  /s/ Chris Twigge-Molecey                       By:  /s/ [ILLEGIBLE]
   --------------------------                         --------------------

By:  /s/ Tarif Korabi                               By:  /s/ [ILLEGIBLE]
   --------------------------                         --------------------

SATCON POWER SYSTEMS
CANADA Ltd.
Date : MAY 17,2002
       -------------------

By:  /s/ Joseph S. Moran
   --------------------------

By:  /s/ Michael C. Turmelle
   --------------------------

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                                     ANNEX 1
                             DESCRIPTION OF THE SPLC

The Smart Predictive Line Controller (SPLC) consists of single or three phase
back-to-back thyristors connected in parallel with an inductive reactor. The
SPLC functions as a fast, dynamically controlled series reactor that uses
predictive software to stabilize the current on an electric arc furnace. The
SPLC reduces flicker by limiting the dynamic short circuit MVA at the electrode
tips of an electric arc furnace (EAF) to the transformer nameplate MVA.

The SPLC provides for a soft start of an EAF at the highest operating furnace
transformer tap. The SPLC limits transformer inrush currents on energization.
The SPLC controls maximize furnace power delivery by minimizing the value of the
controlled reactance during stable arcing operation.

The SPLC is more fully defined and depicted in U.S. Patent 5,991,327 and related
patents and patent applications.

SPLC is a registered trademark of SatCon Power Systems Canada Ltd. and may only
be used under license from SatCon Power Systems Canada Ltd.

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                                     ANNEX 2
                        SCOPE OF SUPPLY FOR SPLC CONTROLS

The following is the scope of supply to be provided to Siemens by Hatch Steltech
as per Article 2.4 of this Agreement:

1.   CONTROL PANEL
     - Thyristor gating computer consisting of a digital signal processing (DSP)
     board or equivalent
     - Industrial rack mount PC
     - User Screen
     - input current transducers
     - fibre optic output transducers

2.   SOFTWARE
     - DSP board thyristor gating software
     - PC set up and diagnostic screens
     - Preloaded look up tables

3.   MANUAL
     - set-up, operating and maintenance manual

This is a stand-alone package which Hatch Steltech would supply to Siemens to
gate the Siemens supplied thyristor stack. Siemens would need to supply the
ancillary controls for monitoring and interlocking and operating the entire
system.

Hatch Steltech will supply enough equipment to run the DSP software and to talk
to it through an interface.

                                      10/10<Page>

                                                                  EXHIBIT 10.2

                                 LOAN COMMITMENT

                                  July 30, 2002

Ralph Norwood
Chief Financial Officer
SatCon Technology Corporation
161 First Street
Cambridge, MA 02142

Dear Ralph:

     We are pleased to advise you that Silicon Valley Bank Commercial Finance
Division ("Silicon") has approved your request for financing, on the terms and
conditions set forth below.

A.   TERMS OF FINANCING.

     The terms of the financing ("Financing") are as follows:

     1.   BORROWER. The borrower will be SATCON TECHNOLOGY CORPORATION.
("Borrower").

     2.   REVOLVING LINE OF CREDIT. Silicon will make loans to the Borrower, in
amounts up to the lesser of: 1) $5,000,000 (the "Commitment Amount"); or 2) 75%
of the amount of the Borrower's eligible domestic receivables aged less than 90
days from invoice date. Eligibility criteria will be established by Silicon in
its commercially reasonable discretion. Ineligible receivables will include over
90 day accounts, 50% over 90 day cross agings, 25% concentrations, over 90 day
credit balances, contra accounts, deferred revenue offsets, consignment sales,
government accounts, affiliate accounts, and foreign accounts.

     3.   TERM. The term of the Revolving Line shall be for 364 days after the
date of the Loan Agreement (the "Maturity Date").

     4.   SUB-LIMIT. The Borrower may utilize up to $2,000,000 of this facility,
subject to availability reserves, to support letters of credit, cash management
facilities and international services. Fees for such transactions shall be
charged by Silicon at the time of such transactions. The Loans available to the
Borrower under the Loan Agreement at any time shall be reduced by the amount of
such transactions outstanding at such time.

