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 it has agreed to deliver nearly $20 million of
demand for its wind turbine electrical control systems (ECS) to
Inox Wind Limited (Inox), including its 2-megawatt (MW) ECS and an
order for its 3 MW ECS. AMSC expects to ship these systems over the
course of fiscal year 2023.
“Due in part to our strong and growing partnership with AMSC,
Inox was among the first manufacturers to produce 2 MW and now 3 MW
class wind turbines locally,” said Devansh Jain, director
of Inox Wind Limited. “The production of larger, more
efficient 3 MW class wind turbines will provide us with the means
to augment our market leadership. We remain committed to
helping India bridge its power gap with high-performance
wind turbines.”
Daniel P. McGahn, Chairman, President and CEO of AMSC,
stated, “We believe this 3 MW ECS order marks the beginning of our
next chapter with Inox Wind as they expand their offering to
include an exceptional 3 MW class wind turbine. The wind energy
sector in India is finding its footing, with strong support by
private and public entities. We renew our commitment to supporting
Inox’s growth through our proprietary technology that can enable
our partners to deliver superior products to the marketplace. We
are encouraged to begin scaling up production for Inox Wind and to
support our partner’s complete wind turbine product line with our
proprietary ECS products."
According to GlobalData, the Indian onshore wind market capacity
is forecasted to add over 35 GW by 2030.
3 MW ECSAMSC has received a $5 million dollar
order from Inox for its 3-MW class wind turbine ECS. AMSC expects
to initiate shipments for this order beginning in fiscal year 2023
and to complete these shipments within the fiscal year.
Under the terms of the exclusive license agreement for AMSC’s 3
MW class wind turbine design in India between AMSC and
Inox, Inox has agreed that AMSC will be the exclusive
supplier of ECS for Inox’s 3 MW class wind turbine.
AMSC’s 3 MW class wind turbine design is certified as having a 3
MW power rating (according to GL2010 onshore guidelines). AMSC’s 3
MW class wind turbine may operate up to 3.3 MW under certain grid
conditions and certain ambient temperature conditions.
2 MW ECSAMSC has agreed to provide nearly $15
million of 2 MW wind turbine ECS to Inox. AMSC expects to initiate
shipments for this purchase beginning in fiscal year 2023 and to
complete these shipments before the end of fiscal year 2023.
AMSC and Inox have modified their relationship, transitioning
from a long-term strategic ECS supply agreement to standalone ECS
supply contracts.
AMSC’s 2 MW class wind turbine design is certified as having a 2
MW power rating (according to GL2010 onshore guidelines). AMSC’s 2
MW class wind turbine may operate up to 2.15 MW under certain grid
conditions and certain ambient temperature conditions.
About Inox Wind Limited
Inox Wind Limited is a leading wind energy
solutions provider in India. Inox Wind is a fully integrated player
in the wind energy market servicing Independent Power Producers
(IPPs), Utilities, and Power Sector Undertakings (PSUs). Inox has
four state-of-the-art manufacturing Plants in Gujarat, Himachal
Pradesh, and Madhya Pradesh with manufacturing capacity of 1,600 MW
per annum. Besides manufacturing and supply of Wind Turbine
Generators (WTGs), Inox Wind offers services such as wind resource
assessment, site acquisition, infrastructure development, erection
and commissioning, and long-term Operations and Maintenance
(O&M) of wind power projects. Inox Wind Limited is part of
the INOXGFL Group. The INOXGFL Group is a nearly USD 5 BN
dollar conglomerated with a legacy of more than 90 years. INOXGFL
operates primarily through four publicly listed companies, namely
Gujarat Fluorochemicals Limited (GFL), Inox Wind Energy Limited,
Inox Wind Limited and Inox Green Energy Services Limited. The Group
primarily focuses on two business verticals - chemicals and
renewable energy. With a global presence and a strong distribution
network, the Inox GFL Group constantly strives to enhance its value
for all its stakeholders. More information is available
at www.inoxwind.com.
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 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.
AMSC, American Superconductor, D-VAR, D-VAR VVO, Gridtec,
Marintec, Windtec, Neeltran, NEPSI, Smarter, Cleaner … Better
Energy and Orchestrate the Rhythm and Harmony of Power on the Grid
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 timing of shipments
for the 2 MW ECS and 3 MW ECS ordered; Inox’s market position;
India’s wind market; functionality, performance and capabilities of
our ECS and 2MW and 3MW class wind turbine design; the Company’s
ongoing relationship with Inox; scaling up production for Inox
Wind; future supply contracts for ECS; 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; 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 may not realize all of
the sales expected from our backlog of orders and contracts; 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. The continued
funding of such contracts remains subject to annual congressional
appropriation, which, if not approved, could reduce our revenue and
lower or eliminate our profit; The COVID-19 pandemic could
adversely impact our business, financial condition and results of
operations; Changes in U.S. government defense spending could
negatively impact our financial position, results of operations,
liquidity and overall business; 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; We have
not manufactured our Amperium wire in commercial quantities, and a
failure to manufacture our Amperium wire in commercial quantities
at acceptable cost and quality levels would substantially limit our
future revenue and profit potential; 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 or any critical third parties
information technology infrastructure and networks; Failure to
comply with evolving data privacy and data protection laws and
regulations or to otherwise protect personal data, may adversely
impact our business and financial results; Many of our revenue
opportunities are dependent upon subcontractors and other business
collaborators; If we fail to implement our business strategy
successfully, our financial performance could be harmed; 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 have had
limited success marketing and selling our superconductor products
and system-level solutions, and our failure to more broadly market
and sell our products and solutions could lower our revenue and
cash flow; Adverse changes in domestic and global economic
conditions could adversely affect our operating results; 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, 2022,, 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.
Investor Relations Contact:LHA Investor RelationsCarolyn
Capaccio, CFA (212) 838-3777amscIR@lhai.com
AMSC Communications Manager:Nicol GolezPhone: 978-399-8344Email:
Nicol.Golez@amsc.com
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