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AMSC Announces $40 Million of New Energy Power System Orders
Tailwinds in the Semiconductor and Renewable Markets Drive Demand AYER, Mass., July 26, 2022 (GLOBE NEWSWIRE) -- AMSC® (NASDAQ: AMSC), a leading system
About this update from American Superconductor Corporation
[{"type":"text","content":"Tailwinds in the Semiconductor and Renewable Markets Drive Demand AYER, Mass., July 26, 2022 (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 $40 million of new energy power systems orders. This includes orders for reactive compensation, enclosed capacitor banks, harmonic filters, voltage controllers, rectifiers and transformers. More than half of the revenue from these orders is expected to be recognized in fiscal year 2022. “Tailwinds in our key markets are driving an acceleration in bookings of our new energy power systems solutions,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “The semiconductor industry is expected to continue to increase capital spending in the coming years. The move to decarbonization and to achieve energy independence among numerous nations is also expected to translate into broadened adoption of renewable power systems across the globe. We believe these dynamics have the capability to support demand of our products for the medium to long term.” AMSC’s new energy power systems solutions 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. Along with Neeltran, 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 efficiencie...