AMSC Awarded Long Lead Contract for Ship Protection System on LPD 30
November 28 2018 - 8:00AM
AMSC (NASDAQ: AMSC), a global energy solutions provider serving
wind and power grid industry leaders, today announced it has been
awarded a long lead material contract from Huntington Ingalls
Industries for a HTS-based ship protection system to be deployed on
LPD 30. AMSC’s ship protection system is expected to be integrated
into the LPD 30 at Huntington Ingalls’ shipbuilding facility in
Pascagoula, Mississippi.
AMSC’s ship protection system will provide the U.S. Navy with
world class mine protection while reducing the weight of the
degaussing system by 90%, and reducing energy consumption by more
than half that of legacy degaussing systems.
The USS San Antonio-class vessels are a key element of the
Navy's ability to project power ashore. Collectively they
functionally replace nearly 40 amphibious ships (4 classes of
amphibious ships), providing the Navy and Marine Corps with modern,
sea-based platforms that are networked, survivable and built to
operate with 21st century platforms.
The San Antonio-class ships are 684 feet long and 105 feet wide
and displace approximately 25,000 tons. Their principal mission is
to deploy the combat and support elements of Marine Expeditionary
Units and Brigades. The ships can carry up to 800 troops and have
the capability of transporting and debarking landing craft air
cushion (LCAC) or conventional landing crafts, augmented by
helicopters or vertical take-off and landing aircraft such as the
MV-22. These ships will support amphibious assault, special
operations or expeditionary warfare missions through the first half
of the 21st century.
AMSC and the U.S. Navy have collaborated on AMSC’s advanced
HTS-based ship protection systems. The core components of the ship
protection system are common and transferable to other applications
being targeted for ship implementation. AMSC is continuing its work
to expand HTS technology into the fleet through a variety of
applications for power, propulsion, and protection equipment. AMSC
refers to its HTS-based products for the U.S. Navy as “Ship
Protection Systems.”
AMSC’s Ship Protection Systems, such as degaussing systems, are
designed to reduce the magnetic signature of a ship, which can
interfere with undersea mines’ ability to detect and damage the
ship. AMSC has worked with the U.S. Navy to develop a lighter
weight, more power efficient HTS version of this degaussing system.
HTS is an enabling technology for advanced degaussing systems on
platforms with weight and power limitations. These HTS-based
systems can reduce the electrical power required to operate by up
to 60% and can reduce the overall degaussing system weight by up to
90%.
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. The Company'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.
About Huntington Ingalls Industries (NYSE:
HII)
Huntington Ingalls Industries is America’s largest military
shipbuilding company and a provider of professional services to
partners in government and industry. For more than a century, HII’s
Newport News and Ingalls shipbuilding divisions in Virginia and
Mississippi have built more ships in more ship classes than any
other U.S. naval shipbuilder. HII’s Technical Solutions division
provides a wide range of professional services through its Fleet
Support, Mission Driven Innovative Solutions, Nuclear &
Environmental, and Oil & Gas groups. Headquartered in Newport
News, Virginia, HII employs more than 40,000 people operating both
domestically and internationally. For more information, visit:
- HII on the web: www.huntingtoningalls.com
- HII on Facebook:
www.facebook.com/HuntingtonIngallsIndustries
- HII on Twitter: twitter.com/hiindustries
AMSC, 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”). Such statements include, but are
not limited to, statements about the expected scope of the ship
protection system; functionality, performance and capabilities of
our Ship Protection System; our expectation that our ship
protection system will be integrated into LPD 30; expanding HTS
technology into the U.S. Navy fleet; ongoing collaboration with the
U.S. Navy and related plans and goals; 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 cannot predict when and if we will enter
into an agreement for the deployment of our ship protection system
on LPD 30; 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; 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, which could harm our business;
Failure to successfully execute the move of our former Devens,
Massachusetts manufacturing facility or achieve expected savings
following the move could adversely impact our financial
performance; We may not realize all of the sales expected from our
backlog of orders and contracts; Our success depends upon the
commercial use of high temperature superconductor products, which
is currently limited, and a widespread commercial market for our
products may not develop; Our 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, and additional funding of such contracts may not be
approved by the U.S. Congress; Tax reform in the U.S. may
negatively affect our operating results; Our business and
operations would be adversely impacted in the event of a failure or
security breach of our information technology infrastructure; If we
fail to maintain proper and effective internal control over
financial reporting, our ability to produce accurate and timely
financial statements could be impaired and may lead investors and
other users to lose confidence in our financial data; We face risks
related to our intellectual property; We face risks related to our
legal proceedings; We face risks relating to our settlement with
Sinovel; 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: 978-399-8344Email:
Nicol.Golez@amsc.com
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