American Superconductor (NASDAQ NM: AMSC) - 500 Beiträge pro Seite

[Gatsby2]

Es geht um Strom, oder genauer darum, wie man ihn möglichst verlustfrei von A nach B bekommt. American Superconductor stellt supraleitende Starkstromkabel her, und der nächste Stromausfall an der Ostküste kommt bestimmt.

Charttechnisch zeigt sich gerade die Korrektur, nachdem das Ding zeitweise gnadenlos überkauft war:



Fundamentalisten finden den letzten Jahresbericht hier:

http://www.sec.gov/Archives/edgar/data/880807/00011931250301…

und den letzten Quartalsbericht hier:

http://www.sec.gov/Archives/edgar/data/880807/00011931250402…

AMSC war bis jetzt ein Cashburner, Breakeven ist für`s nächste Jahr angekündigt.

[Gatsby2]

Marktpsychologisch ist das Ding ganz gut positioniert, da es sowohl für Techies interessant ist, als auch dann ins Spiel kommt, wenn mal wieder Utilities in Mode sind. Ganz zu schweigen von der demnächst zu erwartenden Energy Bill des amerikanischen Kongresses, in der erhebliche Mittel zum Ausbau des Elektrizitätsnetzes vorgesehen sind.

Freundlicherweise war jemand so nett, eine kleine Analyse zu dem Wert zu verfassen:

Disclaimer---This post reflects the opinion of Tickerguy and Tickerguy only. It is a reflection of my own personal research and my judgement concerning that research . I urge readers to do their own due diligence and form there own opinions accordingly.


AMERICAN SUPERCONDUCTOR A CORNERSTONE INVESTMENT


EYES ALREADY ON 2005

Improving earnings are widely expected for AMSC. But the battle between the optimistic bulls and pessimistic bears is not over the improvement in CY04, but the improvement in 05 and 06.

There is limited value in knowing that the near-term earnings outlook is improving for AMSC. Management has stated the company will break-even by next March. So before this year has barely begun, investors should start to discount American Superconductor`s earnings and events anticipated in 05 and 06.

Investors will consider not only commercial contracts for HTS S-VARs, motors and cables but additional government contracts as well.
The government is a great growth market for AMSC. Nobody spends like the government, and the Department of Defense needs to have the best technology out there. The DOE and the Department of The Navy are really big on electronic warfare, and my guess is they will continue to spend aggressively.


NOT HIGH STRUNG, JUST WIRED

**
American Superconductor is a leader in developing superconducting wire for electric power applications, including power quality units, power cables, motors, generators, magnetic separators and transformers. The company`s power electronics modules for wind farms and distributed generations devices is of particular importance.

**
It is quite likely that numerous "Strong Buy" ratings will be issued on AMSC in front of what could be a long, hot summer for the public grid. If peak summer demand this year creates anything like the problems experienced last year, investors can expect significant incremental interest in American Superconductor`s product portfolio and substantial upside potential for this stock.

**
American Superconductor`s entry into the market for power electronics (S-VAR`s and motors) creates an opportunity for substantial incremental earnings. The power electronics for distributed generation devices could become a $10-billion industry by 2010.

**
In addition to potential electricity service disruptions this summer, a number of events could occur over the next six months that could provide positive catalysts for the stock. The company expects to receive its first HTS motor orders for commercial ships in the near future and additional power electronic orders from large wind farms in the U.S. and Canada.

**
American Superconductor is on its way toward profitiability, and could earn $4.00 to $5.00/share by 2007. Depending on the price earnings multiple used, a 20% discounted future earnings model would place todays share value between $40 and $80/share!

SEEING THROUGH THE MIST

In July 2003 at the Superconductivity Peer Review meeting the Department of Energy (DOE) announced AMSC`s second generation (2G) high temperature superconductor (HTS) wire in tests conducted by Oak Ridge National Laboratory (ORNL) had achieved commercial level performance.

The November 17th, 2003 issue of Applied Physics Letters the National Institute of Standards and Technology (NIST)stated that next-generation YBCO HTS wire(AMSC`s 2G)could withstand the strain tolerances of even the most demanding electrical applications.

The improvement in HTS wire durability and performance coubled with recent manufacturing breakthroughs positions YBCO wire to replace copper as the most cost effecient means to transport and utilize electricity in the future.

