AMSC Announces $24 Million of New Energy Power System Orders
April 27 2022 - 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 $24 million of new energy power systems orders.
This includes orders for reactive compensation, enclosed capacitor
banks, harmonic filters, voltage controllers, rectifiers and
transformers.
“As the world gears up for decarbonization to slow down climate
change and create a path for a more sustainable world, so does the
increased demand for renewable energy, semiconductors, and key
materials for the new green economy, such as metals, mining, and
chemicals,” said Daniel P. McGahn, Chairman, President and CEO,
AMSC. “We are experiencing a great start to fiscal 2022 with strong
bookings of new energy power systems.”
AMSC’s new energy power systems solutions include D-VAR® and 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. Along with Neeltran, 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.
©2022 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 our expectation regarding intended uses of the new
energy power systems ordered; increased demand for renewable
energy, semiconductors, and key materials for the new green
economy; strong bookings; functionality and performance 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 information technology infrastructure; 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; We face risks related to our
intellectual property; We face risks related to our technologies;
We face risks related to our legal proceedings; We face risks
related to our common stock; 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, 2021, as updated by our
Form 10-Q for the quarter ended December 31, 2021 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
Public Relations Contact:RooneyPartnersJoe Luongo(914)
906-5903jluongo@rooneyco.com
AMSC Communications Manager:Nicol GolezPhone:
978-399-8344Nicol.Golez@amsc.com
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