AMSC Announces $30 Million of New Energy Power System Orders
May 09 2023 - 8:00AM
AMSC® (NASDAQ: AMSC), a leading system provider of
megawatt-scale power resiliency solutions
that orchestrate the rhythm and harmony of power on the
grid™ and protect and expand the capability of our Navy’s fleet,
today announced $30 million of new energy power systems orders.
This includes orders for enclosed capacitor banks, harmonic
filters, voltage controllers, rectifiers, D-VAR VVO® and
transformers. Almost all the revenue from these orders is expected
to be recognized in fiscal year 2023.
"We are seeing consistent and growing demand for our new energy
power systems solutions across a broader range of the industrial
market AMSC serves today,” said Daniel P. McGahn, Chairman,
President and CEO, AMSC. “Of today’s announced orders,
approximately one-third comes from renewables such as solar and
wind, and approximately two-third from industrials including
metals, mining and semiconductor projects. We continue to target
other opportunities for increased market participation to support
our momentum in our Grid segment.”
AMSC’s new energy power systems include D-VAR® and D-VAR VVO®
offerings as well as NEPSI™ and Neeltran™ businesses.
Customers utilize AMSC’s solutions to provide voltage control,
power factor correction, and reactive compensation to stabilize the
power grid and prevent undesirable events such as voltage collapse.
The systems are designed to detect and instantaneously compensate
for voltage disturbances. AMSC offers power conversion products.
These products include transformers and rectifiers. Additionally,
the systems help utilities manage their power quality concerns and
expand grid capacity for renewable distributed generation.
About AMSC (NASDAQ: AMSC) AMSC generates the
ideas, technologies and solutions that meet the world’s demand for
smarter, cleaner … better energy™. Through its Gridtec™ Solutions,
AMSC provides the engineering planning services and advanced grid
systems that optimize network reliability, efficiency and
performance. Through its Marinetec™ Solutions, AMSC provides
ship protection systems and is developing propulsion and
power management solutions designed to help fleets increase system
efficiencies, enhance power quality and boost operational
safety. Through its Windtec® Solutions, AMSC provides wind
turbine electronic controls and systems, designs and engineering
services that reduce the cost of wind energy. The Company’s
solutions are enhancing the performance and reliability of power
networks, increasing the operational safety of navy fleets, and
powering gigawatts of renewable energy globally. 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.
©2023 AMSC. AMSC, American Superconductor, NEPSI, Neeltran,
D-VAR, D-VAR VVO, Amperium, Gridtec, Marinetec, Windtec,
Orchestrate the Rhythm and Harmony of Power on the Grid 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. Such statements include, but are not limited to,
statements about the expected timing of revenue recognition for the
systems ordered; market demand, drivers and dynamics for our new
energy power systems products; Grid segment momentum;
functionality, performance and capabilities of our products,
systems and solutions; 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, which may continue in the future. Our
operating results may fluctuate significantly from quarter to
quarter and may fall below expectations in any particular fiscal
quarter; We have a history of negative operating cash flows, and we
may require additional financing in the future, which may not be
available to us; We may be required to issue performance bonds or
provide letters of credit, which restricts our ability to access
any cash used as collateral for the bonds or letters of credit;
Changes in exchange rates could adversely affect our results of
operations; We may not realize all of the sales expected from our
backlog of orders and contracts; The COVID-19 pandemic could
adversely impact our business, financial condition and results of
operations; We rely upon third-party suppliers for the
components and subassemblies of many of our Grid and Wind products,
making us vulnerable to supply shortages and price fluctuations,
which could harm our business; Uncertainty surrounding our
prospects and 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; Our
business and operations would be adversely impacted in the event of
a failure or security breach of our or any critical third
parties information technology infrastructure and networks;
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 may acquire additional
complementary businesses or technologies, which may require us to
incur substantial costs for which we may never realize the
anticipated benefits; Adverse changes in domestic and global
economic conditions could adversely affect our operating results;
Our products face competition, which could limit our ability to
acquire or retain customers; We may be unable to adequately prevent
disclosure of trade secrets and other proprietary
information; Our patents may not provide meaningful protection
for our technology, which could result in us losing some or all of
our market position; Our technology and products could infringe
intellectual property rights of others, which may require costly
litigation and, if we are not successful, could cause us to pay
substantial damages and disrupt our business; We face risks related
to our legal proceedings; We face risks related to our common
stock; and the other 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, 2022, 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 RelationsCarolyn Capaccio(212) 838-3777amscIR@lhai.com
AMSC Communications Manager:Nicol GolezPhone:
978-399-8344Nicol.Golez@amsc.com
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