AMSC Receives Orders for Grid Interconnection of North American Wind Farms
-D-VAR(R) Solution Selected to Meet Grid Interconnection Requirements for 35 Wind Farms Worldwide
-With New Orders, AMSC Products Will Be Serving More Than 7 Gigawatts of Wind Generated Electricity Worldwide - Up 120 Percent From One Year Ago
DEVENS, Mass.--(BUSINESS WIRE)--April 22, 2008--American
Superconductor Corporation (NASDAQ: AMSC), a leading energy
technologies company, today announced that it has received orders for
its D-VAR grid interconnection solution for two additional wind farms
in the U.S. and Canada. The two wind farms will provide well over 200
megawatts (MW) of power for the North American market. The D-VAR
systems are to be delivered to the wind farms by the end of 2008.
AMSC's proprietary D-VAR systems enable wind farm developers to meet the requirements for interconnection of wind farms to power grids - the pathway for wind-generated electricity to customers. With these new orders, AMSC's D-VAR solution will now be serving 20 wind farms in North American and a total of 35 wind farms worldwide. Including AMSC's core electrical components that it sells to manufacturers of wind turbines, with these new orders, AMSC products will be serving approximately 7,100 MW (7.1 gigawatts) of wind power - an increase of 120 percent from one year ago. Seven gigawatts represents more than 7 percent of wind generated electricity worldwide as of December 31, 2007, according to the Global Wind Energy Council (GWEC).
"Our suite of offerings for the wind power market is unique and diverse, ranging from wind turbine designs and consulting services to wind turbine electrical components and voltage regulation systems for entire wind farms," said AMSC founder and chief executive officer, Greg Yurek. "As a result, 65 percent of our business today is in the rapidly growing global wind industry."
According to the GWEC's Global Wind 2007 Report, issued in April 2008, wind power capacity grew 27 percent worldwide in 2007 to more than 94 gigawatts (GW). Wind power capacity in the United States and Canada grew by 45 percent and 26 percent, respectively, in 2007.
To learn more about AMSC's product offerings for the wind industry, please visit http://www.amsc.com/products/applications/windEnergy/index.html.
About American Superconductor (NASDAQ: AMSC)
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 technology, 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.
American Superconductor and design, Revolutionizing the Way the World Uses Electricity, AMSC, Powered by AMSC, SuperVAR, D-VAR, DVC, PQ-IVR, PowerModule, Secure Super Grids and Windtec are trademarks or registered trademarks of AMSC.
Any statements in this release about future expectations, plans and prospects for the company, including 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; the competition encountered by the company, including several large Japanese companies. Reference is made to these and other factors discussed in the "Management's Discussion and Analysis of Financial Condition and Results of Operation" 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.
CONTACT:
American Superconductor Corporation (NASDAQ: AMSC)
Jason Fredette, 978-842-3177
Director of Investor & Media Relations
jfredette@amsc.com
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