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SuperPower Inc. of Schenectady has landed a deal with Sumitomo Electric Industries Ltd., Japan's electronics giant, to partner on a $25 million project that will run a superconducting cable along the Hudson River and under Interstate-90.
Sumitomo and Superpower, a wholly owned subsidiary of Lathambased Intermagnetics General Corp. (Nasdaq: IMGC), already have begun work on the four-year project, said Philip Pellegrino, Superpower's president.
SuperPower announced in August 2001 its plan to install an underground, high-temperature superconducting (HTS) power cable in Albany. The project was supposed to have started last year, but SuperPower was looking for a partner.
"We've been on an 18-month search," Pellegrino said. "We've got what I consider to be the best strategic partner...