AMSC Expands Offshore Wind Business with South Korea based Doosan Heavy Industries
November 06 2017 - 7:00AM
AMSC (NASDAQ:AMSC), a global energy solutions provider serving wind
and power grid industry leaders, today announced that it entered
into an agreement for a 5.5 megawatt (MW) offshore wind turbine
design with South Korea’s Doosan Heavy Industries &
Construction Co., Ltd. (Doosan). Under the agreement, AMSC is the
exclusive supplier of electrical control systems (ECS) for Doosan’s
5.5 MW offshore wind turbine, South Korea’s most powerful
domestically manufactured offshore wind turbine.
This agreement expands Doosan’s offshore wind turbine product
line of 3 MW turbines to include 5.5 MW turbines. The 5.5 MW had
been under joint development by Hyundai Electric & Energy
Systems (Hyundai) and AMSC. Doosan acquired the prototype turbine,
design, and rights to manufacture and sell the 5.5 MW wind
turbines. The 5.5 MW system has been operating for nearly three
years in South Korea’s Jeju Island and earned a reputation for its
resiliency and safety. In 2016 during typhoon Chaba, the turbine
withstood the fourth most powerful typhoon on record to hit South
Korea with winds reaching 124 mph.
“This agreement helps us grow our market presence in both the
South Korean and the growing global offshore wind market, allying
AMSC with a premium global brand,” said Daniel P. McGahn, President
and CEO, AMSC.
Doosan is the engineering, procurement contractor and wind
turbine supplier of the first phase of South Korea’s Southwestern
Offshore wind project, a 2.5 gigawatt project being developed by a
state-owned company, Korean Offshore Wind Power. Doosan will supply
its turbines to the project’s first phase, a phase of 60 MW
expected to come online by 2019. According to GlobalData the South
Korean offshore wind market capacity is forecasted to grow to over
6 GW by 2030.
The 5.5 MW full conversion wind turbine design and prototype is
the product of a joint development between South Korea-based
Hyundai and AMSC. AMSC’s wind turbine electrical control systems
include the company's proprietary PowerModule™ power
converters, pitch and yaw converters, SCADA systems and other power
electronics. They are designed to enable reliable, high-performance
wind turbine operation by controlling power flows, regulating
voltage, monitoring system performance and controlling the pitch of
wind turbine blades to maximize efficiency.
About Doosan Heavy Industries & Construction Co.,
Ltd.Established in 1962 as Korea's leading power plant
specialist, first domestic power plant builder, Doosan Heavy
Industries & Construction has been contributing leading the
advancement of Korea's plant technology, fully equipped with an
integrated production and supply system, from basic materials to
finished products. Doosan has so far built over 300 nuclear,
thermal, combined cycle and hydro power plants, and is currently
building more than 60 power plants globally. Doosan is a major
engineering, procurement, and construction (EPC) contractor in the
world plant market, providing services that include engineering
design, basic material fabrication, equipment installation,
commissioning, and facility construction. Over the past 50 years,
Doosan has supplied specialized products and services to power
generation plants and desalination plants in more than 40 countries
around the world. Doosan has completed substantial power plant
projects across the world including the Middle East, India, and
Southeast Asia.
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. AMSC’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.
AMSC, Windtec, Gridtec, PowerModule, 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 our expectations regarding the
growth in the South Korean and global offshore wind market, and
AMSC’s growth in market presence throughout those markets; South
Korea’s Southwestern Offshore wind project and anticipated
participants in the first phase of such project; 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 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 in addressing the wind energy
market is dependent on the manufacturers that license our designs;
Our success is dependent upon attracting and retaining qualified
personnel and our inability to do so could significantly damage our
business and prospects; Failure to successfully execute any move of
our Devens, Massachusetts manufacturing facility or achieve
expected savings following any such move; 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; Growth of the
wind energy market depends largely on the availability and size of
government subsidies, economic incentives and legislative programs
designed to support the growth of wind energy; Our products face
intense competition; 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, 2017, 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:Brion D.
TanousCleanTech IR, Inc. Phone: 424-634-8592 Email:
Brion.Tanous@amsc.com
Public Relations Contact:Nicol GolezPhone:
978-399-8344 Email: Nicol.Golez@amsc.com
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