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This paper presents numerical experiments in applying a new technique for matrix compression and preconditioning to boundary element method (BEM)-based eddy-current analysis. Following these procedures, the classical problems of BEM approaches for eddy-currents analysis in industrial applications, such as large memory requirements and solver instability (ill-conditioning), are significantly reduced. The algorithm, based on hierarchical matrix arithmetic and adaptive cross approximation techniques, efficiently compresses the BEM matrix and produces a very important additional feature-a cheap and effective matrix preconditioner. The efficiency of this new technique is tested on various numerical examples and compared with other similar existing techniques (fast multipoles method)