AMSC (Nasdaq:AMSC), a global solutions provider serving the wind
and power grid industry, announced the availability of its newest
wind turbine design. The 2 megawatt (MW) wind turbine has a rotor
diameter of 113 meters and a swept area of 10,039 square meters,
making it an ideal wind turbine for low wind speed regions.
Additionally, AMSC also announced today that it has successfully
completed the A-Design Assessment according to the latest GL2010
onshore guideline for its 2 MW wind turbine design with 93 meter
and 100 meter rotor. The certification was completed by
DEWI-Offshore and Certification Center (DEWI-OCC), a certification
body for on- and offshore wind turbines and their components,
accredited by the DAkkS (Deutsches Akkreditierungssystem
Prüfwesen).
Low wind speed turbines are expected to open up new markets in
regions that are already saturated with wind farms, such as
southern Germany and parts of the United States and emerging
markets such as the Middle East and Africa. India has a large
number of sites with low-wind resources. Additionally, turbines
designed for low wind speed can also be ideally located close to
population centers. In China, low wind speed turbines near urban
centers can reduce the bottlenecks on the transmission system that
can be caused by the long-distance transmission of electricity.
"We believe that AMSC's new low wind speed turbine makes it
possible to achieve a low cost of energy at the low wind speed
sites that were previously inaccessible or not economically
compelling. The new low-wind speed design is expected to lower cost
of energy by as much as 12% compared to previous AMSC designs,
increasing its competitiveness with traditional fossil fuels," said
Daniel P. McGahn, CEO, AMSC.
This new 2MW turbine design with a 113 meter rotor is expected
to deliver nearly 20% more energy than AMSC's 2MW turbine design 93
meter rotor. The turbine design is available for all climate
conditions and various hub heights. It is also available with
doubly-fed and full conversion drive train architectures as well as
with the proven and certified AMSC grid support solutions such as
low voltage ride-through capability and wtWPC™ wind park controller
for grid integration, both of which enable superior power quality
and reactive power support. AMSC is an industry leader in grid
interconnection, VAR compensation and voltage control.
AMSC designs wind turbines from 2MW and higher. The new 2MW low
wind speed turbine design benefits from the superior supervisory
control and data acquisition (SCADA) and wind park solutions which
enable the integration of wind turbines into existing wind farms or
the upgrade of existing installations with the latest
technology.
GL2010 Assessment
In the field of wind energy, DEWI-OCC carries out certifications
as well as expertise for investors (due diligence) and for
government authorities, type approvals, examinations, periodic
inspections, risk- and damage analyses. As a result of the
successful A-Design Assessment for its 2 MW wind turbine with 93
meter and 100 meter rotor, AMSC is one of the first companies to
successfully comply with GL2010, which is the latest GL guideline.
The certification was done by DEWI-OCC. The assessment covers all
aspects of the safety and control concept, load assumptions and
load calculations, and all components of the system. Inox Wind Ltd.
(Inox) in India is AMSC's first partner to utilize the
certification. Inox is India's fast growing wind turbine
supplier.
The data sheet for AMSC's 2 MW wind turbine can be found
here.
About AMSC (Nasdaq:AMSC)
AMSC generates the ideas, technologies and solutions that meet
the world's demand for smarter, cleaner … better energy. Through
its Windtec™ Solutions, AMSC provides wind turbine electronic
controls and systems, designs and engineering services that reduce
the cost of wind energy. Through its Gridtec™ Solutions, AMSC
provides the engineering planning services and advanced grid
systems that optimize network reliability, efficiency and
performance. The company's solutions are now powering gigawatts of
renewable energy globally and enhancing the performance and
reliability of power networks in more than a dozen countries.
Founded in 1987, AMSC is headquartered near Boston, Massachusetts
with operations in Asia, Australia, Europe and North America. For
more information, please visit www.amsc.com.