The manufacturing breakthroughs announced by AMSC and ORNL are expected to reduce the cost of 2G two to five times lower than first generation HTS wire and will significantly broaden the market for HTS-based products and applications. As a form-fit-function replacement for first generation wire, 2G will require no re-engineering of applications using first generation wire. With form-fit-replacement capability 2G will automaticallty inherit the market penetration of first generation HTS wire commercial applications. The "form-fit-replacement" strategy could accelerate 2G market penetration by as much as three years!


MACRO MAY

The macro environment for American Superconductor is the most favorable the company has ever faced. The recent massive blackout is highlighting weaknesses in the energy infrastructure, and attention on power quality is increasing as a result. The development of the internet and the economy`s growing reliance on sensitive electrical and electronic equipment have increased the need for high quality, reliable power by at least one order of magnitude higher than what the grid was designed for.

With the impending energy bill and FERC standards and penalities looming in front of utilities, providing reliable power could become an essential competitive advantage.

It is quite likely by May, with the begining of the summer season, the macro pressures of deregulation, competition and new government regulations will have exerted the maximum pressure on utilities to have upgraded their transmission and distrobution systems or placed orders to do so, much to the benefit of AMSC.

American Superconductor is developing a portfolio of products that is addressing the pressing needs of the power generation industry to increase transmission capacity and ensure a stable and reliable supply of power. The confluence of superconducting wire with a deregulating utility industry with an over-burdened grid is analogous to deregulation of the telecom industry 15 years ago and the use of fiber-optic cables. AMSC has the technology, manufacturing expertise and management team to take advantage of the significant opportunities that are now emerging.

CARL DID YOU SAY BILLIONS AND BILLIONS?

Carl Sagan became famous for his quote: "Billions and billions" and that would best describe American Superconductor`s future markets. The company is addressing and immediate to near term opportunity in HTS motors and S-VARs, that based on industry sources, are currently estimated at $10 - $15 billion per year. This market opportunity could expand significantly as end markets continue to grow and as the company makes technical progress toward dramatically lowering the cost of its HTS wire. In total, worldwide products based on superconductors sold to the electric power industry are expected to generate revenues of approximately $25 billion in 2014, according to industry sources, and improvements in HTS technology could create substantial upside to that estimate.

AMSC`s future markets are huge. Investors that anticipate those markets are in a position to make their investments ....."A

SUPER RELATIONSHIPS

American Superconductor has formed strategic relationships with large, international corporations that are dominant players in their respective fields as well as recognized Government laboratories and research centers, such as the Electric Power Research Institute (EPRI) and Oak Ridge National Laboratories (ORNL). During the past ten years, major international companies such as Electric de France (the number one utility company in the world), ABB (the number one transformer company in the world), Reliance Electric (a leader in industrial motors and generators, Alstom ( a leader in the UK for motor development) all of which have provided AMSC with funding, man-power and technical expertise to develop its products. AMSC has a co-branding agreement with GE, which is targeting commercial HTS products in the 2004 – 2005 timeframe. In addition, the company is in discussions with a number of major manufacturers to explore ways to develop and commercialize superconductor-based motors and generators.


A PENNY SAVED IS A PENNY EARNED

Through numerous improvements over the years in manufacturing and impressive gains in technical performance, American Superconductor has reduced the cost of its HTS wire to about twice that of copper wire. Its next-generation wire technology, slated for commercialization in late 2006 or early 07 will reduce the cost of HTS wire below that copper on a k/am/meter basis, making HTS wire the most cost efficient method of transporting and utilizing electricity in the future. Multi-billion dollar markets for super-conducting products become a certainty with cost reductions of this magnitude.

American Superconductor has already achieved limited commercialization for some of its superconductor products, such as D-VARs, S-VAR and even SMES units. Commercialization of HTS wire-based products is scheduled to occur over the next several years, with orders for S-VAR units already received and contracts for HTS motors expected within weeks.

AMSC has a long record of achievement and leadership in the technical development of superconductivity for electric power applications, and enjoys significant technological advantages over its closest competitors in several market areas, including HTS motors and HTS power module units. It would appear that AMSC is several years ahead of its closest competitor in the development of HTS wire products. American superconductor has a very strong intellectual property portfolio, with hundreds of issued and pending patent and licenses.

