AMSC Announces Additional D-VAR® System Orders Totaling $10 Million
April 09 2019 - 4:10PM
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 $10 million. All orders
serve the renewable energy sector, three in the U.S. and one in
Jordan. These D-VAR systems are expected to provide voltage
regulation by dynamically responding to varying load conditions
while connecting wind power plants to the electric grid.
"We expect year-over-year revenue growth in our grid segment in
fiscal year 2019. We are building a strong backlog of grid
orders as demonstrated by today's announcement and news announced
two weeks ago. These two consecutive D-VAR system
announcements are testament to the team's ability to diversify into
renewable application territories and expand into the industrial
segment," said Daniel P. McGahn, Chairman, President and CEO, AMSC.
"Demand for our D-VAR system solution is driven by increasing
renewable use in the U.S. as energy consumers transition to a
cleaner-energy economy and renewable electricity becomes
increasingly price competitive with fossil fuels."
Customers utilize AMSC’s D-VAR system solutions to provide
dynamic voltage control, power factor correction, and 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 system solutions are designed to augment the overall
performance of wind farms and to enable developers to meet grid
interconnection requirements. 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.
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 expectation regarding intended
uses of the D-VAR systems ordered; our expectation regarding
year-over-year revenue growth in our grid segment in fiscal year
2019; backlog; demand for our D-VAR system solution; functionality
and performance of D-VAR systems; 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; Failure to achieve
expected savings following the move of our former Devens,
Massachusetts manufacturing facility could adversely impact our
financial performance; 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; 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, including India, and global
conditions could negatively affect our operating results or limit
our ability to expand our operations outside of these markets; 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 ContactsInvestor
Relations Contact:LHA Investor RelationsSanjay M. Hurry (212)
838-3777amscIR@lhai.com
Public Relations Contact:RooneyPartners LLC Bob
Cavosi646-638-9891rcavosi@rooneyco.com
AMSC Communications Manager:Nicol GolezPhone:
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