Intermagnetics Announces Project to Install HTS Power Cable in Niagara Mohawk's Albany, NY Grid

Intermagnetics Announces Project to Install HTS Power Cable in Niagara Mohawk's Albany, NY Grid
08/14/2001

 

  • Design Intended To Demonstrate Evolution Of Key Technology In Standard Urban Right-Of-Way 
  • NYSERDA Announces Award of $6 Million For Project to IGC-SuperPower 
  • Niagara Mohawk Recognizes Potential Of HTS Cables 
  • Project Includes Testing 2nd Generation HTS Technology

LATHAM, NY— Intermagnetics General Corporation (Nasdaq: IMGC) today announced that its IGC-SuperPower subsidiary will lead a $20 million project to install an underground, high-temperature superconducting (HTS) power cable in Albany, N.Y. The cable, to be installed in Niagara Mohawk Power Corporation’s power grid and to incorporate components manufactured by Nexans, is designed to demonstrate enhanced capacity, reliability and power quality of HTS cables.

Governor George E. Pataki announced separately that The New York State Energy Research and Development Authority (NYSERDA) will award IGC-SuperPower $6 million for the project. The company will assume responsibility for the majority of the remaining cost during the next three years.

“High-temperature superconducting power cables hold the promise of increasing the state’s electricity supply without increasing power plant emissions or expanding the transmission network,” said NYSERDA President William M. Flynn. “A successful demonstration with IGC-SuperPower will mean tremendous economic development opportunities for this upstate company and, ultimately, even greater reliability and service in New York City and other urban areas where these cables have the greatest future potential.”

“The one-quarter-mile cable, believed to be four times the length of any previously installed HTS cable, will be designed to provide more power and operate at significantly lower loss levels than other HTS installations,” said Glenn H. Epstein, president and chief executive officer of Intermagnetics. “It also is targeted to be the first HTS cable installation within a standard underground urban right-of-way. We believe the participation of Niagara Mohawk and Nexans, both leaders in their respective fields, will help ensure the ultimate success of the project.”

Epstein noted that previous installations of HTS demonstration cables were either located within an industrial site or in an electric power substation. The project is expected to be completed in about three years.

James B. Howe, regional manager for Niagara Mohawk, added: "This technology holds exciting potential for increasing the capacity of our infrastructure and lowering energy delivery costs. In the long-term, successful completion of this Albany-based project could have an impact not only on the local economy, but also on the national – and even international – power transmission cable industry.”

IGC-SuperPower named Nexans, a world leader in the cable industry, as a designer and supplier of certain components for this project.

Jean-Maxime Saugrain, superconductor activity manager for Nexans, commented: “HTS has the potential to revolutionize the distribution of energy and Nexans is committed to participation in the development of this exciting technology. We are delighted to have this opportunity to work with Intermagnetics – an internationally renowned leader in the commercialization of products based on applied superconductivity.”

Project To Include Testing Of 2nd- Generation HTS Technology

Although first-generation HTS material will be used for this particular project, IGC-SuperPower intends to separately build a laboratory scale section of HTS cable using second-generation conductor in order to test its properties. Second-generation materials employ less labor intensive methods and less expensive materials. SuperPower is working to develop a commercial-level manufacturing process for second-generation HTS conductor, which is believed to be necessary to achieve the cost-performance levels required for commercialization of HTS cables and devices.

Niagara Mohawk Power Corporation (www.nimo.com) is a wholly owned subsidiary of Niagara Mohawk Holdings Inc. (NYSE:NMK), an investor-owned energy services company that provides electricity to more than 1.5 million customers across 24,000 square miles of Upstate New York. The company also delivers natural gas to more than 540,000 customers over 4,500 square miles of eastern, central and northern New York.

Nexans is a worldwide leader in the cable industry. The Group brings an extensive range of advanced copper and optical fiber cable solutions to the infrastructure, industry and building markets. Nexans cables and systems can be found in every area of people's lives, from telecommunications and energy networks, to aeronautics, aerospace, automobile, building, petrochemical, medical applications, etc. Operating in more than 20 countries, Nexans employs 19,000 people and had sales in 2000 of 4.8 billion euros. More information on www.nexans.com.

Intermagnetics (www.igc.com) is a leading developer and manufacturer of superconducting materials, radio-frequency coils, magnets and devices utilizing low- and high-temperature superconducting wire, cable and tape, and related refrigeration equipment. The company currently derives revenues primarily from applications within magnetic resonance imaging for medical diagnostics and cryogenic applications for vacuum and related processes. Through its own research and development programs and in conjunction with industry partners, Intermagnetics is committed to further commercialization of applied superconductivity and refrigeration systems including high-temperature superconductor applications for the electric utility industry.

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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) attract and maintain strategic partners for its HTS initiatives; (2) invest sufficient resources to complete the HTS cable project; (3) engage subcontractors necessary to assist with the HTS cable project; (4) overcome the technical hurdles required to incorporate an HTS cable in an urban right-of-way; (5) successfully manufacture an HTS cable; (6) meet the milestones required to complete the project; 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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