     5.   INTEREST. All Loans and all other monetary Obligations shall bear
interest at a rate equal to the "Prime Rate" in effect from time to time, plus
2.00% per annum and at no time will be less than 6.75%. Interest shall be
calculated on the basis of a 360-day year for the actual number of days elapsed.
"Prime Rate" means the rate announced from time to time by Silicon as its "prime
rate." The Prime Rate is a base rate upon which other rates charged by Silicon
are based, and it is

<Page>

not necessarily the best rate available at Silicon. Interest shall be payable
and charged as set forth in the Loan Agreement, and is subject to increase with
respect to Overadvances and following an Event of Default, as set forth in the
Loan Agreement. For the purposes of computing interest, checks, wire transfers
and other items of payment received by Silicon will be applied to the
obligations of Borrower two business days after receipt thereof by Silicon in
immediately available funds.

     6.   COMMITMENT FEE. The Borrower shall pay Silicon a loan fee (the
"Commitment Fee") of $50,000.00 due upon the execution of the Loan Commitment.

     7.   COLLATERAL HANDLING FEE. Borrower shall pay Silicon a Collateral
Handling Fee of $1,500.00 per month when borrowing, or $750.00 per month when
not borrowing.

     8.   UNUSED LINE FEE. Borrower shall pay Silicon 1/2% of the unused portion
of the Commitment Amount per annum, on a monthly basis.

     9.   WARRANT. Borrower will grant Silicon a warrant to purchase $250,000 of
the Borrower's Common Stock at an exercise price equal to the average share
price for the five trading days immediately preceding the closing date. The
warrant will include anti-dilution provisions and registration rights similar to
those given to existing investors. The warrant will be exercisable until five
years from the date of closing or sooner if mutually agreed upon by Borrower and
Silicon. Additional terms of the warrant will be mutually agreed upon by
Borrower and Silicon and will be defined in the Warrant Agreement

     10.  PREPAYMENT FEE. 1.0% of the Commitment Amount, applicable to voluntary
and involuntary prepayments, if the facility is cancelled by Borrower during the
first six months of the term. The fee will decrease to 0.50% if the facility is
cancelled by Borrower during the second six months of the term. This fee will
not be applicable if the facility is transferred to another lending area within
Silicon.

     11.  COLLATERAL. All obligations of the Borrower are to be secured by a
first-priority perfected security interest in all of the Borrower's present and
future accounts, contract rights, chattel paper, instruments, inventory,
documents, equipment, and all other personal property and fixtures of the
Borrower, subject to Permitted Liens (as defined in the Loan Agreement). A
negative pledge will be required on intellectual property (including without
limitation copyrights, patents, patent applications, and trademarks). Borrower
and Silicon agree that Borrower will not be required to copyright software
changes made subsequent to the date of the Loan Agreement, except as would be
considered reasonably appropriate for a company in Borrower's industry.

     12.  FINANCIAL COVENANTS.

<Table>
          <S>                                            <C>
          MAINTAIN MINIMUM TANGIBLE NET WORTH OF
          Through 9/30/02:                               $  18,650,000
          10/1/02 through 11/30/02:                      $  17,000,000
          12/1/02 through 12/31/02:                      $  18,700,000
          1/1/03 through 3/31/03:                        $  17,600,000
          Thereafter:                                    $  17,200,000
</Table>

plus 50% of the net proceeds of equity securities or subordinated debt issued
after the date hereof in excess of the $4,000,000 to be raised by 12/1/02. This
covenant will be tested monthly, and will be defined as Net Worth plus
Subordinated Debt minus Intangible Assets minus Beacon Power

<Page>

investment. Silicon agrees to decrease the Tangible Net Worth covenant by an
amount not to exceed $500,000 for actual restructuring charges occurred between
July 1, 2002 and December 31, 2002.

     MINIMUM CASH OR EXCESS AVAILABILITY:

     At all times:             $300,000

     MINIMUM EQUITY OR SUBORDINATED DEBT:

     $4,000,000 of new Equity and/or Subordinated Debt, in a form
     satisfactory to Silicon, to be raised by 12/1/02.

