AMSC and Electrical Consultants, Inc. Expand Relationship to Offer Full, Turnkey Resilient Electric Grid Solutions
May 18 2017 - 9:00AM
AMSC (NASDAQ:AMSC), a global energy solutions provider serving wind
and power grid industry leaders, is pleased to announce that
Electrical Consultants, Inc. (ECI) of Billings, Montana, is now a
certified installer of AMSC’s Resilient Electric Grid (REG)
solutions in the United States. This announcement is an expansion
to AMSC’s existing strategic relationship in which ECI has
performed engineering, procurement and construction (EPC) services
to over a dozen projects with AMSC’s grid products. As AMSC accepts
turnkey REG projects as prime contractor to U.S. utilities, having
proven EPC capabilities will facilitate smooth construction and
installation of the product. ECI further enables AMSC to offer REG
solutions to a potentially broader customer base and establishes
additional channels to market in North America.
“ECI’s broad support, extensive industry experience and superior
service to AMSC over the past years is expected to enable us to
target additional channels for REG solutions in North America,
especially in the Western States,” said Daniel P. McGahn, President
and Chief Executive Officer of AMSC. “We have the highest respect
for Dick McComish, President and Chief Executive Officer of ECI,
and his team, and look forward to working with them to add value
for our utility customers.”
ECI is one of the country’s leading Transmission &
Distribution (T&D) consulting design firms and one of the
largest specialty Engineer-Procure-Construct companies in the
United States. AMSC has closely worked with ECI on over a dozen
grid projects in the U.S. and believes ECI will enhance the AMSC
team that provides REG solutions to the North American market.
“We believe AMSC’s REG solutions have the potential to provide
unique value to electric utilities,” said McComish. “AMSC’s REG
solutions are cost-effective with minimal environmental impact. We
are excited to advance our relationship with AMSC to help execute
these projects.”
AMSC’s REG system solution is an innovative approach to the
power distribution system that increases reliability and capacity
of the electric grid. By enabling the use of transmission and
distribution assets in a way that is not feasible with traditional
technologies, the REG system enables significant increases in grid
reliability and load-serving capacity, while limiting the need for
additional grid infrastructure, which mitigates environmental
impact.
As a certified installer of REG solutions, ECI is expected to
provide civil, electrical and mechanical engineering services as
well as project management, procurement and construction services
to support AMSC’s REG projects. Aspects of projects that are
expected to be supported by ECI include substation construction and
modifications, installation of cable duct and ancillary equipment,
including cooling systems, in addition to related
engineering.
AMSC and ECI’s relationship is non-exclusive and AMSC continues
to work to qualify other EPC companies as certified installers of
REG solutions in order to offer the market multiple approaches.
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 ECI ECI was incorporated in 1985 in
Billings, Montana to continue to serve the electric utility and
industrial clients the founding principal had worked with for up to
25 years. ECI has grown significantly since its humble beginnings
and currently employs almost 500 professional engineers, surveyors
and technical staff performing project design work throughout the
United States and abroad.
The firm’s wholly-owned subsidiary, EPC Services Company, is
recognized as a premier provider of EPC execution to utilities for
HV power delivery systems. Operating from thirteen major
regional offices throughout the United States, ECI and EPC Services
has expanded its presence as one of the country’s leading T&D
consulting design firms and EPC providers. ECI’s capabilities span
all aspects of power delivery systems through EHV levels and
specialized technologies.
For more information, please
visit www.electricalconsultantsinc.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"). Any
statements in this release about our expectations regarding the
expansion of our relationship with ECI; aspects of projects to be
supported by ECI; offering full, turnkey REG solutions to customers
in North America; and ECI’s broad support, extensive industry
experience, and superior service that will enable us to target
additional channels for REG solutions in North America, especially
in the Western States; our belief that ECI will enhance the AMSC
team that provides REG solutions to the North American market;
ECI’s belief that AMSC’s REG solutions have the potential to
provide unique value to electric utilities; the benefits of AMSC’s
REG solutions; 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. 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: Our relationship with ECI will not achieve its
anticipated objectives in the timeframe we expect, or at all; We
have a history of operating losses and negative operating cash
flows, which may continue in the future and require us 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; Many of our revenue opportunities
are dependent upon subcontractors and other business collaborators;
Our products face intense competition; Our success depends upon the
commercial use of high temperature superconductor (“HTS”) products,
which is currently limited, and a widespread commercial market for
our products may not develop; Third parties have or may acquire
patents that cover the materials, processes and technologies we use
or may use in the future to manufacture our Amperium products, and
our success depends on our ability to license such patents or other
proprietary rights; 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, and global conditions could
negatively affect our operating results or limit our ability to
expand our operations outside of these countries; 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, 2016, 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 Contact:
Brion D. Tanous
CleanTech IR, Inc.
Phone: 424-634-8592
Email: Brion.Tanous@amsc.com
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