Teledyne Technologies Ships its First PEM Fuel Cell Stacks
LOS ANGELES - January 16, 2001 - Teledyne Technologies Incorporated (NYSE:TDY) announced today that its Energy Systems business unit has shipped its first 2KW polymer electrolyte membrane (PEM) fuel cell stacks.
PEM fuel cells are highly efficient, quiet, and clean solid-state electrochemical energy conversion devices that combine hydrogen (derivable from many sources) and oxygen to produce electricity without combustion, and pure water exhaust.
"This is the first step in our commercialization plans of the technology we recently licensed and should help position us in the PEM fuel cell industry," said Robert Mehrabian, chairman, president, and chief executive officer of Teledyne Technologies.
"We have been able to quickly develop PEM-based fuel cell stacks by leveraging our experience in electrolysis-based hydrogen generation," said Bamdad Bahar, general manager for Teledyne Energy Systems. "We are pleased to add fuel cell stacks to our existing line of reliable onsite power generation products."
Teledyne Technologies is a leading provider of sophisticated electronics and communications products, systems engineering solutions, and aerospace products and components, with operations in the United States, the United Kingdom and Mexico. Through Teledyne Brown Engineering, Inc., Teledyne Energy Systems, located in Hunt Valley, MD, produces on-site gas and power micro-generation systems, including fuel cell stacks.
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from these forward-looking statements. Many factors, including continued development of fuel cell stacks, customers' acceptance of fuel cell stacks and economic conditions, could change outcomes and results. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in Teledyne Technologies' periodic filings with the Securities and Exchange Commission, including its 1999 Annual Report on Form 10-K, and Form 10-Q for the quarter ended October 1, 2000.