PRICE TARGETS AND NEAR TERM CATALYSTS

The calculated current valuation of AMSC shares is based on an EPS projection for the company for CY 07 (March of 07 to March of 08), the companies third fiscal year of projected profitability. An applied mean terminal EPS multiple of 40x to the projected EPS of $5.00 for CY 07, and discounted this future target stock price by an annual discount cash flow (DCF) rate of 20% to arrive at a theoretical current value of $80 per share. The applied DCF of 20% is arrived at using an estimated cost of money of 5% and a risk discount of 15%. While some may consider this a relatively low DCF (many venture capitalist use DCF’s of 30% or greater) this writer believes the lower rate is appropriate because of the company’s improvements in HTS technology and production processes (see post 14,285 - Cornerstone Investment (2), “Seeing Through The NIST”), the addition of important new product lines and progress toward commercialization. In addition, recent changes in the electric regulatory and demand environment increase the value of the company’s product portfolio and thus further justify the 20% DCF rate. In addition the company has spent heavily on R&D (fiscal 2000 through fiscal 2003 should be AMSC’s peak loss years) and that American Superconductor has been moving toward profitability for some time. AMSC should turn profitable in CY05 and increasingly thereafter, as the company ramps up it current TVA, LIPA and Navy contracts buttressed by new orders for commercial HTS ship motors and D-VAR’s for wind farms and other distributed energy sources.

EPS/PE/DCF VALUATION SENSITIVITY ANALYSIS

CY 07 TERMINAL EPS March 07 through March 08 Terminal P/E (March 07 through March 08) 35X 40X 45X

Earnings/share--- $4.00 $56.26 $64.26 $72.34
..................$5.00 $70.33 $80.38* $90.42
..................$6.00 $84.39 $96.45 $108.51

* $80.83 in the mid-range valuation.



POTENTIAL MARKET OPPORTUNITY

American Superconductor is an industry leader in the development of high-temperature superconducting material for wire and wire-based products. The company is addressing an estimated market opportunity of $15 Billion for its S-VAR product in the United States alone. Worldwide the initial S-VAR market could be as high as $25 Billion.
HTS commercial ship motors represent another major market opportunity for American Superconductor. The first such orders are expected this March. Full 24/7 load test are currently being conducted and results of those tests are expected to be released during the companies 3Q conference call scheduled for mid-February.

Wire is an integral component of most products that transmit, transfer or utilize electricity. Superconducting wires provide significant advantages over conventional wires because superconducting wires conduct electricity with little or no energy loss, enabling them to transmit much larger amounts of electricity than conventional wires of the same size. American Superconductor’s HTS wire can carry up to 100 times the current that copper wire of the same dimensions can carry. These underlying characteristics lead to the potential for more efficient, smaller and lighter electrical products and equipment, such as motors, generators, power transmissions cables and transformers. The current copper-based market for each of these products is already in the billions of dollars. HTS technology is now in a position to supplant current copper-based products, not only in the United States but worldwide.

SHOOT ME THE JUICE BRUCE

Just as the combination of industry deregulation and the introduction of an advanced material, fiber optics, revolutionized telecommunications by creating competition and catalyzing an explosive growth in bandwidth, so too could the confluence of deregulation, grid obsolescence, energy demand and superconducting materials transform the utility industry. Increased competition demand utilities increase capital spending to improve their ability to generate and distribute growing amounts of high-quality power. American Superconductor stands at the epicenter of a new and exciting process that is about to transform the utility, electrical and energy industries of the world. It is quite likely that American Superconductor’s disruptive technology will be embraced by these industries in not to distant future, creating a tidal wave of profits for AMSC and its shareholders!

Increasing electricity consumption has been fueled, in part, by the power requirements of the growing number of computers and servers connected to the Internet. Recent indications are that IP, computer usage and new Internet uses such as VoIP are fueling an escalating demand for high-quality power. Estimates suggest that the Internet is contributing as much as 40% of the incremental demand for electricity. U.S. utilities are already straining to generate, transmit and distribute sufficient energy to meet the increasing demand for electric power. The numerous power outages and spikes in spot prices for electricity experienced last summer underscore the need for significant investment in the electricity infrastructure. Even President Bush in his “State of The Union Message” urged Congress act:

"Consumers and businesses need reliable supplies of energy to make our economy run so I urge you to pass legislation to modernize our electricity system..."

Not only is there economic pressure to modernize the U.S. grid with American Superconductor’s kinds of products but there is political pressure to modernize as well.

