AMSC Announces $34 Million of New Energy Power System Orders
July 18 2023 - 7:00AM
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 $34 million of new energy power systems orders.
This includes orders for enclosed capacitor banks, harmonic
filters, voltage controllers, rectifiers, sag mitigation solutions,
and volt var optimizers. Approximately half of the revenue from
these orders is expected to be recognized in fiscal year 2023.
"Fiscal year 2023 started with strong orders momentum for our
new energy power systems,” said Daniel P. McGahn, Chairman,
President and CEO, AMSC. “Our systems serve an increasingly diverse
market. This series of orders represents a strong contribution from
the renewables market, with wind and solar projects accounting for
approximately one-third. Industrial orders, which also contributed
to nearly one-third, were driven by metals, mining, and
semiconductor projects. Additionally, we saw more than 10% of these
new energy power systems orders come from serving the U.S. military
providing efficient and reliable shore power to naval vessels. The
new orders serving the U.S. military represent an exciting new
opportunity for AMSC’s new energy power systems.”
AMSC’s new energy power systems include D-VAR® and D-VAR VVO®
offerings as well as NEPSITM and NeeltranTM businesses. 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. AMSC offers power conversion products. These
products include transformers and rectifiers. Additionally, 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.©2023 AMSC. AMSC, American
Superconductor, NEPSI, Neeltran, 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 the expected timing of revenue recognition for the
systems ordered; strong orders momentum; diverse markets; market
drivers and dynamics for our new energy power systems products;
intended uses of the new energy power systems ordered;
opportunities for new energy power systems products; functionality,
performance and capabilities of our products, 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 be required to issue performance bonds or provide
letters of credit, which restricts our ability to access any cash
used as collateral for the bonds or letters of credit; Changes in
exchange rates could adversely affect our results of operations; We
may not realize all of the sales expected from our backlog of
orders and contracts; The COVID-19 pandemic has adversely impacted
our business, financial condition and results of operations and
other future pandemics or health crises may have similar impacts;
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; Uncertainty surrounding our prospects and
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; Our business and
operations would be adversely impacted in the event of a failure or
security breach of our or any critical third parties' information
technology infrastructure and networks; 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; We may acquire additional complementary businesses or
technologies, which may require us to incur substantial costs for
which we may never realize the anticipated benefits; We or third
parties on whom we depend may be adversely affected by natural
disasters, including events resulting from climate change, and our
business continuity and disaster recovery plans may not adequately
protect us or our value chain from such events; Adverse changes in
domestic and global economic conditions could adversely affect our
operating results; Our products face competition, which could limit
our ability to acquire or retain customers; We may be unable to
adequately prevent disclosure of trade secrets and other
proprietary information; Our patents may not provide meaningful
protection for our technology, which could result in us losing some
or all of our market position; Our technology and products could
infringe intellectual property rights of others, which may require
costly litigation and, if we are not successful, could cause us to
pay substantial damages and disrupt our business; We face risks
related to our legal proceedings; We face risks related to our
common stock; and the other 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, 2023, 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 Capaccio(212) 838-3777amscIR@lhai.com
AMSC Communications Manager:Nicol GolezPhone:
978-399-8344Nicol.Golez@amsc.com
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