Magnetek Gets $1.3 Million Order for Fuel Cell Power Inverters
MENOMONEE FALLS, Wis. - September 25, 2007 - Magnetek, Inc. (NYSE: MAG) today announced that it has received orders from United Technologies for PCS-2C and -2D fuel cell power inverters totaling 2.4 megawatts. Valued at approximately $1.3 million, the fuel cell inverters are scheduled for delivery over the coming 8 months.
Magnetek’s fuel cell power inverters convert unregulated direct current (DC) generated by fuel cells into regulated 480- and 400-volt alternating current (AC) for European applications to support local telecommunications and data processing loads as well as to feed the utility power grid. Magnetek’s fuel cell power inverters are flexible, capable of operating in either grid-connect or stand-alone mode should there be a loss of the utility power. The current order for “off-the-shelf” DC/AC power inverters will be used with United Technologies’ 200 kilo-watt PureCell™ fuel cells in commercial installations.
Magnetek is today the world’s leading builder of grid-tied power converters and inverters for commercial fuel cells with more than 175 installations totaling 35 megawatts and half a billion operating hours in the field. Based on its fuel cell power technology, the Company entered into an agreement in 2003 to develop power inverters for large wind turbines, and last year received an initial order for 60 modular wind power inverters totaling more than 100 megawatts. Valued at over $7 million, these E-Force™ wind inverters “clusters” will begin shipping this week.
Magnetek manufactures digital power and motion control systems used in material-handling, people-moving, communications and energy delivery. On August 22, 2007, the Company, which operates manufacturing plants in Menomonee Falls, Wis.; Pittsburgh, Pa.; and Mississauga, Ontario, Canada, reported revenue of $104 million for its 2007 fiscal year, which ended July 1, 2006.
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 anticipated financial results for future periods, including the fiscal year ending July 2, 2006. 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. These risks and uncertainties include effects of economic, market and operating conditions on the Company and its financial results. 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.