American Superconductor is developing a range of products, including HTS power cable, transformers, motors, generators, magnetic separators and fault current limiters, and power-electronics modules for distributed generation devices. Industry experts estimate that by 2014 the markets addressed by the company’s superconducting products will generate a $25 billion market opportunity. With an assumed market share of 25%, the opportunity for the company’s superconductor-based products, including wires and derivative products, power-quality systems and components (such as wire leads and cryogenics), could be $6-7 billion. Furthermore, the market for distributed generation power electronics could provide another $10 billion to that market opportunity by 2010 -2014. AMSC’s gross margins should rise to 45% in the years ahead. With operating margins of 45%, only a few of the markets that AMSC is addressing need to develop to reward current shareholders handsomely for having invested.

A WINNER BY A WIRE

American Superconductor’s products fall into three categories: (1)Electric Power Infrastructure, (2) Power Quality and (3) Industrial Applications.

1. ELECTRIC POWER INFRASTRUCTURE

Electric Power Infrastructure Products
……HTS Power Cables
……HTS Transformers

Electric Power Infrastructure Product Commercialization Schedule
……HTS Power Cables-------March 2007
……HTS Transformers-------March 2008

Electric Power Infrastructure 2010 Market Opportunity
……HTS Power Cables------- $6 Billion
……HTS Transformers------- $4 Billion

CABLE ME IN LONG ISLAND

HTS power cables are designed to provide more efficient and economical ways to transmit electric power. Power cable made from the company’s HTS wire can carry three to five times the current of traditional copper cable through the same right-of-way. In this regard, HTS cable in the electric power industry is analogous to fiber-optic cable in the telecom industry. The market for transmission power cables was estimated at about $5 billion in 1999 and even the most conservative estimates expect this to grow to $6 billion by 2010, and American Superconductor’s content could approximate 20% of the value of a HTS power-cable system.

American Superconductor is lead contractor for the $30 million LIPA (Long Island Power Authority) HTS cable project. The project is scheduled for completion in March 2006. Successful field demonstrations could generate significant order activity for HTS cables. Transmission cable retrofit projects in urban power grids, such as Long Island where the cost of laying new cable is prohibitive, could be a major market opportunity for American Superconductor. HTS cable can be laid through existing underground rights-of-way without major construction work. HTS cables could capture annual market share of 10% within three years of commercial introduction. In fact the size of the addressable power cable market could more than double with the introduction of AMSC’s second generation HTS wire (2G wire).

ABB And the TRANSFORMERS

HTS transformer wire will be used in HTS transformers, which are expected to be smaller, lighter and more environmentally friendly than conventional transformers. Their function is to lower or raise electricity system voltages to improve transmission efficiency. According to the Department of Energy, electricity typically passes through at least three transformers before final use, leading to electricity losses of about 3-6%. Use of HTS wire instead of copper should reduce losses by half. HTS transformers could be up to 50% smaller than copper-wire transformers, and will not pose a fire hazard because they do not require flammable cooling oil.

The global market for power transformers in the size where HTS will be applicable (30MVA and up) was more than $3.5 billion in 1997. Estimating the market opportunity for HTS transformers in 2008 at $4 billion is very conservative number. In fact adjusting for inflation and world electrical growth the transformer market opportunity may be closer to $8 billion in 2008 than $4 billion. The company has been working to develop HTS transformer wire with ABB, the largest global transformer supplier, and EDF, the world’s largest utility. American Superconductor, ABB and EDF shelved their efforts in this area until the company’s introduction of 2G wire. The transformer development should resume with the start-up of the 2G pilot facility scheduled for sometime in 2006, expect commercially available HTS transformers once 2G wire is available in volume. It is reasonable to estimate that American Superconductor’s content in 2G HTS transformers would be about 30%, using early BSCCO prototype transformers as a guide.

2. POWER QUALITY

Power Quality Products
……HTS Power Cables
……S-VAR & D-VAR

Power Quality Product Commercialization Schedule
……HTS Power Cables-------March 2007
……S-VAR & D-VAR -------March 2005

Power Quality Market Opportunity By 2010
……HTS Power Cables------- $6 Billion
……S-VAR & D-VAR ------ $15 Billion


FAT IS WHERE IT’S AT

American Superconductor’s HTS cable is also a power quality device. HTS power cables are slightly fatter than conventional cables but carry three to five times more electricity. Given that many of the power outages and disturbances (blackouts and brownouts) of the last two summers were not the result of insufficient power generation but rather inadequate transmission and distribution capacity, it is obvious that HTS cable could be an important solution to the power quality problems plaguing the public grid. HTS power cables should be especially attractive for urban retrofit projects, where the cost of digging up streets to create new rights-of-way is extremely high.


