Magnetek Signs Supply Agreement with Nuvera Fuel Cells
LOS ANGELES, Cal. - March 1, 2004 - Magnetek, Inc., (NYSE: MAG) has agreed to provide a new generation of advanced power conditioners for fuel cell systems being developed by Nuvera Fuel Cells, a privately held company with principal facilities located in Cambridge, MA (USA) and Milan, Italy.
The Magnetek power conditioners will invert the direct current (DC) produced by Nuvera's proton-exchange-membrane (PEM) fuel cells into the precise, reliable alternating current (AC) required by most electrical equipment, and will enable the fuel cells to operate in grid-tied mode to utility power.
Magnetek will deliver 75-kilowatt (kW) and 5-kW power conditioners for Nuvera's DuAlto™ and Avanti™ fuel cell systems. Both companies expect demand for Nuvera's fuel cells to grow over the next five years.
Nuvera Fuel Cells (www.nuvera.com) is a leading designer and developer of fuel cell power systems, fuel processors, and fuel cell stacks for the automotive, distributed generation, commercial and industrial markets. Since 1992, its fuel processors and PEM fuel stacks have been successfully tested and evaluated by major automobile and appliance manufacturers, research institutions, telecommunications organizations, and industrial and energy companies. Nuvera's fuel processors have demonstrated the ability to extract hydrogen from a number of liquid and gaseous fuels such as gasoline, ethanol, methanol, natural gas, kerosene, propane, butane and more. Nuvera Fuel Cells is ISO 9001: 2000 Certified for "Research, Development, Design, Production and Servicing of Fuel Cell Stacks and Fuel Cell Systems."
During the past half-decade, Magnetek has delivered power conditioners up to 300kW for more than 160 commercial fuel-cell installations totaling nearly 32 megawatts, including the world's two larges fuel cell power plants. The Company manufactures power control products and systems used in a broad range of applications requiring highly reliable, precise, energy-efficient power. It operates ISO certified manufacturing and research facilities in North America, Europe and Asia, employs approximately 1,600 people and reported revenue f $201.8 million for fiscal 2003, ended on June 30, 2003.
Director, Marketing Communications
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's expectations regarding sales of and markets for its products and services, such as power conditioners for alternative energy sources such as fuel cells. These forward-looking statements are subject to a number of risks and uncertainties, many of which cannot be predicted or quantified and are beyond the Company's control. Future events and actual results may differ materially from those set forth in, contemplated by, or underlying these forward-looking statements.