AMSC to Supply VVO Pilot Systems to Utilities for Real World Distribution Grid Challenges
October 26 2017 - 9:00AM
AMSC (NASDAQ:AMSC), a global energy solutions provider serving wind
and power grid industry leaders, today announced that multiple
utilities in the United States have ordered pre-production VVO™
pilot units, under commercial terms, for evaluation purposes.
Introduced to the utility market in 2017, AMSC’s VVO™ has
completed extensive and rigorous third party standard utility
testing, including testing at KEMA Laboratories—the international
utility indicator of a product’s reliability and safety in the
industry. The VVO™ systems are expected to cost-effectively address
acute and systemic distribution grid challenges ranging from large
photovoltaic intermittent power generation to capacity challenges
across the distribution grid.
AMSC’s VVO™ is a new, unprecedented offering with three times
the power density of other STATCOMS. AMSC’s VVO™ is specifically
designed to mitigate power quality issues on the distribution power
grid for increased distributed generation capacity and to support
conservation voltage reduction management. Distributed generation,
or DG, is electricity generated within the distribution system
itself, as opposed to the stream of electricity generated from
centralized power plants. While DG is becoming ubiquitous as a
result of the green energy movement, legacy power grids were not
built to efficiently respond to certain effects of DG such as
bi-directional flow, intermittent output during cloud pass, and the
rapid adoption of electric vehicles.
“Our new VVO™ platform is designed to bring back order and
rhythm to the growing disarray within distribution networks,” said
Daniel P. McGahn, President and CEO, AMSC. “VVO™ leverages AMSC’s
15 years of experience in Volt/VAR innovation on the transmission
network, and is now formatted to help stabilize modern distribution
networks. With these VVO™ orders, we have fulfilled our commercial
orders objective for this fiscal year.”
D-VAR VVOä not only manages current power quality concerns, but
also expands grid capacity for DG, reacting seamlessly to cloud
pass or changing wind speeds across the distribution grid.
AMSC’s VVO™ pilot partners are established utilities with
distribution networks experiencing rapid growth of DG and electric
vehicle (EV) charging capacity within their distribution networks.
VVO™ optimizes power electric grids at the distribution level, by
providing the essential flexibility and responsiveness needed as
electric grids evolve towards a DG architecture, while maintaining
efficiency and superior power quality for consumers.
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, VVO, 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 VVOäand
its functionality, performance and capabilities, as well as its
impact on the grid industry; trends in the energy market related to
the use of distributed generation; 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: 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 is dependent upon attracting and
retaining qualified personnel and our inability to do so could
significantly damage our business and prospects; Failure to
successfully execute any move of our Devens, Massachusetts
manufacturing facility or achieve expected savings following any
such move; 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; Many of our
revenue opportunities are dependent upon subcontractors and other
business collaborators; Our products face intense competition; 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;
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; We may
not realize all of the sales expected from our backlog of orders
and contracts; We have operations in and depend on sales in
emerging markets, 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, 2017, 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 Investor Relations:Brion D. TanousPhone:
424-634-8592Email: Brion.Tanous@amsc.com
AMSC Public Relations:Nicol GolezPhone:
978-399-8344Email: Nicol.Golez@amsc.com
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