IT’S A WON-D-VAR LIFE

According to the American Wind Energy Association in 2001, the international wind power industry installed over 6,500 megawatts (MW) of new wind energy generating capacity, bringing the total worldwide installed capacity to about 24,000 MW. In the U.S. close to 1,700 new megawatts came on line in 2001. U.S.wind farms are currently generating more than 10 billion kilowatt-hours (kWh) annually, enough to power one million average American homes. As customer demand for clean energy grows and the cost associated with wind power continues to drop, utilities should increase their use of this clean, reliable energy resource.

Developers have begun concentrating large numbers of wind generators at a single location commonly called a wind farm. Most wind farms are in remote locations and deliver their power over long distances on relatively weak transmission lines. As a result, remote wind farms consume large amounts of reactive power creating unacceptable voltage fluctuations in the transmission and distribution (T&D) lines that carry their power. American Superconductor’s system provides a cost-effective solution. A D-VAR system benefits both the wind farm operator and the T&D operator by detecting any voltage disturbances and injecting appropriate reactive power into the grid when and where needed.

American Superconductor`s D-VAR system eliminates the power delivery failures caused by reactive power drains from wind farms and enables wind farm operators to connect to the T&D line to sell their power.

Electricity generated by wind farms (using D-VARs to enhance power stability and reliability) is growing rapidly. In the first half of FY04, American Superconductor’s orders increased over 400%, much of the order increase related to wind farm D-VAR orders. The wind farm industry, expected to grow at a 15% to 20% compounded annually over the next decade, could be a huge market for D-VAR technology.

RISKS:

1. NON-RECURRING REVENUE STREAM.
American Superconductor’s efforts in commercialization are still relatively young. It’s not uncommon for companies seeking to establish a new industry or introduce game changing technology in an established industry to take fifteen years or more before making real inroads.

So does AMSC have business momentum? Does American Superconductor’s recent revenue growth create its own sustainable momentum such that AMSC could beat back competition through sheer force of growth? While one can envision the company making money through achievement of ubiquity of HTS wires, at the moment American Superconductor’s income statement is dominated by one-time purchases and does not indicate a sustainable advantage for the company. Without a sustainable commercial advantage, AMSC runs the risk of being usurped by much larger companies that have the financial muscle to capture and dominate AMSC’s potential markets. This risk is mitigated by AMSC’s status as the worlds lowest cost, highest quality BSCCO wire manufacturer in the world. American Superconductor must maintain this advantage with 2G manufacturing if it expects to maintain a sustainable advantage over its competition in the future.

2. POLITICAL
Many of American Superconductor’s sources of revenue are government-based projects. Should worldwide funding for “Superconductor Initiatives” be cut back or funds circumvented to other energy projects the company’s revenue growth could come to a standstill. Expansion of worldwide funding for super conducting projects is required for AMSC’s revenue growth to continue. The recent decline in AMSC’s share price after an announcement by the Department Of Energy that funds for the “Superconductor Initiative” projects in the U.S. were not being funded (due to other energy mandates) appeared to contribute to AMSC’s recent price decline. Worldwide cancellations or severe reductions of government sponsored superconductor programs would bring the company’s growth to a standstill with potentially devastating results for shareholders.

3. TIME TABLE ROLLOUT
American Superconductor is a “late developmental-early commercialization” stage company with both technological and commercial challenges. The company’s SMES product is but one example of how the best laid plans can go awry with enormous consequences to shareholders. There remain a number of engineering challenges the company must successfully address to complete the commercialization and development efforts of its HTS products. The company has already made substantial progress in increasing current density and reducing production costs for 1G and must continue that progress with 2G in order to maintain a sustainable advantage over its competition. It is critical that AMSC maintain its rate of progress in both the technological and commercial arenas. The importance of a timely rollout of 2G can not be overstated. Multi-filament is the basis for prototype development and coated conductor is the basis for commercial viability. Should the American Superconductor find it necessary to rollout the time table for 2G manufacturing and or commercial revenues from prototype products, the company could find itself cash starved and unable to compete in the future.

4. PROJECT FAILURES
The Detroit Edison project was to be an important demonstration of the capabilities of HTS wire. The project is a “Dead Duck” to quote management. While the failure of the project is most likely attributable to cryogenic cooling problems the result remains the same---The project was a failure, with devastating consequences to AMSC shareholders. The LIPA project is an important demonstration. Failure of the project could have dire consequences for shareholders. Even if the project is a success, the company will need to be able to manufacture commercial volumes of such wire and wire products in a cost-effective manner. It appears that to date 2G has shown continual linear improvements in necessary properties and potential production costs and the company should be able to provide a competitive solution to the problem of upgrading urban power grids. LIPA must be successful---any degree of project failure would be extremely negative for shareholders.

