AMSC Delivers VVO to New England Utility
December 20 2018 - 8:30AM
AMSC (NASDAQ: AMSC), a global energy solutions provider serving
wind and power grid industry leaders, today announced the delivery
of AMSC’s D-VAR VVO® system for an industrial application at a
utility in New England.
When installed, the VVO system is expected to enable the utility
to connect an off-grid industrial customer to its electric grid
without having to undertake a costly upgrade to existing
distribution lines or other significant capital outlay. For the
utility, the VVO system offers superior power quality,
environmental benefits, and significant cost savings over
traditional solutions. The VVO system is expected to mitigate
voltage flicker caused by the starting of a large motor located at
the customer site and, once connected to the grid, will eliminate
the use of diesel generators currently used to power the motor.
“We expect that the potential market for VVO will expand as
utilities begin to deploy our VVO solution to address power quality
issues caused by industrial applications,” said Daniel P. McGahn,
Chairman, President and CEO, AMSC. “In addition to enabling large
scale adoption of distributed generation, the precise and rapid
reactive power and voltage control provided by our VVO system can
assist utilities in maintaining their power quality standards in a
cost-effective manner.”
AMSC’s D-VAR VVO® technology brings harmony to the power grid by
detecting and instantaneously compensating for voltage
disturbances. The VVO system is designed as a solution to
cost-effectively optimize power quality within the distribution
system and mitigate power quality issues at specific locations.
This allows for the stabilization of distribution feeder lines,
while maintaining installation flexibility. Additionally, the VVO
systems are tailored to meet unique customer needs and are scalable
to accommodate changing grid conditions.
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, D-VAR VVO, 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”). Such statements include, but are not limited to,
statements about our expectations regarding functionality,
performance and capabilities of the D-VAR VVO® system, its benefits
and other impacts on AMSC, utilities, utility grids and industrial
customers; our expectation that the potential market for VVO will
expand as utilities begin to deploy our VVO solution; industry
trends; 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 to secure 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; 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, which could harm our business;
Failure to successfully execute the move of our former Devens,
Massachusetts manufacturing facility or achieve expected savings
following the move could adversely impact our financial
performance; We may not realize all of the sales expected from our
backlog of orders and contracts; Many of our revenue opportunities
are dependent upon subcontractors and other business collaborators;
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; 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, 2018, 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 Contacts
Investor Relations
Contact: LHA Investor RelationsSanjay M. Hurry (212)
838-3777amscIR@lhai.com |
Public Relations
Contact:RooneyPartners LLC Bob Cavosi(646)
638-9891rcavosi@rooneyco.com |
AMSC Communications
Manager:Nicol Golez(978) 399-8344Nicol.Golez@amsc.com |
|
American Superconductor (NASDAQ:AMSC)
Historical Stock Chart
From Aug 2024 to Sep 2024
American Superconductor (NASDAQ:AMSC)
Historical Stock Chart
From Sep 2023 to Sep 2024