Modine Introduces New Green Technology, with Fuel Cells and CO2, to Help Truckers Cut Emissions and Save Money
Racine, WI, July 17, 2006 - Modine Manufacturing Company (NYSE: MOD), a world leader in designing and developing heating and cooling solutions for a diversified group of markets including truck, construction, agriculture, industrial, and automotive, unveiled today a new fuel cell product that will reduce emissions, help the environment, and cut costs for over-the-road truck drivers. This new advanced idle reduction system (idle-off) incorporates high efficiency, zero emissions fuel cells, and uses carbon dioxide (CO2), an environmentally-friendly refrigerant, in the cooling. This new idle-off system can be used for both cooling and heating the sleeper cabin in a heavy-duty truck, creating multiple benefits for truck drivers and fleets.
More than half a million heavy-duty diesel trucks are on the road in the United States today. To comply with "hours of service laws," long haul truck drivers must have an off duty period of 10 hours after driving 14 hours. If the driver desires to heat or cool the sleeping compartment during that time, the truck must be idled to provide a comfortable environment within the sleeper cab. The Department of Energy estimates that currently more than one billion gallons of fuel are consumed each year while trucks idle in these conditions.
"This is going to get worse, as the new laws take effect," said Dr. Tony De Vuono, Modine's Vice President and Chief Technology Officer. "More truck drivers will be pulling over and taking a rest, requiring them to idle. This is setting up a conflict as 22 states have pending legislation that limits idling in some form. Our new technology offers a solution, helps to eliminate those emissions, and reduces energy consumption, while still providing a comfortable air conditioned or heated sleeper cab for truck drivers."
The new CO2 air-conditioning and heating system was designed internally by Modine at its research and development facility in Racine, Wisconsin. CO2 is an environmentally friendly refrigerant with zero Ozone Depletion Potential (ODP) and zero net Global Warming Potential (GWP) as defined by the U.S. Environmental Protection Agency and the Kyoto Protocol, which is an amendment assigning mandatory targets for nations around the world for the reduction of greenhouse gases. The unique properties of CO2 make it advantageous for both cooling and heating a vehicle. Using a CO2 heat pump to heat the cabin in cold weather conditions is more
energy efficient than using other conventional heating products.
Modine sourced the fuel cell power pack from General Hydrogen Corporation. The fuel cell power pack uses hydrogen gas as the fuel with the only byproduct being water. It was specifically designed for a truck auxiliary power unit application to produce electrical energy continuously for more than 10 hours. The thermal management system was designed and built by Modine's fuel cell products group.
"Our engineers are working on cutting-edge technologies in various areas, including fuel cells, CO2, and HVAC. This product gives us an opportunity to combine these technologies in one package. It's something that no one has done before. We're showing our customers, fleet operators, and the trucking industry that Modine stands for innovation and finding solutions that are both environmentally friendly and make good economic sense," said Dr. Jonathan Wattelet, Modine Director of Research and Development.
Founded in 1916, with fiscal 2006 revenues from continuing operations 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, ventilating, air conditioning) equipment, industrial equipment, refrigeration systems, fuel cells, and electronics. Based in Racine, Wisconsin, the company has approximately 8,000 employees at 34 facilities in 15 countries worldwide. For information about Modine, visit www.modine.com.
Statements made in this press release regarding future matters are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including those regarding a positive impact from new business programs, exploitation of technology, expansion into niche markets, incremental business and continuing market strength 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, but not limited to, market acceptance and demand for products and technologies; successful launch by Modine of the above described program; the ability of Modine, and its suppliers to achieve projected sales and production levels and avoid unanticipated product or manufacturing difficulties; and other factors affecting Modine's business prospects discussed in filings made by Modine, from time to time, with the SEC including the factors discussed in the "Cautionary Factors" section in Item 7 of the Company's most recent Annual Report on Form 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..
Source: Modine Manufacturing Company
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