AMSC Announces $8 Million in D-VAR® System Orders
November 29 2017 - 9:15AM
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 at over $8 million. Two of the orders
serve the renewable energy sector and are expected to be used for
connection of wind power plants to the electric grid in the United
Kingdom, as well as to provide voltage regulation by responding
dynamically to varying load conditions. Two of the orders serve the
industrial power quality sector in the United States. Revenue from
these four D-VAR® orders is expected to be recognized in fiscal
year 2017.
AMSC’s D-VAR interconnection and reactive power compensation
solutions are designed to ensure high network performance and
stability. The system is a powerful, cost-effective way to provide
continuous voltage regulation, improve voltage stability, meet
interconnection requirements, and dynamically provide grid support
where it is needed.
“We believe that these D-VAR orders represent continued progress
toward our objective to grow our Grid revenues year over year,”
said Daniel P. McGahn, President and CEO, AMSC. “I am pleased that
these orders for industrial applications in the U.S. include two
repeat customers in the power quality market.”
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. 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. These solutions are also
designed to augment the overall performance of wind farms and to
enable developers to meet grid interconnection
requirements.
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.
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. AMSC’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, D-VAR, 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
intended uses of the D-VAR systems; the timing of revenue
recognition for the D-VAR systems ordered; and functionality and
performance of D-VAR systems; our belief that these D-VAR orders
represent continued progress toward achieving our objective to grow
our Grid revenues year over year; 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; Our products
face intense competition; Many of our revenue opportunities are
dependent upon subcontractors and other business collaborators; 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.
Investor Relations Contact:Brion D.
TanousCleanTech IR, Inc. Phone: 424-634-8592 Email:
Brion.Tanous@amsc.com
Public Relations Contact:Nicol GolezPhone:
978-399-8344 Email: Nicol.Golez@amsc.com
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