Intermagnetics Announces Appointment of President to Head SuperPower Subsidiary

Intermagnetics Announces Appointment of President to Head SuperPower Subsidiary
10/22/2001

 

  • 30-Year Veteran of Electric Power Industry to Direct Commercialization of Energy Technology Applications

Latham, NY - Intermagnetics General Corporation (Nasdaq: IMGC) today announced that Philip J. Pellegrino has been named sector president – energy technology and president of SuperPower LLC.

“With his 30 years of experience in the electric utility industry, Phil will provide SuperPower with the market focus that is absolutely critical as we progress towards the commercialization of our high-temperature superconducting (HTS) energy technologies,” said Glenn H. Epstein, president and chief executive officer of Intermagnetics, parent company of SuperPower. “He brings an exceptionally broad and deep perspective that can help us navigate the rapid changes that are taking place in this industry. In particular, his extensive experience with the delivery segment of the industry will be especially useful as this is the targeted market for SuperPower’s products.”

Most recently, Pellegrino, 52, was president, chief executive officer and a director of the Independent System Operator in New England (ISO New England), which administers the region’s wholesale electricity markets, centrally dispatches power generation and exercises operational control over the bulk transmission system. The organization is one of five such public utilities operating nationally, subject to the jurisdiction of the Federal Energy Regulatory Commission. ISOs are intended to facilitate the deregulation of the $250 billion U.S. electric power industry. Prior to joining ISO New England, Pellegrino worked for more than 21 years at the New York Power Authority (NYPA) and for 6 years at the American Electric Power Service Corporation, where he began his career. At NYPA, Pellegrino moved through progressively more responsible senior management positions with responsibilities for cost of service and pricing, energy efficiency, research and development, transmission operations and planning and electricity trading.

“Phil’s organizational skills, demonstrated in taking ISO New England from a start-up to over 300 hundred employees, will be invaluable as we continue to build a highly effective executive team at SuperPower,” Epstein said. “He has demonstrated strong financial, regulatory and new-technology development knowledge and skills in his prior roles and brings tremendous experience and valuable industry contacts in virtually every aspect of the electrical power business.”

Pellegrino added: “I have watched the development of HTS technology from the utility perspective and believe that it will play a crucial role in maintaining the reliability and improving the efficiency of the electric power delivery system. The industry is confronting unprecedented difficulties in expanding its delivery infrastructure through the use of traditional technology due to aesthetic, environmental and other siting impediments. Nevertheless, the demand for electricity continues to grow robustly, with the transition to a digital economy acting as a primary driver. I am extremely pleased to have an opportunity to lead an exceptional team working to commercialize HTS devices and applications.”

Pellegrino will have full operational responsibility for the SuperPower subsidiary, as well as for taking the lead role in developing and implementing strategic business and marketing plans. He will report directly to Epstein as part of Intermagnetics executive management committee.

Pellegrino received a Bachelor’s degree in electrical engineering from the City College of New York in 1971 and a Master’s degree in industrial engineering from Columbia University in 1976. He is also a 1973 graduate of the General Electric Company’s Power Systems Engineering Program and a 1997 graduate of the Harvard Business School’s Advanced Management Program.

Epstein noted that Pellegrino’s appointment is the latest step in evolving the company’s operational management responsibility to president-level positions providing direct leadership over each of Intermagnetics’ three business segments. The company recently announced the promotion of Leo Blecher to president of the MRI sector.

Epstein also noted that Pradeep Haldar, general manager of SuperPower, will be leaving the subsidiary at the end of October to take the position of director of the Energy and Environmental Technology Applications Center at Albany NanoTech (University of Albany). The center’s goal is to help companies overcome technical, market and business development barriers in energy and environmental applications.

“Pradeep has been instrumental in the evolution of SuperPower into a market driven energy technology company,” Epstein said. “We look forward to his continued involvement with SuperPower in his new capacity through our ongoing collaboration with Albany NanoTech at the University of Albany on future technology projects that could benefit both of our organizations.”

Intermagnetics (www.igc.com), drawing on the financial strength, operational excellence and technical leadership in its core businesses of Magnetic Resonance Imaging and Instrumentation has become a prominent participant in superconducting applications for Energy Technology. The company has a 30-year history as a successful developer, manufacturer and marketer of superconducting materials, radio-frequency coils, magnets and devices utilizing low- and high-temperature superconductors and related cryogenic equipment. Intermagnetics derives current revenues primarily from applications within magnetic resonance imaging for medical diagnostics and cryogenic applications for vacuum and related processes. The company is at the forefront in the development of high-temperature superconductor-based applications that would provide increased capacity and reliability for transmission and distribution of electric power. Through its own research and development programs and in conjunction with industry and other partners, Intermagnetics is committed to further commercialization of applied superconductivity and cryogenic systems for a broad range of applications.

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