AMSC Announces $10 Million in D-VAR® System Orders
22 February 2018 - 1:00AM
AMSC (NASDAQ:AMSC), a global energy solutions provider serving wind
and power grid industry leaders, today announced three new D-VAR®
STATCOM system orders valued at over $10 million. Two of the orders
serve the renewable energy sector and 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. One of the orders serves the industrial power
quality sector. Revenue from these three D-VAR® orders is expected
to be recognized in fiscal year 2018.
“We are experiencing an uptick in demand for our
Grid products,” said Daniel P. McGahn, President and CEO, AMSC.
“Our momentum in the global renewable energy and industrial markets
continues. These new D-VAR orders demonstrate the strength of our
solutions and relationships with both wind turbine original
equipment manufacturers and wind farm developers in our core
geographies, as well as in new territories such as Mexico.”
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. 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.
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 and industrial markets; 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; 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; Our products
face intense competition; 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; 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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