American Superconductor Corporation has added a news release to its Investor Relations website.
Title: AMSC Receives Follow-on Order for $20 Million in Power Electronics for Chinese Wind TurbinesDate: 9/18/2007 7:30:00 AM For a complete listing of our news releases, please click here
Over $90 Million of New Orders for Global Wind Industry Booked by
AMSC in September Quarter
HUSUM, Germany--(BUSINESS WIRE)--Sept. 18, 2007--American
Superconductor Corporation (NASDAQ: AMSC), a leading energy
technologies company, today announced at the HUSUMwind 2007 trade show
in Germany that it has received a follow-on order for approximately
$20 million in wind turbine electrical systems from Beijing-based
Sinovel Wind Corporation Limited. The order follows a $70 million
order received from Sinovel Wind in July 2007 and additional D-VAR(R)
orders for grid interconnection of domestic and international wind
farms.
"AMSC's wind power business continues to expand globally, with
China serving as our largest market," said Greg Yurek, founder and
chief executive officer of AMSC. "As Sinovel Wind continues its rapid
production ramp, we are also working closely with two additional
customers in China to help them initiate production of wind turbines
in order to meet China's growing demand for zero-emission, wind
generated electricity. We see strong potential to add a fourth Chinese
customer this fiscal year and are working with other potential
customers to expand our reach into other countries."
The Global Wind Energy Council estimates that approximately 1,347
MW of wind generated electrical capacity was installed in all of China
in 2006 and expects 8,000 MW of additional capacity to be added from
2007 through 2010. Worldwide wind power capacity is expected to more
than double from 74 gigawatts (GW) at the end of 2006 to nearly 150 GW
by the end of 2010.
AMSC now has wind power customers in Australia, Canada, China, the
Czech Republic, Ireland, Japan, New Zealand, South Korea, the U.K. and
the U.S. "The global wind industry is expected to continue to grow
approximately 20 percent annually through 2010 as countries around the
world rely increasingly on wind power to help meet their growing
demands for renewable sources of electricity," said Yurek. "We expect
to see continued growth in sales of our existing product line for the
wind industry and to expand our offerings beyond power electronics
going forward."
The order reported today calls for AMSC to ship approximately $20
million worth of customized power electronic systems to Sinovel in
AMSC's fiscal year 2008 (ending March 31, 2009) for use in Sinovel's
1.5 megawatt (MW) wind energy systems. AMSC's turbine electrical
systems provide reliable, high-performance wind turbine operation by
controlling power flows, regulating voltage and controlling the pitch
of wind turbine blades to maximize efficiency.
With more than 600 exhibitors and 17,000 anticipated attendees,
HUSUMwind 2007 is one of the world's largest wind power trade shows.
The event is being held from September 18 to September 21 in Husum,
Germany. Attendees are encouraged to visit AMSC Windtec at Booth
#3B30.
About AMSC
AMSC (American Superconductor Corporation - NASDAQ: 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.
With more than 600 exhibitors and 17,000 anticipated attendees,
HUSUMwind 2007 is one of the world's largest wind power trade shows.
The event is being held from September 18 to September 21 in Husum,
Germany. Attendees are encouraged to visit AMSC Windtec at Booth
#3B30.
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.
MULTIMEDIA AVAILABLE:
http://www.businesswire.com/cgi-bin/mmg.cgi?eid=5493983
CONTACT: American Superconductor Corporation (NASDAQ: AMSC)
Jason Fredette, 508-621-4177
Director of Investor & Media Relations
jfredette@amsc.com
SOURCE: American Superconductor Corporation
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