LOS ANGELES, 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(TM) and Avanti(TM) 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
cell 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 Europe
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 300 kW for more than 160 commercial
fuel-cell installations totaling nearly
32 megawatts, including the world's
two largest 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 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.