5. TECHNOLOGICAL OBSOLESCENCE
It has been 15 years since AMSC began the quest to establish the superconducting industy. Many of its orginal patents are about to expire. Patents issued prior to 1995 have a 17 year life, those after 1995 have a 20 year life. Soon much of AMSC’s original technology patents will become “public domain” property. To date neither AMSC or any of its partners have established any commercial markets for products incorporating HTS wire. As a result, American Superconductor could soon face substantial additional competition in the super conducting arena from larger and better-financed corporations using the very technology pioneered by AMSC in the late 1980’s.

AMSC may never develop HTS commercial markets because of better technology developed by its competitors. In other words, AMSC has a double technological obsolescence risk---That its own technology is used against it or that better technology is developed by competitors--- either of these events could have dire consequences for current shareholders.

6. COMPETITION
A number of companies are working to bring to market high-performance, technologically advance, cost-effective HTS products, many of which have substantially greater financial resources, research and development, manufacturing and marketing capabilities that the company. Some of the company’s principal competitors in developing HTS products specifically for the power market include Sumitomo Electric, Furukawa Electric and Intermagnetics General. AMSC has not established a sustainable commercial market and is at risk that other large industrial companies will enter the company’s market. At present it appears AMSC has at least a 2 – 3 year technological lead over its closest competitors and hopefully its extensive patent portfolio will give it an edge that can exclude competition.

7. MANUFACTURING SCALE UP
As the company moves closer to the commercialization of HTS wire products, it is expanding production capacity to meet anticipated demand. With increasing scale, the cost of production should decrease materially. The company has had no historical experience in large-scale, volume production and there is no guarantee that the company will be able to do this is a cost-effective manner. The introduction of the company’s next-generation wire, expected to occur in fiscal 2005 will necessitate another capacity expansion, and similar risks will be involved.

8. FUTURE CAPITAL NEEDS AND DILUTION
Should revenue streams be rolled out because of slower than anticipated market penetrations, manufacturing difficulties, cost reduction challenges or any number of other difficulties the company could find it necessary to seek additional financing that could dilute current shareholder value substantially. However, based on its current business plan, the company should not require any further funding.

This concludes my “Cornerstone” series. I hope those who have read the series find it a helpful reference. In closing I would like to say:

This is not a widows and orphans investment but one for the risk taker who envisions hitting the investment ball out of the park. It is not without risk, and risk a plenty it has. But for those willing to take the risk it may prove to be the investment of a life time.

Interest in superconductivity is happening right before our eyes. Interest, sales and installations are on going at an ever-increasing pace. Now, the institutional community is beginning to take notice, as evidenced by the increasing institutional trading every day and the Needham underwriting last year. Profitability will soon follow. The train is open for seating and departure time is soon. I wonder who will occupy the seats? My group is already seated with window views because we got on board

[Gatsby2]

Press Release Source: American Superconductor Corporation


American Superconductor and GE Energy Announce Sale of D-VAR(R) Transmission Grid Reliability System to Long Island Power Authority
Monday March 29, 7:30 am ET
LIPA adopts dynamic reactive power solution to further increase reliability of electricity on Long Island and to reduce costs of transmission grid operation


WESTBOROUGH, Mass., March 29 /PRNewswire-FirstCall/ -- American Superconductor Corporation (Nasdaq: AMSC - News), a leading electricity solutions company, and GE Energy, a business of the General Electric Company (NYSE: GE - News), today announced the sale of a D-VAR (Dynamic Volt-Ampere-Reactive) reactive power compensation system to the Long Island Power Authority (LIPA). The D- VAR system will be installed in the East Hampton electrical substation located on the South Fork of Eastern Long Island to increase transmission grid reliability and to reduce the costs and environmental impacts associated with operating the grid during times of peak demand for electricity. This will be AMSC`s 22nd D-VAR system installed in North America.

Dynamic-VAR (D-VAR) systems provide a powerful yet highly cost-effective way to increase the reliability of power transmission grids by instantly injecting reactive power (VARs) into the grid at precise locations where voltage problems occur. D-VAR systems are based on AMSC`s proprietary power electronic PowerModule(TM) converters.

