AMSC Announces $8.0 Million in D-VAR® System Orders in United States, United Kingdom, Australia and Jordan
21 April 2017 - 6:15AM
AMSC (NASDAQ:AMSC), a global energy solutions provider serving wind
and power grid industry leaders, today announced four new D-VAR®
STATCOM system orders valued at approximately $8.0 million. All
four orders serve the renewable energy sector. The systems are
expected to be used to connect wind power plants to the electric
grid, as well as to provide voltage regulation by responding
dynamically to varying load conditions. Revenue from these four
D-VAR® orders is expected to be recognized in fiscal year 2017.
AMSC’s D-VAR interconnection and reactive power compensation
solutions are designed to ensure high network performance and
stability. The system is a powerful, cost-effective way to provide
continuous voltage regulation, improve voltage stability, meet
interconnection requirements, and dynamically provide grid support
where it is needed.
“We are pleased with these orders for our Reactive Power
business and believe they evidence the momentum in our Grid
segment,” said Daniel P. McGahn, President and CEO, AMSC. “We
believe these new D-VAR orders demonstrate the benefits of our
solutions and relationships with wind farm developers in our core
geographies such as the U.S., U.K., and Australia, as well as new
territories such as the Middle East.”
Customers utilize AMSC’s D-VAR solutions to provide dynamic
voltage control, power factor correction, and post-contingency
reactive compensation to stabilize the power grid and prevent
undesirable events such as voltage collapse. The D-VAR system is
designed to be able to detect and instantaneously compensate for
voltage disturbances by dynamically injecting leading or lagging
reactive power into the power grid. These solutions are also
designed to augment the overall performance of wind farms and to
enable developers to meet grid interconnection
requirements.
D-VAR reactive compensation systems are classified as Static
Compensators, or “STATCOMs,” a member of the FACTS (Flexible
AC-Transmission System) family of power electronic solutions for
alternating current (AC) power grids.
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, 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”). Such statements include, but are
not limited to, statements about our expectations regarding
intended uses of the D-VAR systems ordered; timing of revenue
recognition for the D-VAR systems ordered; functionality and
performance of D-VAR systems; AMSC’s momentum in the global
renewable energy market and growth of its Grid segment; 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 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; 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, 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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