AMSC, Windtec, Gridtec, and Smarter, Cleaner … Better Energy,
and wtWPC are trademarks or registered trademarks of American
Superconductor Corporation. All other brand names, product names,
trademarks or service marks belong to their respective holders.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). Any statements in this release
about expectations regarding low wind speed turbines opening up new
markets in regions that are already saturated with wind farms and
the performance of our products, our belief that it possible to
achieve a low cost of energy at the low wind speed sites that were
previously inaccessible or not economically compelling and
other statements containing the words "believes," "anticipates,"
"plans," "expects," "will" and similar expressions, constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements represent management's current expectations and are
inherently uncertain. There are a number of important factors that
could materially impact the value of our common stock or cause
actual results to differ materially from those indicated by such
forward-looking statements. Such factors include: We have a history
of operating losses, which may continue in the future. Our
operating results may fluctuate significantly from quarter to
quarter and may fall below expectations in any particular fiscal
quarter; we have a history of negative operating cash flows, and we
may require additional financing in the future, which may not be
available to us; Our Term Loans include certain covenants and other
events of default. Should we not comply with these covenants or
incur an event of default, we may be required to repay our
obligation in cash, which could have an adverse effect on our
liquidity; We may be required to issue performance bonds or provide
letters of credit, which restricts our ability to access any cash
used as collateral for the bonds or letters of credit; Changes in
exchange rates could adversely affect our results from operations;
If we fail to maintain proper and effective internal controls over
financial reporting, our ability to produce accurate and timely
financial statements could be impaired and may lead investors and
other users to lose confidence in our financial data; Our success
in addressing the wind energy market is dependent on the
manufacturers that license our designs; Our success is dependent
upon attracting and retaining qualified personnel and our inability
to do so could significantly damage our business and prospects; We
may not realize all of the sales expected from our backlog of
orders and contracts; Our financial condition may have an adverse
effect on our customer and supplier relationships; Failure to
successfully execute the consolidation of our Grid manufacturing
operations or achieve expected savings could adversely impact our
financial performance; Our business and operations would be
adversely impacted in the event of a failure or security breach of
our information technology infrastructure; We may not be able to
launch operations at our newly leased manufacturing facility in
Romania, and, if we are able to do so, we may have manufacturing
quality issues, which would negatively affect our revenues and
financial position; We rely upon third-party suppliers for the
components and subassemblies of many of our Wind and Grid products,
making us vulnerable to supply shortages and price fluctuations,
which could harm our business; Many of our revenue opportunities
are dependent upon subcontractors and other business collaborators;
If we fail to implement our business strategy successfully, our
financial performance could be harmed; Problems with product
quality or product performance may cause us to incur warranty
expenses and may damage our market reputation and prevent us from
achieving increased sales and market share; New regulations related
to conflict-free minerals may force us to incur significant
additional expenses; Our contracts with the U.S. government are
subject to audit, modification or termination by the U.S.
government and include certain other provisions in favor of the
government. The continued funding of such contracts remains subject
to annual congressional appropriation which, if not approved, could
reduce our revenue and lower or eliminate our profit; Many of our
customers outside of the United States are, either directly or
indirectly, related to governmental entities, and we could be
adversely affected by violations of the United States Foreign
Corrupt Practices Act and similar worldwide anti-bribery laws
outside the United States; We have limited experience in marketing
and selling our superconductor products and system-level solutions,
and our failure to effectively market and sell our products and
solutions could lower our revenue and cash flow; We may acquire
additional complementary businesses or technologies, which may
require us to incur substantial costs for which we may never
realize the anticipated benefits; Our success depends upon the
commercial use of high temperature superconductor (HTS) products,
which is currently limited, and a widespread commercial market for
our products may not develop; Growth of the wind energy market
depends largely on the availability and size of government
subsidies and economic incentives; We have operations in and depend
on sales in emerging markets, including China and India, and global
conditions could negatively affect our operating results or limit
our ability to expand our operations outside of these countries.
Changes in China's or India's political, social, regulatory and
economic environment may affect our financial performance; Our
products face intense competition, which could limit our ability to
acquire or retain customers; Our international operations are
subject to risks that we do not face in the United States, which
could have an adverse effect on our operating results; Adverse
changes in domestic and global economic conditions could adversely
affect our operating results; We may be unable to adequately
prevent disclosure of trade secrets and other proprietary
information; Our patents may not provide meaningful protection for
our technology, which could result in us losing some or all of our
market position; There are a number of technological challenges
that must be successfully addressed before our superconductor
products can gain widespread commercial acceptance, and our
inability to address such technological challenges could adversely
affect our ability to acquire customers for our products; We have
not manufactured our Amperium wire in commercial quantities, and a
failure to manufacture our Amperium wire in commercial quantities
at acceptable cost and quality levels would substantially limit our
future revenue and profit potential; Third parties have or may
acquire patents that cover the materials, processes and
technologies we use or may use in the future to manufacture our
Amperium products, and our success depends on our ability to
license such patents or other proprietary rights; Our technology
and products could infringe intellectual property rights of others,
which may require costly litigation and, if we are not successful,
could cause us to pay substantial damages and disrupt our business;
We have filed a demand for arbitration and other lawsuits against
our former largest customer, Sinovel, regarding amounts we contend
are overdue. We cannot be certain as to the outcome of these
proceedings; We have been named as a party in various legal
proceedings, and we may be named in additional litigation, all of
which will require significant management time and attention,
result in significant legal expenses and may result in an
unfavorable outcome, which could have a material adverse effect on
our business, operating results and financial condition; Our common
stock has experienced, and may continue to experience, significant
market price and volume fluctuations, which may prevent our
stockholders from selling our common stock at a profit and could
lead to costly litigation against us that could divert our
management's attention.
These and the important factors discussed under the caption
"Risk Factors" in Part 1. Item 1A of our Form 10-K for the fiscal
year ended March 31, 2014, and our other reports filed with the
SEC, among others, could cause actual results to differ materially
from those indicated by forward-looking statements made herein and
presented elsewhere by management from time to time. Any such
forward-looking statements represent management's estimates as of
the date of this press release. While we may elect to update such
forward-looking statements at some point in the future, we disclaim
any obligation to do so, even if subsequent events cause our views
to change. These forward-looking statements should not be relied
upon as representing our views as of any date subsequent to the
date of this press release.
CONTACT: AMSC Contact:
Kerry Farrell
Phone: 978-842-3247
Email: kerry.farrell @ amsc.com
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