     13.  LOAN DOCUMENTS. The Borrower shall deliver to Silicon all such
documentation evidencing and securing the Loans as Silicon shall specify
(collectively, the "Loan Documents"), all in form and content reasonably
satisfactory to Silicon and its counsel, including but not limited to the Loan
Agreement, amendments thereto and such additional corporate resolutions,
certificates of good standing, certificates of incumbency, representations,
warranties, certified copies of by-laws and articles of incorporation, and other
certificates, consents and documentation as Silicon shall specify.

B.   CONDITIONS TO BE SATISFIED.

     The obligation of Silicon to make the Loans is subject to the following
additional conditions to be satisfied at or prior to the signing of the Loan
Documents and the initial funding of the Loans (the "Closing"):

     1.   SUBORDINATION. All new and outstanding loans, if any, owing from the
Borrower to its officers, shareholders, investors or affiliates will be
subordinated to the Silicon Obligations, by a subordination agreement on
Silicon's standard form.

     2.   AUDIT. Silicon shall have made and completed its audits and
investigations with respect to the Borrower, and the results of the audit must
be satisfactory to Silicon in its commercially reasonable discretion.

     3.   REPORTING. All reporting mechanisms and controls shall be satisfactory
to Silicon in its discretion.

     4.   UCC SEARCHES. Silicon shall receive, within a reasonable time after
closing, Uniform Commercial Code searches in all applicable jurisdictions
showing financing statements with respect to the Borrower in favor of Silicon to
be of record and no other financing statements or liens of record, except for
Permitted Liens.

     5.   NO MATERIAL ADVERSE CHANGE. No material adverse change in the
properties, financial conditions, operations, business or prospects of the
Borrower shall occur and the results of Silicon's update audit and investigation
conducted at the time of the Closing shall be reasonably satisfactory to
Silicon.

     6.   NO MATERIAL LITIGATION. No litigation or proceeding shall be pending
or threatened which relates to the Financing or which may materially and
adversely affect the financial condition, business, operations or prospects of
the Borrower.

<Page>

     7.   INSURANCE. Silicon shall receive proof of fire and extended coverage
insurance on all collateral, and liability insurance, and all insurance policies
shall be in such amounts, against such risks, and in such companies as are
reasonably acceptable to Silicon. Silicon shall be named as a lender loss payee
on all said policies, in form satisfactory to Silicon.

     8.   REPRESENTATIONS TRUE; NO DEFAULT. All representations and warranties
of the Borrower to Silicon shall be true and correct in all material respects on
the date of Closing, and on the date of Closing no default or event which, with
notice or passage of time or both, would constitute a default or event of
default, shall exist under any of the Loan Documents.

     9.   NO BREACH, BANKRUPTCY OR INSOLVENCY. Neither this Commitment nor the
contemplated financing arrangements will constitute a breach of any material
agreement to which the Borrower is a party; no insolvency or business failure of
the Borrower shall occur, no receiver, trustee or custodian for all or any
material part of the property of the Borrower shall have been appointed, the
Borrower shall not have made any assignment for the benefit of creditors, and no
proceeding by or against the Borrower shall have been commenced under any
reorganization, bankruptcy, insolvency, arrangement, readjustment of debt,
dissolution or liquidation law or statute of any jurisdiction.

     10.  OPINION OF COUNSEL. At closing, Silicon shall receive an opinion
covering such matters and in such form as it shall reasonably request, from
counsel to the Borrower, which counsel shall be acceptable to Silicon.

     11.  FURTHER ASSURANCE. At the time of closing, the Borrower shall execute
and deliver such documents and do such other acts and things as Silicon may
reasonably specify in order to fully effect the purposes of the agreements and
the completion of the financing arrangements described in this Commitment. All
proceedings, agreements and instruments relating to the making of the Loans and
all other transactions herein contemplated shall be reasonably satisfactory to
Silicon and to its counsel. Silicon's counsel is to be reasonably satisfied with
respect to the legality, validity, binding effect and enforceability of all
instruments, agreements, and documents relating to the Loans and all
transactions contemplated hereby.

