YORBA LINDA, Calif., Oct. 7 - Calnetix, Inc., a global leader in energy efficient high speed motor and generator technologies, components and systems, announced today that certain assets of its subsidiary Calnetix Power Solutions (CPS) have been acquired by GE (NYSE: GE). Recovering waste heat from industrial processes and using it to produce electricity is a rapidly growing trend in the global power industry, offering high efficiency and a reduced carbon footprint. In addition to the CPS assets, GE also acquired certain waste heat recovery intellectual property from Calnetix, Inc. and CPS.
Included in the assets acquired by GE is the CPS 125kW Cleancycle(TM) product for certain applications. Capstone Turbine Corporation (Nasdaq: CPST) has the exclusive right to distribute and integrate the Cleancycle(TM) product for microturbine applications. GE will continue to supply Capstone pursuant to this agreement.
Vatche Artinian, Chairman and CEO of Calnetix, stated, "We are delighted with CPS's success and GE's recognition of the value of our technology. Our strategy of applying our core technology to create innovative products through industry-focused subsidiaries has received further validation, following the sale of our former subsidiary Direct Drive Systems to FMC Technologies in 2009."
Calnetix's core technologies include permanent magnet motors and generators, magnetic bearings and power electronics. These technologies have all been utilized in creating CPS's compact, high efficiency waste heat to power systems. At the heart of these systems is Calnetix's unique "integrated power module" (IPM), a high speed in-line expander-generator utilizing magnetic bearings. With one moving part, and no physical bearing contact, the IPM features exceptional compactness and reliability.
Mr. Artinian added, "We remain excited about the potential for our technology, which can be utilized in a wide variety of markets. Calnetix believes that making power from waste energy sources represents the best global opportunity to increase energy efficiency. We intend to remain active in this field, and are developing several other waste energy product initiatives."
Calnetix, Inc. is a global leader in high speed high efficiency permanent magnet electric motors and generators, magnetic bearings and high frequency power electronics. For more information visit the company's website at www.calnetix.com.
About Calnetix Power Solutions
Based in Stuart, Florida, Calnetix Power Solutions manufactures green, energy efficient waste heat recovery systems for renewable and distributed energy markets. For more information visit the company's website at www.calnetixps.com.
GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world's toughest challenges. From aircraft engines and power generation to financial services, health care solutions and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's website at www.ge.com.
About Capstone Turbine Corporation
Capstone Turbine Corporation is the world's leading producer of low-emission microturbine systems, and was the first to market commercially viable microturbine energy products. For more information visit the company's website at www.capstoneturbine.com.
SOURCE Calnetix, Inc.
Herman Artinian of Calnetix, Inc.,
Web Site: www.capstoneturbine.com