AMSC (NASDAQ:AMSC), a global solutions provider serving wind and
grid leaders, today announced it has selected Nexans to design,
fabricate and qualify, a medium voltage, high temperature
superconducting (HTS) cable for AMSC as part of the company’s
Resilient Electric Grid (REG) project in Chicago, Illinois.
Utilizing AMSC’s Amperium
® HTS wire, Nexans will
design and fabricate the HTS power cable, including the power cable
terminations and a cable splice, for qualification and performance
evaluation as part of AMSC’s REG program with The Department of
Homeland Security.
The planned HTS power cable tests are required
by electric utilities and will be performed at Nexans’ test
facility in Hannover, Germany, which is specially equipped to
perform tests on superconducting systems for power grids. The
qualification of the HTS power cable will represent an important
step toward the construction phase of AMSC’s REG program in
Chicago. The HTS power cable will employ AMSC’s Amperium®
superconductor wire, which is able to conduct approximately 200
times the electrical current of copper wire of similar
dimensions.
About AMSC's REG system In a typical urban infrastructure, power
is produced at plants that are located outside of the city limits.
Power from those plants travels through high voltage transmission
lines until it reaches a substation, where it is "stepped down" to
distribution voltages before being delivered to homes and
businesses. Each substation supplies power to an entire section of
a city and, in many U.S. cities, the substations are not connected
to each other and therefore cannot back up one another.
Furthermore, each substation can handle only a limited amount of
capacity. Serving additional load requires either substation
expansions or the construction of costly new substations.
The Resilient Electric Grid system offers a solution. The system
provides the dual benefit of increasing grid reliability while
simultaneously increasing grid capacity by accessing existing but
previously underutilized substation assets. The key component to
the REG system is AMSC's breakthrough HTS cable system that
combines with other system design elements to increase the
reliability, redundancy, and resiliency of urban power grids,
greatly reducing the impact of equipment failure due to aging or
cyber-, physical-, or weather-related disasters.
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 are
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.
About NexansNexans brings
energy to life through an extensive range of cables and cabling
solutions that deliver increased performance for its customers
worldwide. Nexans’ teams are committed to a partnership approach
that supports customers in four main business areas: Power
transmission and distribution (submarine and land), Energy
resources (Oil & Gas, Mining and Renewables), Transportation
(Road, Rail, Air, Sea) and Building (Commercial, Residential and
Data Centers). Nexans’ strategy is founded on continuous innovation
in products, solutions and services, employee development, customer
training and the introduction of safe, low-environmental-impact
industrial processes.
In 2013, Nexans became the first cable player to create a
Foundation to introduce sustained initiatives for access to energy
for disadvantaged communities worldwide. Nexans is an active member
of Europacable, the European Association of Wire & Cable
Manufacturers, and a signatory of the Europacable Industry Charter.
The Charter expresses its members' commitment to the principles and
objectives of developing ethical, sustainable and high-quality
cables. Nexans has an industrial presence in 40 countries and
commercial activities worldwide, employing close to 26,000 people
and generating sales in 2014 of 6.4 billion euros. Nexans is listed
on NYSE Euronext Paris, compartment A. For more information, please
visit www.nexans.com.
AMSC, Windtec, Gridtec, Amperium, and Smarter, Cleaner … Better
Energy 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 StatementsThis 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 the qualification of the HTS
power cable representing an important step toward the construction
phase of AMSC’s REG program in Chicago and the performance of the
HTS power cable, 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 financial condition may have an adverse effect on our customer
and supplier relationships; Our success in addressing the wind
energy market is dependent on the manufacturers that license our
designs; A significant portion of our revenues are derived from a
single customer, 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 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 ramp up production 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,
particularly in China, 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 India and China, and global conditions could
negatively affect our operating results or limit our ability to
expand our operations outside of these countries. Changes in
India’s or China’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; 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; and 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, 2015, 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.
AMSC Contact:
Brion D. Tanous
CleanTech IR, Inc.
Phone: 978-842-3247
Email: Brion.Tanous@amsc.com
Nexans Contacts:
Press:
Angéline Afanoukoe
Phone: +33 (0)1 73 23 84 12
Email: Angeline.afanoukoe@nexans.com
Investor Relations:
Michel Gédéon
Phone: +33 (0)1 73 23 85 31
Email: Michel.gedeon@nexans.com
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