Modine Provides Cooling Modules for the First Hydrogen Powered Buses in Brazil.RACINE, Wis. -- Modine Manufacturing Company (NYSE NYSE See: New York Stock Exchange :MOD), a world leader in designing and developing heating and cooling solutions for a diversified group of markets, announced today its Fuel Cell Products Group will deliver specially designed cooling modules, as well as other ancillary components, for the first hydrogen powered buses in Brazil. Modine will be cooling the complete fuel cell system, as well as all the electric drive train components for this project, sponsored by the Ministry of Mines and Energy, United Nations Development Program, and EMTU/SP (SEuo Paulo Metropolitan Urban Transport Company). "Given the successful performance demonstrated by Modine's fuel cell bus cooling modules in the European Clean Urban Transportation for Europe (CUTE) program, as well as other programs in Iceland, Australia, China and California's Santa Clara Valley
The Santa Clara Valley is a valley just south of the San Francisco Bay in Northern California in the United States. , we are pleased to have been chosen by the consortia partners to provide equipment to meet the challenging thermal management needs of this next-generation bus program," said David Rayburn, Modine's President and Chief Executive Officer. The Ministry of Mines and Energy will launch the $16 million project to test the operational viability and commercialization of fuel cell buses in urban areas. The project, with eight buses along with the supporting refueling infrastructure, will be launched on November 14, 2006 in SEuo Paulo, Brazil, when the consortium responsible for the supply of the bus and the hydrogen infrastructure is announced. In addition to Modine, the following companies, also recognized as world leaders, are part of that consortium: AES Eletropaulo, Ballard Power Systems Ballard Power Systems (TSX: BLD, NASDAQ: BLDP), located in Burnaby, British Columbia -- a suburb of Vancouver -- is a company that designs, develops, and manufactures zero emission proton-exchange-membrane fuel cells. , EPRI EPRI Electric Power Research Institute EPRI European Parliaments Research Initiatives International, Hydrogenics, Marcopolo, Nucellsys, Petrobras and Tuttotrasporti. The following authorities will participate in the launch: the Minister of Mines and Energy, the governor of SEuo Paulo, the president of EMTU EMTU Empresa Metropolitana de Tansportes Urbanos (public transportation company, Brazil) , and representatives of the consortium. This program win support Modine's five year goal of four to six percent organic annual revenue growth. Including acquisitions, Modine's five year revenue growth goal is 11 to 13 percent annually. Modine Fuel Cells Products Group Modine began working with fuel cell technology in the spring of 1997 and launched its Fuel Cell Products Group in 2000. Now the group's employees are using Modine's more than 90 years of global experience in thermal management to design cutting-edge fuel cell thermal solutions. Modine technology is already at work in high profile automotive fuel cell projects with Nucellsys, formerly Ballard Power Systems Inc., such as water management components for the PEM (Privacy Enhanced Mail) A standard for secure e-mail on the Internet. It supports encryption, digital signatures and digital certificates as well as both private and public key methods. Not widely used, work on PEM later evolved into S/MIME. See MIME. fuel cell engine that Nucellsys supplied to DaimlerChrysler, Ford and others. In addition, Modine is supplying stack cooling modules along with other heat exchangers for the fuel cell engine used in more than 30 buses which are part of the CUTE Program in Europe, as well as for the Gillig Corporation bus for the California Fuel Cell Partnership The California Fuel Cell Partnership is a public-private partnership to promote hydrogen vehicles (including cars and buses) in California. It is notable as one of the first initiatives for that purpose undertaken in the United States. . Modine's Fuel Cell Products Group also supplies stack cooling modules and other balance of plant thermal management technology, to a number of stationary fuel cell manufacturers and fuel processing sub-systems and components to Chevron Technology Ventures LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and others, in support of hydrogen infrastructure efforts and for stationary applications. Modine employs more than 500 thermal design engineers focused on providing cooling solutions to customers. About Modine Founded in 1916, with fiscal 2006 revenues from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $1.6 billion, Modine specializes in thermal management systems and components, bringing highly engineered heating and cooling technology and solutions to diversified global markets. Modine products are used in light, medium and heavy-duty vehicles, HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free (heating, ventilating ventilating Natural or mechanically induced movement of fresh air into or through an enclosed space. The hazards of poor ventilation were not clearly understood until the early 20th century. Expired air may be laden with odors, heat, gases, or dust. , air conditioning) equipment, industrial equipment, refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. systems, fuel cells, and electronics. Based in Racine, Wisconsin, the company has approximately 9,000 employees at 34 facilities in 15 countries worldwide. For information about Modine, visit www.modine.com. Forward-Looking Statements Statements made in this press release regarding future matters are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements, including those regarding a positive impact from new business programs, achievement of cost reductions, expansion into niche markets, refocus in global manufacturing footprint, and continued strong financial returns are based on Modine's current expectations. Modine's actual results, performance or achievements may differ materially from those expressed or implied in these statements because of certain risks and uncertainties, including international economic changes and challenges; market acceptance and demand for new products and technologies; the ability of Modine, its customers and suppliers to achieve projected sales and production levels; unanticipated product or manufacturing difficulties; and other factors affecting the company's business prospects discussed in filings made by the company, from time to time, with the SEC including the factors discussed in Item 1A, Risk Factors and the "Cautionary Factors" section in Item 7 of the company's most recent Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and its periodic reports on Form 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. |
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