The system purchased by LIPA consists of one of AMSC`s D-VAR units and related GE equipment to provide needed dynamic reactive compensation to an area of the transmission grid that currently depends on fixed shunt devices and older, relatively high cost generation as the source of dynamic, reactive power. The D-VAR system provides LIPA with the flexibility of operating generators in the region only when it is absolutely necessary, which provides both an economic and environmental benefit.

"After in-depth evaluation of multiple options to further increase the reliability of our transmission grid in eastern Long Island we chose D-VAR," said Michael Hervey, Executive Director of Transmission and Distribution for LIPA. "High reliability, ease of installation and operation, and proven performance in multiple North American transmission grids over the last several years made D-VAR the right choice for us to meet our needs for dynamic reactive power compensation and to avoid costs and environmental impacts associated with running generators for this purpose."

LIPA`s first D-VAR unit, which requires no new construction or rights of way, will be located within an existing electrical substation on the South Fork of Eastern Long Island. The D-VAR unit will be installed this spring to start adding value to the LIPA power transmission system in the summer of 2004.

"LIPA is clearly a leader in the implementation of advanced grid solutions that are designed to increase reliability and decrease costs of power transmission," said Chuck Stankiewicz, vice president and general manager of AMSC`s Power Electronic Systems business unit. "We are delighted to be working with LIPA to meet their goals of continuously improving the reliability of electricity for their customers."

About D-VAR® Transmission Reliability Systems

For more information on transmission reliability systems based on AMSC`s D-VAR technology, see http://www.amsuper.com/html/products/transmissionGrid/104273…

About LIPA

The Long Island Power Authority (LIPA) owns the electric transmission and distribution system on Long Island and provides electric service to nearly 1.1 million customers in Nassau and Suffolk counties, and the Rockaway Peninsula in Queens. In terms of customers served, LIPA is the third largest municipal electric utility in the nation. More information on LIPA is available on http://www.lipower.org.

About GE Energy

GE Energy www.geenergy.com is one of the world`s leading suppliers of power generation and energy delivery technology, with 2003 revenues of nearly $18.5 billion. Based in Atlanta, Georgia, GE Energy provides equipment, service and management solutions across the power generation, oil and gas, transmission and distribution, distributed power and energy rental industries.

About American Superconductor Corporation (Nasdaq: AMSC - News)

AMSC is a world-leading supplier of dynamic reactive power grid stabilization products and the world`s principal vendor of high temperature superconductor (HTS) wire and large rotating superconductor machinery. AMSC`s power electronic converters and HTS wire are at the core of a broad range of new electricity transmission and distribution, transportation, medical and industrial processing applications, including dynamic reactive power grid stabilization solutions, large ship propulsion motors and generators, smart, controllable, superconductor power cables and advanced defense systems. The Company`s products are supported by hundreds of patents and licenses covering technologies fundamental to Revolutionizing the Way the World Uses Electricity(TM). More information is available at http://www.amsuper.com.

American Superconductor, SuperMachines, PowerModule and Revolutionizing the Way the World Uses Electricity are trademarks of American Superconductor Corporation. All other trademarks are the property of their respective owners.

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.




----------------------------------------------------------

Source: American Superconductor Corporation

[BoersenforscherZett]

Hier mal ein Chart mit eingefärbterten Bollinger Bändern. Momentan deutet der Mustervergleich eher auf einen Kursaufschwung hin (vergleich aktuelle Situation mit Ende 2002).

[Gatsby2]

Oh, mein lieber Boersenforscher, Dir scheinen da etwas die Charts durcheinandergeraten zu sein. :O

SCON macht doch ganz was anderes, nämlich Frequenzfilter für Mobilfunkanlagen. Aufschwung könnte ich mir da allerdings auch vorstellen, vor allem wenn es ihnen gelänge, ISO an die Wand zu drücken.

[BoersenforscherZett]

Oh, das ist mir gar nicht aufgefallen, dass es mehrere Unternehmen mit dem Namen gibt. Ich gucke mehr so auf die Charts als auf die Tätigkeiten des Unternehmen.

