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MagnaDrive Approved for Use at Duke Energy Nuclear Project

Bellevue, Washington, June 29, 2006 – MagnaDrive Corporation, a supplier of patented torque transfer
technology to industry, announced that it has received approval to supply Adjustable Speed Drives
(ASDs) and Couplings to the Duke Energy mixed-oxide, or MOX for short, nuclear fuel test project. The
MOX project creates electricity from recycled nuclear weapon plutonium. Duke will start testing use of
MOX in 2008 at its Catawba plant and plans to use MOX at all four of its nuclear reactors in the
Charlotte, North Carolina area by 2012.

MagnaDrive’s technology is being utilized at other United States Department of Energy (DOE) nuclear facilities in the United States. The DOE Hanford Site in Washington and
Savannah River Site in South Carolina have been using
MagnaDrive products for several years.

“Over the last three years the DOE has been experiencing
significant reductions in maintenance expense and improved
reliability through use of MagnaDrive’s technology at nuclear
research facilities,” stated Jim Cich, MagnaDrive’s President
and CEO. “Vibration is reduced by more than 70% which
leads to longer seal and bearing life. These benefits are
especially important in a mission-critical environment such as
a nuclear facility.”

About MagnaDrive
Bellevue based MagnaDrive Corporation was founded in 1999. The company’s revolutionary
disconnected torque-transfer technology reduces total cost of ownership by lowering maintenance and
operating costs, increasing process availability, and improving system reliability. The technology is
protected by 20 domestic patents and over 150 international patents. The impact and potential of the
technology was recognized by Industry Week magazine, which selected MagnaDrive as a Technology of
the Year in 2001. In 2004 and 2005 the company was chosen as one of the 500 fastest growing private
companies in America by Inc. magazine and one of the Fast 500 technology growth companies by
Deloitte. More information about MagnaDrive is available at www.magnadrive.com. For a self-paced
online tutorial about MagnaDrive’s technology, please see the MagnaDrive Education System at
www.magnadriveeducation.com.

About Duke Energy
Duke Energy is a diversified energy company with a portfolio of natural gas and electric businesses, both
regulated and unregulated, and an affiliated real estate company. Duke Energy supplies, delivers and
processes energy for customers in the Americas. Duke Energy is a Fortune 500 company traded on the
New York Stock Exchange under the symbol DUK. More information about the company is available on
the Internet at: http://www.duke-energy.com.

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