It can handle normal LV (32 EUt).
Every pole stores up to 15 uses (1 EU each), the magnetizer powers 20 poles above and 20 poles below him every few ticks. Unless you constantly ride up and down, it doesn't need much power. Put a batbox next to it and you will see.
It does need to be a pole, otherwise it does not work.
Electrolyzers can be placed adjacent to MFE's/ MFSU's, then place WAter Cells into the left slot.
If the Electric Block next to it has 70% or more energy, it will start using this energy (at 5EUt) to process the water cells into electrolyzer water cells (15k EU for each process).
If the Electric Block is below 30%, it will return energy and, if necessary transform electrolyzed cells back into normal water ones (only for 13,5k, though).
You can consider it a cheap alternative to Lapatron crystals, as every stack of water cells can be "charged" with ~950k energy.
On the topic, the magnetizer doesn't work with bronze boots, despite them being metal.
Good to mention. Bronze boots werent implemented whenthe Magnetizer was coded, and forgotten to be added later on.