Teledyne Energy Systems Wins Multi-Year NASA Contract
LOS ANGELES - December 14, 2001 - Teledyne Technologies Incorporated (NYSE:TDY) today announced that Teledyne Energy Systems, Inc. has been awarded a $4 million ($1 million base, $3 million option), multi-year contract by NASA Glenn Research Center to develop an advanced Proton Exchange Membrane (PEM) fuel cell power plant for NASA's 2nd Generation Reusable Launch Vehicle (RLV), which is expected to replace the existing Space Shuttle fleet.
The contract includes two phases. In Phase I, valued at approximately $1 million and lasting 17 months, Teledyne will deliver a complete breadboard power plant that demonstrates the expected power and system architecture for the hydrogen and oxygen PEM fuel cell power system. The optional Phase II, valued at $3 million and lasting 22 months, would involve the design, development and construction of a full-size 20-kw engineering model power plant.
"The NASA award accesses two key aspects of Teledyne Energy Systems' business - high reliability space power systems and PEM fuel cells - combining them into a single, focused program," said Robert Mehrabian, chairman, president and chief executive officer of Teledyne Technologies. "We will continue to look for programs and markets that couple our broad experience base with near-term commercial opportunities."
The award was made as part of NASA's $4.8 billion Space Launch Initiative. The Space Launch Initiative is a focused effort to enhance crew safety and to reduce costs of lifting payloads to low earth orbit by completing full-scale development of a second generation RLV by the end of the decade. Teledyne Energy Systems brings more than 40 years of reliable energy systems experience to the effort, along with proven PEM fuel cell technology that has powered everything from manned submarines to home appliances.
PEM fuel cells convert the energy available in hydrogen and oxygen to electricity and water. Under development by Teledyne for a wide array of commercial applications, PEM fuel cells offer several advantages over the alkaline fuel cells currently used in the Space Shuttle, such as the potential for lower cost due to their wider commercial uses; a simpler design, based on solid-state technology; and a lower total weight.
About Teledyne Energy Systems, Inc.
Teledyne Technologies recently combined its Energy Systems business unit with the assets and intellectual property of Energy Partners, Inc., to create majority-owned Teledyne Energy Systems, Inc. Teledyne Energy Systems (TES) is a leading global provider of on-site gas and power generation systems based on proprietary fuel cell, electrolysis and thermoelectric technologies. In addition, TES is pursuing new product opportunities in the fuel cell testing, vehicle refueling and PEM fuel cell markets. TES is recognized for product lines that are reliable, simple to install and easy to use. More information about Teledyne Energy Systems may be found at http://www.teledynees.com.
About Teledyne Technologies Incorporated
Teledyne Technologies Incorporated (NYSE:TDY) is a leading provider of sophisticated electronics and communications products, systems engineering solutions, and aerospace engines and components. Teledyne Technologies has operations in the United States, the United Kingdom and Mexico. More information about Teledyne Technologies may be found on the Company's Web site at www.teledyne.com.
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 product shipments, funding and the continuation of programs could change the anticipated 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 2000 Annual Report on Form 10-K, and Forms 10-Q.