AMSC Announces $5M in D-VAR® System Orders for Renewable and Industrial Applications
October 31 2016 - 8:30AM
AMSC (NASDAQ:AMSC), a global energy solutions provider serving wind
and power grid industry leaders, today announced four new D-VAR®
STATCOM system orders valued over $5 million. Three of the
orders are in the Company’s core markets of North America and the
United Kingdom. The systems will be used to connect wind
power plants to the electric grid as well as to provide voltage
regulation that will respond dynamically to varying load
conditions. The fourth order is an expansion of our
scope of supply to the PQ-IVR® Power Quality system for a
semiconductor fabrication plant in Asia. Revenue from these
four D-VAR® orders is expected to be recognized in fiscal year
2016.
“With these orders, we are now expecting a third
consecutive year of revenue growth from our D-VAR product line,”
said Daniel P. McGahn, President and CEO, AMSC. “As the need
for dynamic voltage stability increases and grid codes continue to
get redefined, such as FERC’s order 827, which mandates all new
wind and solar farms under its jurisdiction in the U.S. to have a
defined level of dynamically variable reactive power capability, we
are confident our D-VAR product is well suited to solve these
challenges for our customers.”
AMSC’s D-VAR systems stabilize and regulate voltage
and power factor on electric utilities’ transmission and
distribution networks. The system detects and rapidly compensates
for voltage disturbances by injecting leading or lagging reactive
power at key points on the electric grid. Each D-VAR product is
tailored to meet specific customer requirements and accommodates
changing grid conditions.
Customers utilize AMSC's D-VAR solutions to provide
dynamic voltage control, power factor correction and
post-contingency reactive compensation to stabilize the power grid
and prevent undesirable events such as voltage collapse. D-VAR
reactive compensation systems are classified as Static
Compensators, or “STATCOMs,” a member of the FACTS (Flexible
AC-Transmission System) family of power electronic solutions for
alternating current (AC) power grids. The D-VAR system is designed
to be able to detect and instantaneously compensate for voltage
disturbances by dynamically injecting leading or lagging reactive
power into the power grid.
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.
AMSC, Windtec, Gridtec, 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 Statements
Statements in this press release that are not
strictly historical in nature constitute “forward-looking
statements” within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. Such statements include, but are
not limited to, statements regarding our expectation that revenue
from these four D-VAR orders will be recognized in fiscal year
2016; our expectation that revenue recognized in fiscal year 2016
from these orders will result in a third consecutive year of
revenue growth from our D-VAR product line; and the performance of
our D-VAR systems. Such forward-looking statements represent our
current expectations and are inherently uncertain. Actual results
may differ materially from what we expect because of various risks
and uncertainties, including the risks that revenue from these four
D-VAR orders may not be recognized in fiscal year 2016; that we may
not experience a third consecutive year of revenue growth from our
D-VAR product line; and that our D-VAR systems may not perform as
expected. 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, 2016, 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: 424-634-8592
Email: Brion.Tanous@amsc.com
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