AMSC Announces D-VAR® System Orders for the Electric Grid in Australia
DEVENS, Mass., May 09, 2016 (GLOBE NEWSWIRE) -- AMSC, a global energy solutions provider serving wind and power grid industry leaders, today announced new orders for multiple sites for D-VAR® STATCOM systems to support Australia's electric grid. Under the terms of the order, the systems will be installed in one of the Company's target markets, the electric utility sector, and will be used by the utilities to ensure high network performance and provide stability for the grid. Revenue from this D-VAR® order is expected to be recognized over the next four quarters.
"To date, we have had great success deploying our D-VAR products into Australia for interconnectivity and industrial applications. We are pleased to see our D-VAR products now being integrated by electric utilities in Australia for voltage stability and power capacity in their power transmission network. The system we designed for Essential Energy utilized our 4MVAR building blocks which allowed for optimal placement of units across multiple sites providing a total of 20 MVAR of dynamic voltage support to over 300km of lines on their 132kV transmission system," said Daniel P. McGahn, President and CEO, AMSC. "AMSC's D-VAR products have proven worldwide to address a range of voltage stability issues and increase the power transfer capacity of utility networks."
AMSC's D-VAR systems stabilize and regulate voltage and power factor on electric utilities' transmission and distribution networks. The system detects and rapidly compensates for voltage disturbances by injecting leading or lagging reactive power at key points on the electric grid. Each D-VAR product is tailored to meet specific customer requirements and accommodates changing grid conditions.
Customers utilize AMSC's D-VAR solutions to provide dynamic voltage control, power factor correction, and post-contingency reactive compensation to stabilize the power grid and prevent undesirable events such as voltage collapse. D-VAR reactive compensation systems are classified as Static Compensators, or "STATCOMs," a member of the FACTS (Flexible AC-Transmission System) family of power electronic solutions for alternating current (AC) power grids. The D-VAR system is designed to be able to detect and instantaneously compensate for voltage disturbances by dynamically injecting leading or lagging reactive power into the power grid.
About AMSC (NASDAQ:AMSC)
AMSC generates the ideas, technologies and solutions that meet the world's demand for smarter, cleaner … better energy™. Through its Windtec™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency, and performance. The Company's solutions are now powering gigawatts of renewable energy globally and are enhancing the performance and reliability of power networks in more than a dozen countries. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe, and North America. For more information, please visit www.amsc.com.
AMSC, Windtec, Gridtec, D-VAR and Smarter, Cleaner … Better Energy are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks, or service marks belong to their respective holders.
Statements in this press release that are not strictly historical in nature constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, but are not limited to, statements regarding our expectations that revenue from this D-VAR order will be recognized over the next four quarters; and about the performance of our D-VAR systems. Such forward-looking statements represent our current expectations and are inherently uncertain. Actual results may differ materially from what we expect because of various risks and uncertainties, including the risks that revenue from this D-VAR order may not be recognized over the next four quarters; and that our D-VAR systems may not perform as expected. These and the important factors discussed under the caption "Risk Factors" in Part 1. Item 1A of our Form 10-K for the fiscal year ended March 31, 2015, and our other reports filed with the SEC, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
AMSC Contact: Brion D. Tanous CleanTech IR, Inc. Phone: 978-842-3247 Email: Brion.Tanous@amsc.com