AMSC Awarded Delivery Contract for Ship Protection System on LPD 30
May 13 2019 - 3:05PM
AMSC (NASDAQ: AMSC), a global energy solutions provider serving
wind and power grid industry leaders, today announced it has
entered into a delivery contract with Huntington Ingalls Industries
(HII) through its Ingalls Shipbuilding division (HII/Ingalls) for a
high temperature conductor (HTS)-based ship protection system to be
deployed on the San Antonio class of amphibious transport dock
ship, LPD 30. This contract follows a long lead order
from HII/Ingalls for a ship protection system for LPD 30 that was
announced on November 28, 2018.
Under the terms of the contact, AMSC has agreed to deliver the
degaussing system to HII/Ingalls’ shipbuilding facility in
Pascagoula, Mississippi for integration into LPD 30. LPD 30
represents the first of the next generation amphibious warship
‘Flight II’ variant of the San Antonio class.
AMSC’s ship protection system will provide the U.S. Navy with
world-class mine protection while reducing the weight of the
degaussing system by 90% and reducing energy consumption by more
than half that of legacy degaussing systems. The system is
designed to reduce the magnetic signature of a ship, which can
interfere with undersea mines’ ability to detect and damage the
ship. The San Antonio-class of ships can carry up to 800 troops and
has the capability of transporting and debarking landing craft air
cushion or conventional landing crafts, augmented by helicopters or
vertical take-off and landing aircraft such as the MV-22. These
ships will support amphibious assault, special operations or
expeditionary warfare missions through the first half of the 21st
century.
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.
AMSC, 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 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 manufacture and
installation of our HTS-based ship protection system in LPD 30; our
expectations regarding intended uses of our HTS-based ship
protection system by the U.S. Navy; functionality and performance
of our HTS-based ship protection system; 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: A significant portion of our revenues are
derived from a single customer, Inox Wind Limited (“Inox”), and we
cannot predict if and how successful Inox will be in executing on
Solar Energy Corporation of India orders under the new central and
state auction regime, and any related failure by Inox to succeed
under this regime, or any delay in Inox’s ability to deliver its
wind turbines, could result in fewer electrical control systems
shipments to Inox; We have a history of operating losses and
negative operating cash flows, which may continue in the future and
require us to secure 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, which could
harm our business; Failure to achieve expected savings following
the move of our former Devens, Massachusetts manufacturing facility
could adversely impact our financial performance; We may not
realize all of the sales expected from our backlog of orders and
contracts; Our success depends upon the commercial use of high
temperature superconductor products, which is currently limited,
and a widespread commercial market for our products may not
develop; Our contracts with the U.S. government are subject to
audit, modification or termination by the U.S. government and
include certain other provisions in favor of the government, and
additional funding of such contracts may not be approved by the
U.S. Congress; Tax reform in the U.S. may negatively affect our
operating results; 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 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, 2018, 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
our 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 RelationsSanjay M. Hurry (212)
838-3777amscIR@lhai.com
Public Relations Contact:RooneyPartners LLC Bob
Cavosi646-638-9891rcavosi@rooneyco.com
AMSC Communications Manager:Nicol GolezPhone:
978-399-8344Nicol.Golez@amsc.com
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