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Contacts:
Marty Schwenner
Ed Butte
Director, Renewable Energy
Magnetek, Inc.
ebutte@magnetek.com
262-252-2905
Lynn Bostrom
Director, Communications
Magnetek, Inc.
lbostrom@magnetek.com
262-252-2903
FOR
IMMEDIATE RELEASE
Magnetek Annouces Ontario FIT Compliant Utility-Scale PV and Wind Inverters
Menomonee Falls, Wis. – June 21, 2010 – Magnetek, Inc. (NYSE: MAG) today announced its intention to provide its advanced-design, utility-scale solar and wind inverters to the Ontario market from its Canadian operations located in Mississauga, Ontario. The Company’s E-Force® Wind and Solar Inverters sold through Magnetek’s Canadian operations will be fully compliant with Ontario’s 2010 Feed-in Tariff (FIT) requirements, and also immediately compliant with the increased 2011 FIT domestic content requirements.
Magnetek’s modular utility-scale E-Force Inverters regulate DC power produced by wind turbines and photovoltaic systems into clean utility-grade, distributed AC power. The E-Force platform is scalable to 5MW. Several hundred megawatts have been produced and are already installed within North America.
The E-Force Inverter’s compact, field-proven design increases the electrical power that is available from renewable sources, reduces the time and cost of installation, and assures a long service life. Sophisticated self-diagnostics and remote monitoring capabilities allow customers to monitor energy generation and operational status. Several inverter models are available in standard forced-air-cooled or optional liquid-cooled versions.
“We are extremely pleased that through leveraging our existing facility in Mississauga, we can comply with the FIT’s requirement for domestic content and begin contributing to the growth of utility-scale, grid-tied solar and wind power production in Ontario,” said Brad Taylor, vice president and general manager of Magnetek’s Energy Systems business.
The Company plans to begin selling FIT compliant inverters from its Mississauga facility in fall, 2010.
About Magnetek, Inc.
Magnetek, Inc. is a leading provider of digital power and motion control systems used in energy delivery, overhead material handling, and elevator applications. In addition to power conditioning products for renewable energy applications, the Company is North America’s largest supplier of digital drive systems for industrial cranes, hoists, and monorails. Magnetek provides Energy Engineered™ drives, radio remote controls, motors, and braking and collision avoidance subsystems to North America’s foremost overhead material handling crane builders. Magnetek is also the world’s largest independent builder of highly integrated digital motion control systems for high-rise, high-speed elevators and is a leading independent supplier of digital motion control systems for underground coal mining applications. Magnetek is headquartered in Menomonee Falls, Wis., in the greater Milwaukee area, and operates manufacturing facilities in Pittsburgh, Pa., and Canonsburg, Pa., as well as Menomonee Falls.
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Special Note Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying these forward-looking statements. These include, but are not limited to, economic conditions in general, business conditions in material handling, elevator, mining, and renewable energy markets; operating condition; competitive factors such as pricing and technology; risks associated with acquisitions and divestitures; legal proceedings; and the risk that the Company’s ultimate costs of doing business exceed present estimates. Other factors that could cause actual results to differ materially from expectations are described in the Company's Form 10-K and other reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. |