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Magnetek Delivers First 300-kW Power Conditioner to FuelCell Energy

LOS ANGELES, Cal. - March 3, 2004 - Magnetek, Inc., (NYSE:MAG) has designed, built and delivered its first 300-kilowatt (kW) power conditioner to FuelCell Energy, Inc. (NasdaqNM: FCEL). Magnetek power conditioners invert the direct current (DC) generated by fuel cells into precise, reliable alternating current (AC) required to run most electrical equipment, and they enable the fuel cells to operate in grid-tied mode or stand-alone if utility power fails.

Magnetek's 300-kW fuel-cell power conditioner is the most powerful of its kind ever built. Air-cooled and highly efficient, it is expected to enable FuelCell Energy's Direct FuelCell® (DFIII®) power plant to support both grid-connect and stand-alone loads. Five inverter units, packaged together, operating in parallel would provide 1.5 megawatts of "clean," reliable electric power, and ten units in parallel will deliver 3.0 megawatts.

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 MW, including the world's two largest fuel cell systems. The Company manufactures power control products 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, 2000.

About Direct FuelCells
Direct FuelCells efficiently generate clean electricity at distributed locations near customer locations, including hospitals, schools, universities, hotels and other commercial and industrial facilities, as well as in grid-support applications for utility customers. Essentially, Direct Fuel Cells are like large, continuously operating batteries that generate electricity as long as fuel, such as natural gas, is supplied. Since the fuel is not burned, there is not pollution commonly associated with the combustion of fossil fuels. Because hydrogen is generated directly within the fuel cell module from readily available fuels such as natural gas and waste water treatment gas, DFC power plants are ready today and do not require the creation of a hydrogen infrastructure. This high-efficiency technology generates more electric power from less fuel and carbon dioxide emissions than traditional combustion methods.

About FuelCell Energy, Inc.
FuelCell Energy, Inc., based in Danbury, Connecticut, is a world leader in the development and manufacture of high temperature hydrogen fuel cells for clean electric power generation, currently offering DFC power plant products ranging in size from 250 kilowatts to 2 megawatts for applications up to 50 megawatts. Its subsidiary, Global Thermoelectric Inc., is a leader in the development of solid oxide fuel cell (SOFC) products and the world's largest manufacturer and distributor of thermoelectric stationary power generators for use in remote locations. The Company has developed commercial distribution alliances for its carbonate Direct FuelCell technology with MTU CFC Solutions GmbH, a company of DaimlerChrysler AG, in Europe; Marubeni Corporation in Asia; Caterpillar, PPL Energy Plus, Chevron Energy Solutions and Alliance Power in the U.S.; and Enbridge in Canada.  FuelCell Energy is developing Direct FuelCell technology for stationary power plants with the U.S. Department of Energy through its Office of Fossil Energy's National Energy Technology Laboratory. 

More information about Direct Fuel Cells and Fuel Cell Energy, Inc. is available at http://www.fuelcellenergy.com.

Media Contact: 
Lynn Bostrom
Director, Marketing Communications
(262) 252-2903

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 market 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.
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