AMSC Receives PowerModule(TM) Order for VRB Power Systems Wind Energy Storage Device
Tuesday April 17, 7:42 am ET
D-VAR Grid Interconnection Solution Chosen for 9th Wind Farm in United Kingdom
Installed Base and Orders for AMSC Power Electronic Solutions for Wind Farms Triples to Nearly 3,000 MW in Past 12 Months
WESTBOROUGH, Mass.--(BUSINESS WIRE)--American Superconductor Corporation (NASDAQ: AMSC - News), a leading energy technologies company, announced today continued growth in orders for its power electronics solutions for the global wind power market. The company's PowerModule(TM) power converter technology has been selected to manage power for a unique wind energy storage system - a new product that is expected to increase the uniformity of electricity from wind farms. AMSC also reported another new order for its D-VAR® reactive compensation product - in this latest case to enable connection of a wind farm in Scotland to the local power grid.
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AMSC's PowerModule power electronic converters have been ordered by VRB Power Systems, Inc. ("VRB Power") of Vancouver, British Columbia and will be integrated into their energy storage systems. This energy storage technology, developed by VRB Power, has the ability to store excess wind-generated energy when the demand is low, and release it when the demand exceeds the available wind generated power. The storage system has the potential to increase the supply reliability of wind energy and reduce the cost of the reserve requirements from generation plants (for more information please visit: vrbpower.com. This is a new application for PowerModules in the renewable energy space and expands the breadth of AMSC's offerings in the wind industry.
"AMSC's wind energy solutions are the products of choice for today's wind farm developers and contractors seeking to develop and deploy world class, wind-generation systems," said Greg Yurek, founder and CEO of AMSC. "The D-VAR has become the standard for wind farm operators facing strict grid interconnection standards while the PowerModule's flexibility and configurability makes it ideally suited for many industries and applications such as the renewable energy market."
AMSC also reported an order for a six megaVAR (MVAR) D-VAR system from Scottish Hydro Contracting for the Millennium wind farm, which is under construction in Scotland. This system will help regulate voltage so the 40-megawatt (MW) wind farm can meet the United Kingdom's grid interconnection standards. The Millennium wind farm will be the ninth wind farm located in the United Kingdom and the 26th wind farm worldwide to utilize AMSC's D-VAR solution. Delivery of the system is expected in the second half of calendar 2007.
With the addition of the Scottish wind farm and the VRB order, AMSC now has an installed base and orders for D-VAR and PowerModule solutions to serve nearly 3,000 megawatts (MW) of wind power worldwide - triple the amount served by AMSC 12 months ago. With approximately 15,000 MW of wind power capacity installed worldwide in 2006, the additional 2,000 MW served by AMSC over the past year represents a significant share of the overall wind power market.
About VRB Power Systems
Headquartered in Vancouver, Canada, VRB Power Systems Inc. (Toronto Stock Venture Exchange: VRB) is an energy storage technology developer which is marketing, selling and manufacturing products utilizing the patented VRB Energy Storage System ("VRB-ESS(TM)"). The VRB-ESS is particularly beneficial to renewable energy providers, utilities and end users through its ability to "inventory" electricity, allowing for the optimal match of supply and demand. Enabling the provision of "firm" capacity from intermittent renewable generation such as wind and solar; more cost effective and efficient generation of electricity in remote areas; capital deferral for utilities; and load leveling (peak shaving) applications. More information is available at www.vrbpower.com .
About Scottish Hydro Contracting
Scottish Hydro Contracting is the local business of Southern Electric Contracting in Scotland. The business offers a full range of mechanical and electrical contracting services including high voltage, electrical and instrumentation, inspection and test, and data communications. Clients in Scotland include the National Health Service (NHS), Tesco, Glaxo SmithKline, Aberdeen University and a range of local authorities. More information is available at www.sec.eu.com .
About AMSC
AMSC (American Superconductor Corporation - NASDAQ: AMSC) is a leading energy technologies company. The company develops and sells a wide range of products and solutions based on power electronic systems and high temperature superconductor (HTS) wires that dramatically improve the efficiency, reliability and quality of electricity during its generation, transmission, distribution and use. The company is a dominant force 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, AMSC is enabling a new generation of compact, high-power electrical products, including motors, generators, power cables, grid-level surge protectors, 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.amsuper.com .
American Superconductor and design, Revolutionizing the Way the World Uses Electricity, AMSC, Powered by AMSC, SuperVAR, D-VAR, DVC, PQ-IVR, PowerModule 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.
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