Intermagnetics Announces BOC to Join Albany HTS Cable Partnership

Intermagnetics Announces BOC to Join Albany HTS Cable Partnership
08/06/2003

 

  • BOC Joins World Class Cable Team
  • BOC to Build Large-Scale Refrigeration System, Share $7 Million Remaining Cost of Cable Project
  • Intermagnetics' Subsidiary SuperPower, BOC to Explore Additional Collaboration Opportunities
LATHAM, NY—Intermagnetics General Corporation (Nasdaq:IMGC) today announced that BOC—a multibillion-dollar global leader in supplying industrial gases, refrigerants and related equipment—has joined the world class team developing a high-temperature superconducting (HTS) cable for the Albany, New York, power grid. BOC will be a strategic partner in the $26 million project, which has received $19 million in funding from federal and state agencies. Intermagnetics’ Energy Technology subsidiary, SuperPower, Inc., BOC, and Sumitomo Electric Industries will share the remaining $7 million of project costs.
The Albany project, a 350-meter HTS cable that will be installed in the distribution system operated by Niagara Mohawk, a National Grid Company, is designed to demonstrate the technical and commercial advantages of HTS cables in an in-grid electric utility setting.
BOC will be responsible for developing the large-scale cryogenic refrigeration system that will cool the superconducting cables. They will design, install, monitor and operate the refrigeration system for the duration of the four-year project. BOC has a global reputation and infrastructure aimed at providing highly reliable refrigeration products and services. HTS cable systems are expected to require demonstration of high reliability and rapid-response service capabilities to the electric utility customer base.
“SuperPower, Sumitomo Electric and BOC now form the commercial core of our strategic objective to demonstrate the viability of utilizing HTS products to address the growing needs of efficiently transmitting and distributing electric power”, said Glenn H. Epstein, chairman and chief executive officer of Intermagnetics. “SuperPower and BOC have also agreed to explore partnering on other cable projects.”
Neil Greenfield, Senior Vice President of BOC, said: "BOC, as a world leader in cryogenics, is prepared to develop a cryogenic refrigeration system that meets the stringent demands of this project and that also has the necessary cost effectiveness and reliability necessary for the commercial viability of HTS technology. We are committed to providing long-term customer support, which we believe will be a key element in ensuring the success of HTS technology in the utility industry. Through this project, BOC and its partners intend to demonstrate that HTS technology is a viable, cost effective and reliable alternative for transmission cables.”
Ryosuke Hata, senior general manager, R&D Group and executive officerof Sumitomo Electric Industries, added: "Since our project is designed to execute the world's first in-grid demonstration of three-core HTS cable technology, we thought it only fitting that a world-class developer of cryogenic solutions, such as BOC, join our team. The cryogenic capabilities of BOC will, I believe, bring about a robust and reliable cryogenic refrigeration system."
BOC is a member of The BOC Group (NYSE:BOX), a worldwide industrial gases, vacuum technologies and distribution services company, serves two million customers in more than 50 countries. It has been in business for more than 100 years, employs more than 46,000 people worldwide and had annual sales of some US $6 billion in 2002. Further information about The BOC Group may be obtained on the Internet at http://www.boc.com.
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 more than 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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Safe Harbor Statement: The statements contained in this press release that are not historical fact are "forward-looking statements" which involve various important assumptions, risks, uncertainties and other factors. These include, without limitation, the assumptions, risks, and uncertainties set forth here as well as in the company's Annual Report on Form 10-K, including but not limited to, the company's ability to: (1) to finalize its funding agreement with the DOE (2) attract and maintain strategic partners for its HTS initiatives (3) invest sufficient resources, and receive additional external funding to continue its development efforts; (4) attract and retain the personnel necessary to achieve its objectives; (5) attain commercial acceptance for and adoption of its products and technology; (6) meet the cost-benefit ratio that will be critical to making HTS technology commercial viable; and (7) avoid the potential adverse impact on the company of emerging patents in the highly competitive energy technology field. Except for the company's continuing obligation to disclose material information under federal securities law, the company is not obligated to update its forward-looking statements even though situations may change in the future. The company qualifies all of its forward-looking statements by these cautionary statements.
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