Modine Awarded Subcontract on Department of Energy Fuel Cell Mine Loader Project

RACINE, Wis.--Aug. 2, 20045, 2004--Modine Manufacturing Company , a leader in fuel cell systems research and development, announced today that it has been awarded a contract with Vehicle Projects, LLC of Denver to supply thermal management hardware for a U.S. Department of Energy vehicle development and demonstration project. The nearly $8.6 million project will develop, manufacture, and demonstrate a mine loader powered by a fuel cell, along with associated metal-hydride storage and refueling hardware.

The project was conceived by the Fuelcell Propulsion Institute and is managed by Vehicle Projects. Working with the DOE Golden Field Office in Golden, Colorado, the group will develop a 23 metric-ton, 160 kW fuel cell-battery hybrid mine loader. In the course of this three-and-a-half year project, Vehicle Projects and its subcontractors, including Modine, will manufacture this fuel cell/battery hybrid mine loader that will eventually be used in various North American mines. The mine loader will be used in tight spaces, up to one thousand feet underground. Fuel Cell technology is appealing in this instance because it is emission-free and environmentally friendly, producing only water.

"We are pleased to be part of the team working with the Department of Energy on this project. This effort will allow us to continue meeting the thermal challenges presented by fuel cell systems, and push the envelope of this technology," said Mark Baffa, Modine Director - Fuel Cell Products Group.

Modine also sees this program as a beginning to the application of even more Fuel Cell technology. "It is exciting to be involved with some key industry leaders in developing this 'first-of-its-kind' full scale Fuel Cell Vehicle. Not only will it complement our efforts in the mobile and stationary sectors, but it will provide an opportunity for us to demonstrate our thermal management systems in the pioneering stages of the program - a program aimed at the commercialization of fuel cell power plants in the mining industry," added Baffa.

New DOE Contract Latest Modine Fuel Cell Initiative

Modine began working with fuel cell technology in the spring of 1997 and launched a Fuel Cell Products Group in 2000. Now the group's 17 employees are using Modine's more than 88 years of global experience in thermal management to design cutting edge fuel cell thermal solutions. Modine technology is already at work in high profile automotive fuel cell projects with Ballard, such as water management components for the PEM fuel cell engine that Ballard is currently supplying to DaimlerChrysler, Ford and others. In addition, Modine is supplying stack cooling modules for the Ballard fuel cell engine used in 30 buses which are part of the CUTE Program (Clean Urban Transport for Europe), as well as for the Gillig bus for the California Fuel Cell Partnership. Modine's Fuel Cell Products Group also supplies stack cooling modules to a number of stationary fuel cell manufacturers and several fuel processing system components.

In the mine loader project, Modine will supply thermal management hardware to cool the fuel cell engine and maintain appropriate temperatures of the fuel cell feed-gases. The on-board electronics and vehicle hydraulics of the mine loader will also be cooled by Modine components. The first use of the loader will be in a ramp-style mine near Carlin, Nevada where Newmont Mining Corp. is mining for gold. The second demonstration will also be at a gold mining operation in Nevada at a Placer Dome Mine near Winnemucca. The final demonstration will occur in Canada in a shaft-style mine at an Agnico-Eagle gold mine in Quebec.

Modine, with fiscal 2004 revenues of $1.2 billion, specializes in thermal management, bringing heating and cooling technology to diversified markets, employing more than 8,500 people at 35 production facilities worldwide. 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. Modine can be found on the Internet at www.modine.com.

Note to Editors: Photos of the mine loader at work in a mine, or above ground are available by contacting Lori Stafford in Modine's Corporate Communications Department.

This news release contains statements, including information about future financial performance, accompanied by phrases such as "believes," "estimates," "expects," "plans," "anticipates," "will," "intends," and other similar "forward-looking" statements, as defined in the Private Securities Litigation Reform Act of 1995. Modine's actual results, performance or achievements may differ materially from those expressed or implied in these statements, because of certain risks and uncertainties, which are identified on page 31 of the Company's 2004 Annual Report to Shareholders and other recent Company filings with the Securities and Exchange Commission. In addition, this news release contains a forward-looking statement regarding incremental business. Because of the developmental nature of this incremental business, this forward-looking statement is particularly subject to a number of risks and uncertainties, including economic changes and challenges and unanticipated product or manufacturing difficulties. Modine does not assume any obligation to update any of these forward-looking statements.