BOC partners with Sumitomo Electric on HTS project; BOC, Sumitomo Electric and SuperPower in $26 million deal to develop high temperature superconducting cable for Albany, NY power grid.

Energy Editors/Business Editors

MURRAY HILL, N.J.--(BUSINESS WIRE)--April 21, 2004

BOC (NYSE:BOX) a leading supplier of cryogenic gases and related technology, has signed an agreement with Sumitomo Electric Industries  to develop, along with SuperPower, Inc., a high temperature superconducting (HTS) cable for the Albany, NY power grid.

The $26 million project, which is receiving $19 million in funding from the U.S. Department of Energy and the New York State Energy Research and Development Authority (NYSERDA), calls for BOC, Sumitomo Electric and SuperPower, to install a 350-meter HTS cable in the distribution system operated by utility company, Niagara Mohawk, a National Grid Company.

"We see HTS as a significant opportunity where BOC is well positioned to play a key role. BOC is investing substantial resources into the project to develop a robust cryogenic system that will be supported using our existing infrastructure. Our Remote Operations Center in Bethlehem, Pa., will monitor the cable and cryogenic system. We believe that long-term customer support, especially in the form of monitoring and maintenance, will be essential to the commercial success of HTS cables," said Ed Garcia, vice president, PGS ventures, BOC.

Philip J. Pellegrino, SuperPower's president, said, "With the project partnerships now completed, we're on track to develop a commercially viable HTS cable system, incorporating a reliable, economic cryogenic refrigeration system provided by BOC, HTS cable manufactured by Sumitomo Electric, and second generation HTS wire manufactured by SuperPower. SuperPower signed project agreements with Sumitomo Electric in 2002 and with BOC in 2003.

Because HTS cables can transmit up to five times the power compared to traditional copper cables, they have a key role to play in improving the nation's aging electrical power grid. The project, which is scheduled to run through 2006, is designed to demonstrate the technical and commercial advantages of HTS cables in a live electric utility setting.

Koji Shibata, president and chief executive officer, Sumitomo Electric USA, said, "Sumitomo Electric is delighted to be working with BOC on the Albany cable project. Our HTS cable depends upon a cost effective and reliable refrigeration system. Those elements, in addition to BOC's remote monitoring capability, will be important for both the Albany demonstration and future commercial systems."

BOC (NYSE: BOX) is a member of The BOC Group, the 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 44,500 people worldwide and had annual sales of over US $7 billion in 2003. Further information about The BOC Group may be obtained on the Internet at http://www.boc.com

SuperPower, Inc. (www.igc-superpower.com), based in Schenectady, NY, is a wholly-owned subsidiary of Intermagnetics General Corporation (NASDAQ: IMGC). Intermagnetics has a more than 30-year history as a successful developer, manufacturer and marketer of superconducting materials, high-field magnets, medical systems and components and other specialized high value-added devices.

SuperPower is at the forefront in the development of enabling, cost effective HTS 2nd generation materials and HTS-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, SuperPower is committed to commercialization of applied superconductivity and cryogenic systems for a broad range of energy technology applications.

Sumitomo Electric Industries, Ltd. (TSE: 5802) designs, manufactures and sells optical fiber, cable and components, advanced materials and electronic devices, and automotive parts. Through a successful strategy of research and diversification, SEI has become one of the world's leading companies at the forefront of the revolution in information and communications. The company has operations around the world in more than 25 countries and employs 80,000 people. SEI reported group net sales of 1,489 billion yen for the year ended March 2003.