Resilient Electric Grid (REG) expected to
be in operation by early 2021
AMSC, a global energy solutions provider serving wind and power
grid industry leaders, today announced that it has entered into an
agreement with ComEd, which delivers electricity to more than 4
million customers in northern Illinois, to deploy AMSC’s high
temperature superconductor technology which is expected to make the
electric grid even more reliable for ComEd customers.
The project is funded in part by the Department
of Homeland Security (DHS) Science and Technology Directorate
initiative to secure the nation’s electric grid against extreme
weather or other catastrophic events. It is structured as a
cost-sharing arrangement among AMSC, ComEd and DHS. The agreement
between AMSC and ComEd, which includes commercial terms, remains
subject to DHS approval. It will mark the first installation of
AMSC’s Resilient Electric Grid (REG) system in Chicago, and it is
expected to become a permanent part of Chicago’s power grid.
The REG system uses AMSC's high temperature superconductor
technology and, under the terms of the agreement between AMSC and
ComEd, will link existing electric power infrastructure within the
City of Chicago. The REG system is expected to strengthen
Chicago’s electric grid and to enhance its load serving capacity,
resiliency and reliability.
“This installation of AMSC’s REG system is part of ComEd’s
vision to deploy new technology that supports the evolution of a
smarter and more resilient electric grid,” said Terence R.
Donnelly, president and chief operating officer, ComEd. "We will
monitor and measure the impact of this project to determine whether
to apply the technology elsewhere in Chicago or in other areas of
our service territory.”
“We are excited to put Chicago’s first permanent REG system
installation into the ground,” said Daniel P. McGahn, president and
CEO, AMSC. “We believe the REG system can be a critical asset for
utilities in helping them deal with an evolving and more complex
grid.”
AMSC's REG system is an innovative approach to
the electric grid. REG systems significantly increase the
reliability and load-serving capacity of the electric grid by
enabling the use of transmission and distribution assets in a way
that is not feasible with traditional technologies while limiting
the need for additional grid infrastructure, which mitigates
environmental impact.
The key component to the REG system is AMSC's
breakthrough Amperium® wire that combines with other sub-system
design elements to increase the reliability, redundancy, and
resiliency of urban power grids, greatly reducing the impact of
equipment failure due to aging, cyber threats, physical disasters,
or weather-related events.
For more information about the agreement between ComEd and AMSC,
please refer to AMSC's filing on Form 8-K today.
About ComEdCommonwealth Edison Company (ComEd)
is a unit of Chicago-based Exelon Corporation (NYSE: EXC), a
Fortune 100 energy company with approximately 10 million
electricity and natural gas customers – the largest number of
customers in the U.S. ComEd powers the lives of more than 4 million
customers across northern Illinois, or 70 percent of the state’s
population. For more information visit ComEd.com and connect
with the company
on Facebook, Twitter and YouTube.
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, Amperium, 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 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"). Any
statements in this release about the expectation that the REG
system will be operational by early 2021; the expectation that
AMSC’s high temperature superconductor technology will make the
electric grid even more reliable for ComEd customers; the
expectation that the REG system will become a permanent part of
Chicago’s power grid; the expectation that AMSC’s REG system will
strengthen Chicago’s electric grid and enhance its load serving
capacity, resiliency and reliability; ComEd’s vision; performance
and capabilities of the REG system; benefits and other impacts of
the REG system on ComEd’s electric grid; AMSC’s belief that
the REG system can be a critical asset for utilities in helping
them deal with an evolving and more complex grid; and other
statements containing the words "believes," "anticipates," "plans,"
"expects," "will" and similar expressions, constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. 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 AMSC’s 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: AMSC cannot predict if and when DHS will
approve the agreement between AMSC and ComEd and the underlying
project; AMSC cannot predict if and when ComEd and AMSC will enter
an agreement to apply the technology elsewhere; A significant
portion of AMSC’s revenues are derived from a single customer,
Inox, and AMSC cannot predict if and when Inox’s demand dislocation
will be resolved, and to the extent resolved, how successful Inox
will be under India’s new central and state auction regime; AMSC
has a history of operating losses and negative operating cash
flows, which may continue in the future and require AMSC to secure
additional financing in the future; AMSC’s operating results may
fluctuate significantly from quarter to quarter and may fall below
expectations in any particular fiscal quarter; AMSC’s financial
condition may have an adverse effect on AMSC’s customer and
supplier relationships; AMSC may be required to issue performance
bonds or provide letters of credit, which restricts AMSC’s ability
to access any cash used as collateral for the bonds or letters of
credit; AMSC’s 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. The
continued funding of such contracts remains subject to annual
congressional appropriation, which, if not approved, could reduce
AMSC’s revenue and lower or eliminate AMSC’s profit; AMSC’s success
is dependent upon attracting and retaining qualified personnel and
AMSC’s inability to do so could significantly damage AMSC’s
business and prospects; AMSC relies upon third-party suppliers for
the components and sub-assemblies of many of AMSC’s Wind and Grid
products, making AMSC vulnerable to supply shortages and price
fluctuations, which could harm AMSC’s business; Failure to
successfully execute the move of AMSC’s former Devens,
Massachusetts manufacturing facility or achieve expected savings
following the move could adversely impact AMSC’s financial
performance; AMSC may not realize all of the sales expected from
AMSC’s backlog of orders and contracts; AMSC’s success depends upon
the commercial use of high temperature superconductor products,
which is currently limited, and a widespread commercial market for
AMSC’s products may not develop; Many of AMSC’s revenue
opportunities are dependent upon subcontractors and other business
collaborators; Problems with product quality or product performance
may cause AMSC to incur warranty expenses and may damage AMSC’s
market reputation and prevent AMSC from achieving increased sales
and market share; AMSC faces risks related to its intellectual
property; AMSC faces risks related to its legal proceedings; and
the important factors discussed under the caption "Risk Factors" in
Part 1. Item 1A of AMSC’s Form 10-K for the fiscal year ended March
31, 2018, and AMSC’s 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 AMSC’s management
from time to time. Any such forward-looking statements represent
management's estimates as of the date of this press release. While
AMSC may elect to update such forward-looking statements at some
point in the future, AMSC disclaims any obligation to do so, even
if subsequent events cause AMSC’s views to change. These
forward-looking statements should not be relied upon as
representing AMSC’s views as of any date subsequent to the date of
this press release.
ComEd Contact:ComEd Media Relations(312)
394-3500www.comed.com/news
AMSC Contacts:Investor Relations Contact:LHA
Investor RelationsSanjay M. Hurry (212) 838-3777amscIR@lhai.com
Public Relations Contacts:RooneyPartners LLC Bob
Cavosi646-638-9891rcavosi@rooneyco.com AMSCNicol Golez Phone:
978-399-8344Nicol.Golez@amsc.com
American Superconductor (NASDAQ:AMSC)
Historical Stock Chart
From Mar 2024 to Apr 2024
American Superconductor (NASDAQ:AMSC)
Historical Stock Chart
From Apr 2023 to Apr 2024