Utilizing state-of-the-art digital technology, Magnetek's modular E-Force wind power inverters transform the fluctuating power that normally flows from wind turbine generators into the steady flow of clean 60-cycle AC power required to interface with the utility power transmission grid.
Menomonee Falls, WI, October 1, 2007 - Magnetek, Inc. (NYSE: MAG) today announced that it has started shipping the first production units of its new multi-megawatt E-Force' wind power inverter to a leading U.S. wind turbine builder under a 60-unit order scheduled for delivery through March 2008. Initial units are expected to be installed on domestic wind farms.
Utilizing state-of-the-art digital technology, Magnetek's modular E-Force wind power inverters transform the fluctuating power that normally flows from wind turbine generators into the steady flow of clean 60-cycle AC power required to interface with the utility power transmission grid. Modular in design, the new E-Force inverters feature proprietary cooling technology and are well suited for wind turbines ranging from 625 kilowatts up to 5 megawatts.
Over the past decade, wind energy has become the world's fastest growing energy source, expanding globally at an average rate of 28% over the past five years alone. Currently, some 75,000 megawatts of wind energy are installed globally with the majority, approximately 47,000 megawatts, installed in Europe and about 12,000 megawatts in the U.S. While wind currently provides less than 0.5% of U.S. electricity, more wind power was installed in the U.S. last year - some 2,500 megawatts - than in any other country in the world.
According to the U.S. Department of Energy, the world's winds could theoretically supply the equivalent of 5,800 quadrillion BTUs (quads) of energy each year - more than 15 times current world energy demand. (A quad is equal to about 172 million barrels of oil or 45 million tons of coal.)
Magnetek manufactures digital power and motion control systems used in material-handling, people-moving, communications and energy delivery. In addition to wind power inverters, the Company builds power inverters for large commercial fuel cells with more than 175 installations and half a billion operating hours in the field over the past decade. Headquartered in Menomonee Falls, WI in the greater Milwaukee area, Magnetek operates manufacturing plants in Pittsburgh, PA and Mississauga, Ontario, Canada as well as Menomonee Falls. For its fiscal year ended July 1, 2007, Magnetek's revenues were $103.8 million.
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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 wind and fuel cell power inverter business. 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.