AMSC Announces $15 Million of New Energy Power System Orders
February 18 2021 - 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 $15 million of new energy power system orders. This
includes orders for AMSC’s D-VAR® STATCOM system, AMSC’s D-VAR VVO®
system as well as NEPSI’s metal enclosed capacitor banks and
harmonic filters. The orders principally serve the renewable and
industrial sectors in the United States. These systems are expected
to provide voltage regulation by responding to varying load
conditions on the electric grid. Most of the revenue from these
orders is expected to be recognized in fiscal year 2021.
“These orders show continued strength in our Grid business,”
said Daniel P. McGahn, Chairman, President and CEO, AMSC. “We
expect yet another year of growth for our Grid business in fiscal
2020 and to be well positioned for a strong start to fiscal
2021.”
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. Also, 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.
©2021 AMSC. AMSC, American Superconductor, 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; the expected timing of revenue
recognition for the systems ordered; our expectation that we will
have yet another year of growth for our Grid business in fiscal
2020 and be well positioned for a strong start to fiscal 2021;
functionality and performance of our 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 not realize all of the sales expected from our backlog
of orders and contracts; The novel coronavirus (“COVID-19”)
pandemic could adversely impact our business, financial condition
and results of operations; 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 subassemblies of many of our Grid and Wind products,
making us vulnerable to supply shortages and price fluctuations,
which could harm our business; 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; Adverse
changes in domestic and global economic conditions could adversely
affect our operating results; We have operations in, and depend on
sales in, emerging markets, including India, and global conditions
could negatively affect our operating results or limit our ability
to expand our operations outside of these markets; Our products
face competition, which could limit our ability to acquire or
retain customers; 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, 2020, as updated in our Form 10-Q for the
period ended December 31, 2020, 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 Capaccio212-838-3777amscIR@lhai.com
Public Relations Contact:RooneyPartners Jeffrey
Freedman646-432-0191jfreedman@rooneyco.com
AMSC Communications Manager:Nicol
Golez978-399-8344Nicol.Golez@amsc.com
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