LOS ANGELES,
February 19, 2004 -- Magnetek
Inc. (NYSE: MAG) has been selected
to provide advanced power conditioners
for a new generation of stationary
fuel cells being developed by Plug
Power Inc. (NASDAQ: PLUG).
The Magnetek power conditioners will
invert the direct current (DC) produced
by Plug Power’s proton-exchange-membrane
(PEM) fuel cells into the precise,
reliable alternating current (AC)
required for stationary applications,
and will enable the fuel cells to
operate in grid-tied or stand-alone
mode should there be a loss of utility
power.
In stand-alone mode each Magnetek-equipped
fuel cell will be able to handle peak
power loads in excess of 9 kilowatts,
accommodating load imbalances from
0% to 80%. In grid-tied mode,
should utility power fail, the power
conditioner will pick up the load
immediately, and the fuel cells will
continue to operate in a stand-alone
mode until utility power is restored.
Magnetek will complete delivery of
two (2) prototype power conditioners
this August. Both parties expect
market demand for Plug Power’s PEM
fuel cells to grow over the next five
years.
Plug Power Inc. designs and develops
on-site energy systems based on proton
exchange membrane fuel cells.
Plug Power’s strategic partners include
GE Fuel Cell Systems, DTE Energy Technologies,
Vaillant GmbH, Honda R&D Co.,
Ltd., Engelhard Corporation and Celanese
Ventures. The Company’s headquarters
are located in Latham, N.Y., with
offices in Washington, D.C., and The
Netherlands.
During the past half-decade, Magnetek
has delivered power conditioners up
to 200-kilowatts for more than 160
commercial fuel-cell installations
totaling nearly 32 megawatts, including
the world’s two largest fuel cell
plants in Anchorage, Alaska and Long
Island, New York. The
Company manufactures digital power
supplies and systems used in a broad
range of applications requiring highly
reliable, precise, energy-efficient
power. It operates manufacturing
and research facilities in North America,
Europe and Asia, employs approximately
1,600 people and reported revenue
of $201.8 million for fiscal 2003,
ended on June 30, 2003.
– 30 –
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.
