American Superconductor Receives 2001 Financial Times Global Energy Award; Company's HTS Wire Recognized for Performance and Commercial Readiness
WESTBOROUGH, Mass.--(BUSINESS WIRE)--Dec. 10, 2001--American Superconductor Corporation (Nasdaq:AMSC, news, msgs), a leading global supplier of superconductor products and power electric converters for the electric power industry, today announced that it received the 2001 Financial Times Global Energy Award for its industry-leading high temperature superconductor (HTS) wire.
The Financial Times Global Energy Awards honor outstanding accomplishments of the international energy industry across a number of different categories. American Superconductor was chosen from seven finalists in the category for Pre-Commercial Technology Development of the Year. Finalists' products had to be "technologically advanced, environmentally beneficial, and commercially available." The award was presented to American Superconductor on December 6 in New York City at a ceremony naming a complete slate of 2001 Global Energy Award winners. To see the list of finalists and winners visit http://www.platts.com/pressreleases/pressrelease2001-1207.shtml.
"We are particularly honored to receive the Global Energy Award at this time in our company's history," said Greg Yurek, CEO of American Superconductor. "Today our wire is being integrated successfully into a variety of applications including electrical motors, generators, power cables and grid reliability solutions. With the opening of our new HTS wire manufacturing facility, the first commercial HTS wire factory in the world, we are ready to bring the benefits offered by HTS wire to a wider marketplace."
American Superconductor's HTS wire today can carry at least 140 times the electricity of a similar sized copper wire, which translates into cost saving in the manufacture and use of electric power systems that incorporate these wires. Because HTS wires carry electrical current at very high efficiency, the net operating efficiency of products such as electric motors and generators can be increased dramatically - a feature that not only saves money for the operators of such equipment, but also creates environmental benefits because less electricity is required to run these applications.
American Superconductor's wire is already the highest performance, best-priced wire in the world. Further improvements in performance and reductions in manufacturing costs are expected now that the company is opening its new 355,000-square foot HTS wire manufacturing facility capable of producing 20,000 kilometers of wire annually at full production. By the end of next year, the company expects to increase its production to 3,000 kilometers per year - a key step in bringing this new wire technology to the market.
About American Superconductor
American Superconductor Corporation is a world leader in developing and manufacturing products using superconductor wires and power electronic converters for the electric power infrastructure. American Superconductor's products, and those sold by electrical equipment manufacturers that incorporate its products, can dramatically increase the bandwidth and reliability of power delivery girds, reduce manufacturing and operating costs, and conserve resources used to produce electric power. Founded in 1987, the company is headquartered in Westborough, Mass. For more information, visit http://www.amsuper.com.
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