C.   GENERAL

     1.   SILICON INFORMATION. All information obtained by Silicon during the
course of its review and investigation of this transaction is the sole property
of Silicon, to be used exclusively for its determination of the creditworthiness
of Borrower, and is not subject to review or analysis by others unless the prior
written consent of Silicon and Borrower has been obtained. In handling any
confidential information, Silicon shall exercise the same degree of care that it
exercises for its own proprietary information, but disclosure may be made in
certain circumstances as defined in the Loan and Security Agreement.

     2.   BANK ACCOUNTS. Except for payroll and operating accounts required to
fund the Company's Canadian business, all of the Borrower's bank and investment
accounts are to be maintained at Silicon. Other accounts may be allowed as
agreed upon by Borrower and Silicon.

     3.   NO ASSIGNMENT; THIRD PARTIES. This Commitment is not assignable by
operation of law or otherwise without Silicon's prior written consent, and this
Commitment is not to be relied upon by any third party, without Silicon's prior
written consent.

<Page>

     4.   NEW INFORMATION. Borrower acknowledges that as a result of further
investigation and analysis by Silicon and its counsel, information of which it
is not now aware may be revealed and/or certain other material impediments to
closing may come to its attention, and as a result Silicon may require that the
transaction be restructured or otherwise modified.

     5.   INDEMNITY FOR INVESTIGATIONS. The Borrower shall cooperate with
Silicon and its personnel in all of their investigations and actions in
connection herewith and shall indemnify Silicon against any liability or loss
(including without limitation reasonable attorneys fees and costs) which may
result, either directly or indirectly, from its reasonable investigations and
actions in connection herewith, unless resulting from Silicon's own gross
negligence or willful misconduct.

     6.   INTEGRATION. The terms and conditions of the Commitment merges all
prior discussions, negotiations and agreements and the same may be modified only
in a writing duly executed by both parties.

     7.   TIME OF ESSENCE. Time is of the essence of this Commitment. All times
herein specified are in each case firm and shall not be extended without
Silicon's prior written approval.

     8.   MUTUAL WAIVER OF JURY TRIAL. The Borrower and Silicon each hereby
waive the right to trial by jury in any action or proceeding based upon, arising
out of, or in any way relating to, this Commitment or any other present or
future instrument or agreement between Silicon and the Borrower, or any conduct,
acts or omissions of Silicon or the Borrower or any of their directors,
officers, employees, agents, attorneys or any other persons affiliated with
Silicon or the Borrower, in all of the foregoing cases, whether sounding in
contract or tort or otherwise.

     9.   COSTS AND EXPENSES. The Borrower shall pay for all search fees, filing
fees, audit fees and all other actual and reasonably necessary costs and
expenses (collectively, "Costs"), including without limitation actual and
reasonable attorney's fees incurred by Silicon relating to the negotiation and
preparation of this Commitment and the other Loan Documents and the disbursement
of the Loans, and all other actual and reasonably necessary costs and expenses
incurred by Silicon in connection with the Loans.

     10.  COMMITMENT ACCEPTANCE. This Commitment must be accepted by delivery to
Silicon no later than 5:00 p.m. on August 1, 2002 of a signed copy of this
Commitment accepting its terms, along with the $50,000.00 Commitment Fee.
Otherwise, this Commitment shall expire and be of no further force or effect. If
the Loan transaction is not consummated for any reason, Borrower agrees to
reimburse Silicon for all costs, including without limitation, costs, fees and
expenses incurred by Silicon in the preparation of documents and the performance
of its due diligence, including fees of attorneys, appraisers and consultants;
provided that such expiration of this Commitment was caused solely by Borrower.

     11.  COMMITMENT EXPIRATION. In the event the Loan transaction is not
consummated by August 31, 2002 for any reason other than delays on behalf of
Silicon, this Commitment shall expire and be of no further force or effect.

<Page>

We look forward to working with you on this transaction.

Sincerely yours,                             ACCEPTED:

/s/ John K. Peck                             SatCon Technology Corporation

John K. Peck                                 BY: /s/ Ralph M. Norwood
Vice President                                   -------------------------
                                             TITLE: Vice Pres. and  Chief
                                                    Financial Officer
                                                    ----------------------

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