Seattle City Light to Undertake Deployment Study of AMSC’s Resilient Electric Grid System
May 15 2017 - 9:00AM
AMSC (NASDAQ:AMSC), a global energy solutions provider serving wind
and power grid industry leaders, today announced that Seattle City
Light has agreed to undertake a deployment study of AMSC’s
Resilient Electric Grid (REG) system. The study will focus on
evaluating REG as a solution for a power distribution application
within the utility’s service area. Seattle City Light’s deployment
study is a REG application study resulting from AMSC and Nexans’
recent Joint Marketing Agreement targeting the North American
market for power distribution applications.
“Seattle City Light continuously evaluates new technologies that
can increase the capacity and reliability of our system in ways
that reduce costs, as well as minimize the impact of the electric
grid infrastructure on our customers and our environment,” said
Tuan Tran, Director of Energy Delivery Engineering at Seattle City
Light. “Technologies that offer us compact, efficient, low
environmental impact, and cost effective solutions, such as the
Resilient Electric Grid system, are of great interest to Seattle
City Light.”
AMSC’s Resilient Electric Grid system is an innovative approach
to the power distribution system that is designed to increases
reliability and capacity of the electric grid. By enabling the use
of transmission and distribution assets in a way that is not
feasible with traditional technologies, the REG system is designed
to significantly increase grid reliability and increases
load-serving capacity, while limiting the need for additional grid
infrastructure, which mitigates environmental impact.
“The Seattle Washington, area is one of the nation’s fastest
growing and environmentally conscious regions. Safe, reliable
and low impact electrical infrastructure is of particular
importance to the citizens of Seattle,” said Daniel P. McGahn, AMSC
President and CEO. “We believe that the REG system meets these
criteria. We are pleased that Seattle City Light is exploring the
use of the REG system in its grid, and we look forward to
understanding the needs of the utility.”
Seattle City Light serves more than 440,000 customers in
Seattle, Washington, and parts of its metropolitan area.
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 Seattle City LightSeattle City Light is
dedicated to exceeding its customers' expectations in producing and
delivering environmentally responsible, safe, low-cost, and
reliable power. City Light recognizes that the water used to
provide clean energy to its customers is vital to fish and
wildlife. It is also a source of scenic beauty and provides
recreational opportunities that are critical to the quality of life
in the Northwest. For these reasons, City Light is committed to
resource protection, environmental education, and environmental
stewardship.
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
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”). Such
statements include, but are not limited to, statements about our
expectations regarding the REG system and its performance and
effectiveness, and other statements containing the words
“believes,” “anticipates,” “plans,” “expects,” “will” and similar
expressions. 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. These
important factors include, but are not limited to: A significant
portion of our revenues are derived from a single customer, Inox,
and shipments to Inox may not commence in the time frame we expect
or at all; We have a history of operating losses and negative
operating cash flows, which may continue in the future and require
us additional financing in the future; Our operating results may
fluctuate significantly from quarter to quarter and may fall below
expectations in any particular fiscal quarter; 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; 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
rely upon third-party suppliers for the components and
sub-assemblies of many of our Wind and Grid products, making us
vulnerable to supply shortages and price fluctuations; We may not
realize all of the sales expected from our backlog of orders and
contracts; 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; We face risks
related to our intellectual property; We face risks related to our
legal proceedings; 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. These important factors, 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: BTanous@CleanTech-IR.com
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