AMSC Announces Order of 5.5 MW Electronic Control Systems for Doosan’s Offshore Wind Turbines
25 January 2018 - 7:00AM
AMSC (NASDAQ:AMSC), a global energy solutions provider serving wind
and power grid industry leaders, today announced its first 5.5
megawatt (MW) electrical control systems (ECS) order from Doosan
Heavy Industries & Construction Co., Ltd. (Doosan), South
Korea’s premium wind turbine manufacturer.
“Doosan’s investment in AMSC’s wind turbine design and
proprietary ECS aligns with South Korea’s commitment to renewable
energy utilizing offshore wind power,” said Daniel P. McGahn,
President and CEO, AMSC. “We are excited to be supporting Doosan
with our 5.5 MW ECS.”
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 ECS includes AMSC'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.
AMSC is the exclusive supplier of ECS for the 5.5 MW offshore
wind turbine. According to GlobalData’s Annual Wind Market Capacity
report, the global offshore wind power market capacity is
forecasted to grow to approximately 100 gigawatts by
2030.
About Doosan Heavy Industries & Construction Co.,
Ltd. Established in 1962 as Korea's leading plant
specialist, Doosan Heavy Industries & Construction has been
contributing to the advancement of Korea's plant technology, fully
equipped with an integrated production and supply system, from
basic materials to finished products. 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 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 StatementsThis 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 global offshore
wind power market; 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. Tanous
CleanTech IR, Inc. Phone: 424-634-8592 Email:
Brion.Tanous@amsc.com
Public Relations Contact: Nicol Golez Phone:
978-399-8344 Email: Nicol.Golez@amsc.com
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