Magnetek Receives First Production Order for New Technology Liquid Cooled Wind Inverters
MENOMONEE FALLS, Wis. - February 2, 2010 - Magnetek, Inc. (NYSE: MAG) today announced that is has received an initial production order valued at nearly $1.5 million for its newly designed utility-scale E-FORCE™ liquid cooled wind inverter. Delivery of the inverters is scheduled to be completed by the end of June 2010, the end of the Company's fiscal year.
Based on Magnetek's innovative E-FORCE air cooled inverter technology platform, this high power density liquid cooled inverter provides optimal thermal performance in a compact design for applications where air cooling is unsuitable. The E-FORCE liquid cooled inverter is ideal for sealed structure applications such as near shore wind turbines installed in corrosive environments, as well as locations where sustained operation at elevated ambient temperatures is required.
"Leveraging our air cooled E-FORCE inverter platform, this new technology provides our customers with proven inverter performance and relability for applications requiring advanced liquid cooled thermal managament," according to Brad Taylor, vice president and general manager of Magnetek's energy systems business. "This liquid cooled inverter technology will also be available in our utility-scale E-FORCE solar inverters, ideal for installation in solar power electrical equipment rooms and high ambient temperature solar power applications."
Magnetek's modular utility-scale E-FORCE inverters regulate and transform DC power generated by wind turbines or photovoltaic systems into utility-grad AC power, which is distributed to the power transmission grid. E-FORCE inverters offer peak efficiencies when operating at full power and provide less current distortion by using revolutionary high-frequency switching technology engineered exclusively by Magnetek. Their compact design makes E-FORCE inverters easier to install and service. Sophisticated self-diagnostics and remote monitoring capabilities allow customers to maximize energy generation. NEMA rated enclosures ensure electronics are protected from extreme temperatures and the elements.
"With the development of our first fuel cell power inverter in 1995, Magnetek has proven experience in renewable energy power conditioning," stated Peter McCormick, president and chief executive officer. "This new liquid cooled inverter technology further expands Magnetek's portfolio of advanced power conversion solutions for the utility-scale wind and solar markets and positions Magnetek for further growth within the industry."
Magnetek, Inc. is a leading provider of digital power and motion control systems used in overhead material handling, elevator, and energy delivery applications. In addition to power conditioning products for renewable energy applications, the Company is North America's largest supplier of digital drive systems for industrial cranes, hoists, and monorails. Magnetek provides Energy Engineered® drives, radio remote controls, motors and braking and collision avoidance subsystems to North America's foremost overhead material handling crane builders. Magnetek is also the world's largest independent builder of highly integrated digital motion control systems for high-rise, high-speed elevators and is a leading independent supplier of digital motion control systems for underground coal mining applications. Magnetek is headquartered in Menomonee Falls, Wis., in the greater Milwaukee area and operates manufacturing facilities in Pittsburgh, Pa., and Canonsburg, Pa., as well ass Menomonee Falls.
Director, Marketing Communications
This new release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's anticipated financial results for its second quarter, as well as for its fiscal year ending June 27, 2010. These forward-looking statements are based on the Company's expectations and are subject to risks and uncertainties that cannot be predicted or quantified and are beyond the Company's control. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying these forward-looking statements. These include, but are note limited to, economic conditions in general, business conditions in material handling, elevator, mining, and alternative energy markets, operating conditions, competitive factors such as pricing and technology, risks associated with acquisitions and divestitures, legal proceedings and the risk that the Company's ultimate costs of doing business exceed present estimates. Other factors that could cause actual results to differ materially from expectations are described in the Company's reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934.