Intermagnetics General Corporation subsidiary Superpower, Inc. has
received top ranking in a federally sanctioned review for advancing
second-generation high-temperature superconducting (HTS) wire technology.
SuperPower was one of 14 industry and national laboratory participants in the
U.S. Department of Energy's 2003 annual peer review event.
Receiving the top ranking is unusual for a private-sector company. In
more than 10 years of peer reviews, that ranking has typically gone to national
laboratories since much of the basic underlying research occurs at that level.
Technology then has been transferred to industry to be scaled up. In fact,
SuperPower finished second last year to its primary technology partner Los
Alamos National Laboratory. SuperPower and Los Alamos, which supported
SuperPower's accomplishments this year, recently concluded a three-year
cooperative research and development agreement and signed a follow-on two-year
agreement.
The progress of SuperPower and other participants in the peer review
process was ranked by an independent committee based on performance against
previously stated goals, goals for the next year and the level of research
integration with the national laboratory (or industry) partners.
The peer review committee noted that the second-generation HTS
technology program at SuperPower is a "world-class project" and a
"focused, goal-oriented effort" with a "strong innovative streak
fostered by management, leading to strong team effort achieving and exceeding
stated (ambitious!) goals."
Glenn H. Epstein, chairman and CEO of Intermagnetics, said: "This
latest peer ranking reinforces our confidence in the course we are taking in
developing the next generation of HTS cables and devices. The second-generation
HTS wire program is important because it is expected to be the enabling
technology for almost all HTS devices that are being developed for electric
power applications. We are gratified to learn that our investment in this
technology has led to significant advancements at SuperPower."
Philip J. Pellegrino, president of SuperPower, added: "It was a
special honor to be so distinguished in view of the intense competition and
deserving programs at this year's peer review. The Department of Energy is the
major sponsor of HTS programs in this country and, as such, all participants in
the program showcase their very best at the annual review."
James Daley, superconductivity manager in DOE's Office of Electric
Transmission and Distribution, said: "SuperPower has focused their efforts
on a scalable manufacturing process in the past year and has made remarkable
progress -- as this year's reviewers concluded. Second-generation HTS wire
technology has been a program priority for eight years because of the potential
to dramatically lower cost. These results confirm that excellent performance
can be achieved using inherently low cost processes -- a necessary and
important achievement. Intermagnetics and SuperPower deserve this
recognition."
SuperPower, Inc., (http://www.igc-superpower.com/) a wholly owned
subsidiary of Intermagnetics General Corporation, uses core capabilities in
materials, cryogenics and magnetics to develop state-of-the-art
second-generation HTS wire, and electric power components such as underground
transmission and distribution cables, transformers, and fault current limiters.
Intermagnetics (http://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.
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 and receive additional
external funding to continue its development efforts; (3) attract and retain
the personnel necessary to achieve its objectives; (4) attain commercial
acceptance for and adoption of its products and technology; (5) meet the
cost-benefit ratio that will be critical to making HTS technology commercially
viable; and (6) 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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