American Superconductor Corporation has added a news release to its Investor Relations website.
Title: AMSC Receives 150 MVAR Static VAR Compensator OrderDate: 10/23/2007 7:30:00 AM For a complete listing of our news releases, please click here
- Second Order Received for Company's New Transmission-Level
Product Line Since Introduction in September 2007
- Company Generating Increasing Commercial Orders and Development
Contracts in Power Grid Sector
WESTBOROUGH, Mass.--(BUSINESS WIRE)--Oct. 23, 2007--American
Superconductor Corporation (NASDAQ: AMSC), a leading energy
technologies company, today announced that it has received a
multi-million-dollar order from a major U.S. utility for AMSC's Static
VAR Compensator (SVC) solution. The complete turnkey solution is
scheduled to be commissioned in mid-2008 and will provide 150 mega
volt-ampere-reactive (MVAR) of support to help control and stabilize
voltage in the utility's surrounding power grid.
"Our new transmission-voltage SVC solution leverages the unique
and proprietary thyristor switch technology we obtained earlier this
year through our acquisition of Power Quality Systems, Inc.," said
Greg Yurek, founder and chief executive officer of AMSC. "Now armed
with a full range of reactive compensation solutions, our Network
Solutions team is working with power transmission grid operators
around the world to design highly effective solutions to help enhance
power grid reliability and increase the flow of power through existing
transmission assets."
This is the second SVC order AMSC has received since introducing
this turnkey solution in September. The company's first order came
from Bonneville Power Administration, which will utilize a 95 MVAR
AMSC SVC solution for one of its transmission lines in Oregon. AMSC
said power grid sector commercial orders and product development
contracts have increased substantially in the company's current fiscal
year, which ends March 31, 2007.
"Commercial order activity in the power grid sector has increased
markedly in 2007," said Yurek. "In addition, we have brought in
several important new power grid development contracts focused on
superconductor power cables and fault current limiters. While the wind
power market is the primary contributor to AMSC's rapid growth today,
the power grid sector is now picking up momentum that we believe will
contribute strongly to our growth going forward."
SVCs are used to regulate and stabilize power grid voltage. AMSC's
proprietary thyristor switch technology enables the company to offer
turnkey SVC systems that not only have a lower initial cost, but also
lower energy and maintenance costs, and a smaller footprint when
compared with conventional products.
SVCs and D-VAR(R) systems are classified as FACTs (flexible AC
transmission systems). Utilities use these solutions to dynamically
control voltage, maintain high reliability and prevent grid
instabilities on their transmission and distribution networks. SVCs
are a large-scale, centralized, transmission-connected solution, while
D-VAR systems are typically connected at the sub-transmission or
distribution voltage level. Both solutions are needed and are offered
on a turnkey basis by AMSC to address the broad requirements of the
utility industry. AMSC estimates that the current annual addressable
power grid market for reactive compensation solutions is at least $250
million worldwide. This market is expected to continue to grow
considerably as global demand for electricity increases and as grid
operators invest to improve the reliability of power grids worldwide.
About American Superconductor (NASDAQ: AMSC)
AMSC is a leading energy technologies company offering an array of
solutions based on two proprietary technologies: programmable power
electronic converters and high temperature superconductor (HTS) wires.
The company's products, services and system-level solutions enable
cleaner, more efficient and more reliable generation, delivery and use
of electric power. AMSC is a leader in alternative energy, offering
grid interconnection solutions as well as licensed wind energy designs
and electrical systems. As the world's principal supplier of HTS wire,
the company is enabling a new generation of compact, high-power
electrical products, including power cables, grid-level surge
protectors, Secure Super Grids(TM), motors, generators, and advanced
transportation and defense systems. AMSC also provides utility and
industrial customers worldwide with voltage regulation systems that
dramatically enhance power grid capacity, reliability and security, as
well as industrial productivity. The company's technologies are
protected by a broad and deep intellectual property portfolio
consisting of hundreds of patents and licenses worldwide. More
information is available at www.amsc.com.
American Superconductor and design, Revolutionizing the Way the
World Uses Electricity, AMSC, Powered by AMSC, SuperVAR, D-VAR, DVC,
PQ-IVR, PowerModule, PQ-SVC, Secure Super Grids, Windtec and SuperGEAR
are trademarks or registered trademarks of American Superconductor
Corporation or its subsidiaries.
Any statements in this release about future expectations, plans
and prospects for the company, including our expectations regarding
the future financial performance of the company and other statements
containing the words "believes," "anticipates," "plans," "expects,"
"will" and similar expressions, constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. There are a number of important factors that could cause actual
results to differ materially from those indicated by such
forward-looking statements. Such factors include: uncertainties
regarding the company's ability to obtain anticipated funding from
corporate and government contracts, to successfully develop,
manufacture and market commercial products, and to secure anticipated
orders; the risk that a robust market may not develop for the
company's products; the risk that strategic alliances and other
contracts may be terminated; the risk that certain technologies
utilized by the company will infringe intellectual property rights of
others; and the competition encountered by the company. Reference is
made to these and other factors discussed in the "Risk Factors"
section of the company's most recent quarterly or annual report filed
with the Securities and Exchange Commission. In addition, the
forward-looking statements included in this press release represent
the company's views as of the date of this release. While the company
anticipates that subsequent events and developments may cause the
company's views to change, the company specifically disclaims any
obligation to update these forward-looking statements. These
forward-looking statements should not be relied upon as representing
the company's views as of any date subsequent to the date this press
release is issued.
CONTACT: American Superconductor Corporation (NASDAQ: AMSC)
Jason Fredette, 508-621-4177
Director of Investor & Media Relations
jfredette@amsc.com
SOURCE: American Superconductor Corporation
|