AMSC Announces $26 Million of New Energy Power System Orders
Tue, January 24, 2023 at 8:00 AM EST
AYER, Mass., Jan. 24, 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 $26 million of new energy power systems orders. This includes orders for enclosed capacitor banks, harmonic filters, voltage controllers, rectifiers, D-VAR VVO® and transformers. Most of the revenue from these orders is expected to be recognized in fiscal year 2023.
“Our Company is providing new energy power systems solutions for more industrial uses,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “These new energy power system solutions are used for industrial processes and manufacturing such as mining, metal extraction, metal processing, and chemical plants among others. Approximately two-thirds of today’s announced orders come from industrial uses and about one-fourth from renewable projects in wind and solar. We have built a business focused on sustainability that we believe is well positioned to take advantage in renewables, semiconductor, mining and materials, as well as in other industrial markets. These orders, plus the recently announced award of our fifth ship protection system (LPD-32) contract, underscore our strong momentum.”
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.
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