SEATTLE, Wash., Jan. 22, 2001 (PRNewswire) — The MagnaDrive Corporation announced today it has won a U.S. Energy Department grant to speed the deployment of its breakthrough energy efficiency technology, the MagnaDrive Coupling.
The Energy Department awarded the $500,000 grant as part of its National Industrial Competitiveness through Energy, Environment and Economics program (NICE3). This program brings together companies, state agencies, and universities as partners on a cost-sharing basis. The initiative is intended to help U.S. companies demonstrate and commercialize innovative, energy-saving technologies. MagnaDrive is investing $667,000 in this project.
The MagnaDrive Coupling uses the power of rare-earth magnets to precisely control the speed that a motor can drive a load, such as an industrial pump, fan or blower. This adjustable speed control significantly reduces the energy required to run the motor and its load. The MagnaDrive Coupling's unique vibration-free design also lowers equipment and maintenance costs, offering additional economic benefits.
With 31 installations across several industries, the MagnaDrive Coupling has reduced energy consumption in specific applications by as much as 66 percent. These applications are on motor-driven systems up to 300 horsepower.
The Energy Department grant will be used to install and evaluate MagnaDrive Couplings for industrial applications in the 500 to 1500 horsepower category. The scaled-up units will be installed as demonstration projects at four industrial partners in Washington, Oregon and Montana. Washington State University's Cooperative Extension Energy Program is the other partner in this project, receiving $25,000 from the Energy Department to oversee the grant and assist in technology transfer efforts.
"This grant, together with the investments by our industrial and state partners, will help us bring to market large-scale versions of our innovative technology," said Ron Woodard, CEO of MagnaDrive. "We've already shown that the MagnaDrive Coupling can achieve dramatic energy reductions in a variety of industrial and commercial applications. Providing this technology for bigger systems will allow for even greater energy savings. In a world of tight energy supplies, this benefits both our customers and the public at large."
About MagnaDrive
Founded in 1999, privately held MagnaDrive Corp. is based in Seattle. Its MagnaDrive Couplings are installed in industries including water/wastewater, pulp and paper, HVAC, material processing, irrigation, food processing, and power generation. MagnaDrive Couplings are available for motor sizes up to 500 HP. For more information, visit www.magnadrive.com.
SOURCE: MagnaDrive Corporation
