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 that Commonwealth Edison Company (ComEd), a unit of
Chicago-based Exelon Corporation (NASDAQ: EXC) and one of the
nation’s largest electric utilities, has begun construction on its
Resilient Electric Grid (REG) system, which is expected to become a
permanent asset within Chicago’s electric power grid.
AMSC and ComEd previously entered into a
commercial contract as part of the ongoing U.S. Department of
Homeland Security (DHS) Science and Technology Directorate’s
initiative to secure the nation’s electric grid against extreme
weather and other catastrophic events. Engineering work for
Chicago’s first REG project began in 2019 and AMSC is on schedule
to deliver the REG project hardware in 2020. The REG system is
expected to be operational in 2021.
“This installation of AMSC’s REG system is part of ComEd’s
vision to deploy new technology that supports the evolution of a
more resilient and efficient electric grid,” said Terence R.
Donnelly, president and COO, ComEd. "We believe that a successful
implementation of this project will lead to a second REG project in
Chicago’s downtown area to reinforce the electric system serving
the central business district.”
“We look forward to the operation of Chicago’s first permanent
REG system,” said Daniel P. McGahn, chairman, 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
distribution grid.”
AMSC’s REG system is a self-healing solution
that provides resiliency in the event that portions of the grid are
lost for any reason. REG systems enable 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.
About ComEdComEd is a unit of Chicago-based
Exelon Corporation (NASDAQ: 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,
Instagram 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 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. AMSC’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.
©2020 AMSC, American Superconductor, 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 (the "Exchange Act"). Any
statements in this release about the expectation that the REG
system will become a permanent asset within Chicago’s electric
power grid; the expected timeline for ComEd’s first REG system;
ComEd’s vison to deploy new technology expected to support the
evolution of a more resilient and efficient electric grid; ComEd’s
belief that a successful installation and operation of the first
REG project will lead to a second REG project; the scope and
potential benefits of a second REG project in the Chicago central
business district; performance and capabilities of the REG system,
including AMSC’s Amperium wire component; benefits and other
impacts of the REG system; 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 ComEd will begin a second REG project in the
Chicago central business district; AMSC has a history of operating
losses and negative operating cash flows, which may continue in the
future and require it 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 may be required to issue performance bonds or provide
letters of credit, which restricts its ability to access any cash
used as collateral for the bonds or letters of credit; Changes in
exchange rates could adversely affect AMSC’s results of operations;
If AMSC fails to maintain proper and effective internal control
over financial reporting, its ability to produce accurate and
timely financial statements could be impaired and may lead
investors and other users to lose confidence in AMSC’s financial
data; AMSC may not realize all of the sales expected from its
backlog of orders and contracts; 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 its
profit; The novel coronavirus (COVID-19) pandemic could adversely
impact AMSC’s business, financial condition and results of
operations; AMSC relies upon third-party suppliers for the
components and subassemblies of many of its Grid and Wind products,
making AMSC vulnerable to supply shortages and price fluctuations,
which could harm its business; AMSC’s financial condition may have
an adverse effect on its customer and supplier relationships; AMSC
may experience difficulties re-establishing its HTS wire production
capability in its Ayer, Massachusetts facility; AMSC’s success is
dependent upon attracting and retaining qualified personnel and its
inability to do so could significantly damage AMSC’s business and
prospects; AMSC’s business and operations would be adversely
impacted in the event of a failure or security breach of its
information technology infrastructure; Failure to comply with
evolving data privacy and data protection laws and regulations or
to otherwise protect personal data, may adversely impact AMSC’s
business and financial results; Many of AMSC’s revenue
opportunities are dependent upon subcontractors and other business
collaborators; If AMSC fails to implement its business
strategy successfully, AMSC’s financial performance could be
harmed; Problems with product quality or product performance may
cause AMSC to incur warranty expenses and may damage its market
reputation and prevent it from achieving increased sales and market
share; AMSC has had limited success marketing and selling its
superconductor products and system-level solutions, and its failure
to more broadly market and sell its products and solutions could
lower its revenue and cash flow; AMSC’s success depends upon the
commercial adoption of the REG system, which is currently limited,
and a widespread commercial market for its products may not
develop; Adverse changes in domestic and global economic
conditions could adversely affect AMSC’s operating results; AMSC’s
products face competition, which could limit its ability to acquire
or retain customers; AMSC faces risks related to its intellectual
property; AMSC faces risks related to its technologies; AMSC faces
risks related to its legal proceedings; AMSC faces risks related to
its common stock; 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, 2020, 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 AMSC 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 ContactsInvestor Relations Contact:LHA
Investor RelationsCarolyn Capaccio, CFA (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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