AMSC (NASDAQ:AMSC), a global energy solutions provider serving wind
and power grid industry leaders, and Nexans, a worldwide expert in
the cable industry, today announced a partnership to market and
sell AMSC’s Resilient Electric Grid (REG) system, as well as other
high performance superconductor power cables, in the U.S. and
Canada. As part of this partnership, AMSC and Nexans will
collaborate to jointly develop and deliver these projects with
existing and potential electric utility customers in the U.S. and
Canada.
“We are pleased to be expanding our relationship
with Nexans. Nexans is a valued partner and leading provider of
utility power cables, that is committed to building advanced power
transmission and distribution networks utilizing AMSC’s HTS
superconductor technology,” said Daniel P. McGahn, AMSC President
and CEO. “We believe Nexans’ expertise in state-of-the-art power
transmission and distribution cable systems, along with the
combined strengths and assets of both companies, will support
commercial projects for REG systems and high temperature
superconductor (HTS) power cables. We see particular value being
offered to our electric utility customers to help address the
commercial complexities of a REG system order.
“We are proud to partner with AMSC and to offer
superconductor solutions for complex urban power transmission and
distribution challenges in the North American utilities market,”
said Dr. Dirk Steinbrink, Senior Executive Vice President High
Voltage & Underwater Cable Business Group at Nexans. “We
believe targeting this market opportunity with a collaborative
approach will be incrementally productive to both companies.”
AMSC’s REG system 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 increases load-serving capacity, while limiting the
need for additional grid infrastructure, which mitigates any
environmental impact. The key component to the REG system is AMSC's
breakthrough Amperium® wire that combines with other sub-system
design elements to increase the reliability, redundancy, and
resiliency of urban power grids, greatly reducing the impact of
equipment failure due to aging, cyber threats, physical disasters,
or weather-related events.
AMSC's Amperium superconductor wire is able to
conduct approximately 200 times the electrical current of copper
wire of similar dimensions. This capability also allows for the
delivery of a high performance power cable system that can address
transmission and distribution challenges facing utilities
worldwide.
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 Nexans (NEX:FP)
Nexans brings energy to life through an extensive
range of cables and cabling solutions that deliver increased
performance for our customers worldwide. Nexans’ teams are
committed to a partnership approach that supports customers in four
main business areas: Power transmission and distribution (submarine
and land), Energy resources (Oil & Gas, Mining and Renewables),
Transportation (Road, Rail, Air, Sea) and Building (Commercial,
Residential and Data Centers). Nexans’ strategy is founded on
continuous innovation in products, solutions and services, employee
development, customer training and the introduction of safe, low
environmental impact industrial processes. In 2013, Nexans became
the first cable player to create a Foundation to introduce
sustained initiatives for access to energy for disadvantaged
communities worldwide.
Nexans is an active member of Europacable, the
European Association of Wire& Cable Manufacturers, and a
signatory of the Europacable Industry Charter. The Charter
expresses its members' commitment to the principles and objectives
of developing ethical, sustainable, and high quality cables. We
have an industrial presence in 40 countries and commercial
activities worldwide, employing close to 26,000 people and
generating sales in 2015 of 6.2 billion euros. Nexans is listed on
NYSE Euronext Paris, compartment A. For more information, please
consult: www.nexans.com.
AMSC, Amperium, Windtec, Gridtec, 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 expectation to collaborate with Nexans to jointly sell
REG systems and HTS cables in the U.S. and Canada; our belief that
our and Nexans’ strengths will support commercial orders for REG
systems and HTS cables; 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. 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 and Nexans may not
reach one or more binding agreements to sell REG systems or HTS
cables to one or more utilities, and even if we do reach one or
more binding agreements, we may not successfully market and sell
REG systems or HTS cables; 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;
We may not realize all of the sales expected from our backlog of
orders and contracts; Our success depends upon the commercial use
of HTS products, which is currently limited, and a widespread
commercial market for our products may not develop; We have
operations in and depend on sales in emerging markets, including
India and China, 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
Nexans Contacts:
Angéline Afanoukoe
Nexans Press relations
Phone + 33 1 73 23 84 12
Angeline.afanoukoe@nexans.com
Michel Gédéon
Nexans Investor Relations
Phone +33 (0)1 73 23 85 31
Michel.gedeon@nexans.com
American Superconductor (NASDAQ:AMSC)
Historical Stock Chart
From Apr 2024 to May 2024
American Superconductor (NASDAQ:AMSC)
Historical Stock Chart
From May 2023 to May 2024