AMSC Announces $10 Million in D-VAR® System Orders
March 25 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 over $10 million. Three of
the orders serve the industrial power quality sector and one of the
orders serves the renewable connectivity sector. These D-VAR
systems are expected to provide voltage regulation by dynamically
responding to varying load conditions and connect wind power plants
to the electric grid.
“AMSC has demonstrated a fifth consecutive year of D-VAR®
revenue growth, echoing a record year of performance for our
industrial sector, and entering fiscal 2019 with a strong backlog
of orders,” said Daniel P. McGahn, Chairman, President and CEO,
AMSC. “These orders substantiate our expectations for a strong
pipeline of D-VAR projects and demonstrate further diversification
of our customer base.”
Customers utilize AMSC’s D-VAR 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 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 expectations regarding
intended uses of the D-VAR systems ordered; our expectations for a
strong pipeline of D-VAR projects; 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
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