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AMSC Announces $30 Million of New Energy Power System Orders
Industrials and Renewables Markets Drive Demand AYER, Mass., May 09, 2023 (GLOBE NEWSWIRE) -- AMSC® (NASDAQ: AMSC), a leading system provider of
About this update from American Superconductor Corporation
[{"type":"text","content":"Industrials and Renewables Markets Drive Demand\nAYER, Mass., May 09, 2023 (GLOBE NEWSWIRE) -- 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 $30 million of new energy power systems orders. This includes orders for enclosed capacitor banks, harmonic filters, voltage controllers, rectifiers, D-VAR VVO® and transformers. Almost all the revenue from these orders is expected to be recognized in fiscal year 2023. \"We are seeing consistent and growing demand for our new energy power systems solutions across a broader range of the industrial market AMSC serves today,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “Of today’s announced orders, approximately one-third comes from renewables such as solar and wind, and approximately two-third from industrials including metals, mining and semiconductor projects. We continue to target other opportunities for increased market participation to support our momentum in our Grid segment.” AMSC’s new energy power systems include D-VAR® and D-VAR VVO® offerings as well as NEPSI™ and Neeltran™ 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 w...