AMSC Awarded Delivery Contract for Ship Protection System on LPD 28
January 30 2019 - 4:05PM
AMSC (NASDAQ: AMSC), a global energy solutions provider serving
wind and power grid industry leaders, today announced it has
entered into a delivery contract with the U.S. Navy for a high
temperature superconductor (HTS) based ship protection system (SPS)
to be deployed on the future USS Fort Lauderdale, LPD 28. Under the
terms of the contract, AMSC has agreed to deliver the degaussing
system to the Navy for integration into LPD 28. This contract
follows a long lead order from the U.S. Navy for a ship protection
system for LPD 28 that was announced on September 6, 2017.
AMSC’s ship protection system will provide the U.S. Navy with
world class mine protection while reducing the weight of the
degaussing system by 90% and reducing energy consumption by more
than half that of legacy degaussing systems. The system is
designed to reduce the magnetic signature of a ship, which can
interfere with undersea mines’ ability to detect and damage the
ship. AMSC has worked with the U.S. Navy to develop a lighter
weight, more power efficient HTS version of this degaussing system.
HTS is an enabling technology for advanced degaussing systems on
platforms with weight and power limitations.
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 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 the manufacture and
installation of our HTS-based ship protection system in LPD 28; our
expectations regarding intended uses of our HTS-based ship
protection system by the U.S. Navy; functionality and performance
of our HTS-based ship protection system; 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 Wind Limited (“Inox”), and we
cannot predict if and how successful Inox will be in executing on
Solar Energy Corporation of India orders under the new central and
state auction regime, and any related failure by Inox to succeed
under this regime, or any delay in Inox’s ability to deliver its
wind turbines, could result in fewer electrical control systems
shipments to Inox; 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 achieve expected savings following
the move of our former Devens, Massachusetts manufacturing facility
could adversely impact our financial performance; 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 products, which is currently limited,
and a widespread commercial market for our products may not
develop; Our contracts with the U.S. government are subject to
audit, modification or termination by the U.S. government and
include certain other provisions in favor of the government, and
additional funding of such contracts may not be approved by the
U.S. Congress; Tax reform in the U.S. may negatively affect our
operating results; 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
our 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:LHA Investor RelationsSanjay M. Hurry (212)
838-3777amscIR@lhai.com |
Public Relations
Contact:RooneyPartners LLC Bob Cavosi(646)
638-9891rcavosi@rooneyco.com |
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AMSC Communications
Manager:Nicol Golez(978) 399-8344Nicol.Golez@amsc.com |
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