Intermagnetics Sees Milestone in Southwire Cable Project

Intermagnetics Sees Milestone in Southwire Cable Project Intermagnetics General Corporation Sees Milestone in First Practical Installation of Superconducting Power Cable

  • South wire Company's HTS Cables Deliver Power To 3 Manufacturing Facilities;
  • Signals Major Step Toward Commercialization Of Advanced Technology

LATHAM, NY - Intermagnetics General Corporation (AMEX: IMG) today hailed Southwire Company's unveiling of the world's first practical use of three high temperature superconducting (HTS) cables as a milestone in the effort to commercialize HTS applications for the electric utility industry. Intermagnetics, a world leader and pioneer in designing and manufacturing HTS devices and materials, was one of the component providers for the Southwire project, which will be formally previewed on Friday, February 18.

Three 100-foot long cables have been delivering power to three of Southwire's manufacturing facilities at its Carrolton, Georgia, headquarters since early January of this year.

"We believe this installation will definitively demonstrate the benefits of HTS systems and devices in terms of real-world applications," said Glenn H. Epstein, president and chief executive officer of Intermagnetics. 'While HTS has been a promising technology since its discovery nearly 15 years ago, the installation that Southwire, Intermagnetics and several other industry, government and research partners have completed signals a shift from possibility toward practicality that would open the door to a multi-billion dollar industry over the next 10 years.

'The aging nationwide electric utility infrastructure, the accelerating pace of utility deregulation and the attendant increase in competition all point to a need for a more efficient, reliable and environmentally responsible means of delivering electricity to businesses and consumers," Epstein said. "The key HTS benefit is its ability to conduct electricity with virtually no resistance, potentially saving utilities many billions of dollars in lost energy costs."

Epstein noted that the company is proceeding with the next phase of HTS development bringing the cost of HTS in line with the price-performance levels needed to make it commercially viable to manufacture superconducting equipment such as transformers, cable, motors, generators and fault current controllers. "Once we clear that hurdle, we believe HTS technology will revolutionize the electric utility industry during the next decade, much like fiber optic technology has advanced the telecommunications industry."

Superconductivity, a state characterized by the absence of electrical resistance, previously required cooling to 'low" temperatures near absolute zero-approximately minus 452 degrees Fahrenheit. High-temperature superconductivity, discovered in the mid 1980s, provides the same characteristics as low-temperature superconductors (LTS) at much higher relative operating temperatures (about minus 322 degrees Fahrenheit), dramatically reducing complexity and operating cost while improving efficiency.

Epstein said lnterrnagnetics is well positioned to further refine HTS technology. The company is a global leader in HTS research and development, with nearly 30 years of experience in designing and developing magnetic devices that utilize LTS and HTS materials. The company also designs and manufactures the cryogenic refrigeration systems that enable superconducting materials to transmit electricity with virtually no resistance.

The company has a dedicated HTS development and manufacturing operation - the Advanced Devices and Systems division of IGC-Technology Development - that is focusing on commercializing HTS applications for the electric utility industry. The division, recently relocated into new facilities in Schenectady, New York, is developing advanced technology for manufacturing cost-effective HTS materials and components.

lntermagnetics is working with industry and government partners on prototype superconducting transformers and current controllers, as well as other devices that are now in varying stages of development and testing. These projects are expected to lead to commercialization over the next three to five years.

lntermagnetics is a leading developer and manufacturer of superconducting materials, radio-frequency coils, magnets and devices utilizing low (LTS) and high (HTS) temperature wire, cable and tape, and related refrigeration equipment. The company's current revenues are derived primarily from applications within magnetic resonance imaging for medical diagnostics and cryogenic vacuum and related processes. Through its own research and development programs and in conjunction with industry partners, lnterrnagnetics is committed to further commercialization of applied superconductivity and refrigeration systems. The company also distributes proprietary refrigerants and other products for use in industrial cooling applications.

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SAFE HARBOR STATEMENT: The statements contained in this press release which are not historical fact are "forward-looking statements” that 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 ability of the company and its partners to successfully commercialize and gain market acceptance of HTS products, the company's ability to license certain key technology for the manufacture of HTS tapelwire, the potential adverse impact on the company of emerging patents in this highly competitive field, and the company's ability to invest sufficient resources to bring HTS products to market.

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