[Gatsby2]

Press Release Source: American Superconductor Corporation


American Superconductor Takes Equity Stake in New Company to Address Market for High Temperature Superconductor Components
Monday April 5, 7:30 am ET
New Zealand-based HTS-110 to design and manufacture electromagnetic coils, magnets and current leads incorporating AMSC`s high temperature superconductor wire


WESTBOROUGH, Mass., April 5 /PRNewswire-FirstCall/-- American Superconductor Corporation (Nasdaq: AMSC - News), a leading electricity solutions company, today announced it has taken a 20 percent equity position in HTS-110, a new business derived from Industrial Research Limited (IRL) -- one of New Zealand`s leading technology companies. HTS-110 will design and manufacture HTS electromagnetic coils, magnets and other HTS devices for end users and original equipment manufacturers exclusively utilizing AMSC`s HTS wire. The non-cash transaction consists of transferring AMSC`s CryoSaver® current leads business to HTS-110, granting non-exclusive licenses to certain coil patents, and providing training for current lead and magnet design and fabrication.
"We are creating a new business that will meet the growing global demand for HTS components for a wide array of applications," said Geoff Todd, chief executive of HTS-110. "More companies worldwide are seeking ways to use HTS technology to improve their products. Working together with these companies we can reduce their development costs and bring new HTS products to the market in significantly less time."

"Because our products will be powered by AMSC wire we will have a particularly strong competitive advantage in the emerging market for HTS components," said Todd.

Current applications for HTS-110`s products and services include electromagnets for scientific instruments and very high-speed generators. Future applications will likely incorporate accelerator magnet systems and magnetic separation magnets. Initially, HTS-110 is targeting markets in the U.S., Japan and Europe.

"We are delighted to enter into this business relationship with HTS-110," said David Paratore, president and chief operating officer of AMSC. "We believe HTS-110 is well positioned to help expand the market for HTS products around the world providing AMSC an additional opportunity to increase HTS wire sales."

Paratore commented that AMSC is not restricted in selling HTS wire to other companies and will continue to sell to customers who are developing their own HTS components and products that incorporate HTS wire.

AMSC and IRL have worked together for more than 10 years in developing and engineering first generation (1G) HTS wire and devices. In February 2004, IRL was awarded a U.S. patent on the HTS compound that is used in commercial 1G HTS wire; AMSC is the exclusive licensee of this patent (see http://www.amsuper.com/html/newsEvents/news/10335061601749.h…).

Shareholders in HTS-110 include Industrial Research, Endeavour Capital Ltd and AMSC. Greg Yurek, chairman and chief executive officer of AMSC has been named a director of HTS-110.

More information about HTS-110 is available at www.HTS-110.com.

About American Superconductor Corporation (Nasdaq: AMSC - News)

AMSC is a world-leading supplier of dynamic reactive power grid stabilization products and the world`s principal vendor of high temperature superconductor (HTS) wire and large rotating superconductor machinery. AMSC`s power electronic converters and HTS wire are at the core of a broad range of new electricity transmission and distribution, transportation, medical and industrial processing applications, including dynamic reactive power grid stabilization solutions, large ship propulsion motors and generators, smart, controllable, superconductor power cables and advanced defense systems. The company`s products are supported by hundreds of patents and licenses covering technologies fundamental to Revolutionizing the Way the World Uses Electricity(TM). More information is available at www.amsuper.com.

American Superconductor, SuperMachines, SuperVAR and Revolutionizing the Way the World Uses Electricity are trademarks and D-VAR is a registered trademark of American Superconductor Corporation. CryoSaver is a registered trademark of HTS-110. All other trademarks are the property of their respective owners.

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.




--------------------------------------------------------------------------------
Source: American Superconductor Corporation

Quelle: http://biz.yahoo.com/prnews/040405/nem004_1.html

[Gatsby2]

SCHLUSSBERICHT

Blackout in USA war vermeidbar

Es ist ein verheerendes Zeugnis, das eine amerikanisch-kanadische Untersuchungskommission den Stromversorgern ausstellte. Fazit im Schlussbericht: Zu dem großen Stromausfall in acht US-Staaten und Kanada im vergangenen Sommer hätte es nicht kommen müssen. Und es kann jederzeit wieder passieren.

Washington - Wenn die Stromversorger ihre eigenen Vorschriften beachtet hätten. Das erklärte eine amerikanisch-kanadische Untersuchungskommission in ihrem am Montag in Washington veröffentlichten Schlussbericht zum Blackout vom 14. August.

Der Vorfall sei vermeidbar gewesen und es könnte wieder so weit kommen, wenn die Kontrolle des Stromnetzes nicht verbessert werde.

Der Schlussbericht bekräftigte das Ergebnis eines Zwischenberichts vom November, in dem der Ursprung des Stromausfalls von Michigan bis New York auf Stromleitungen in Ohio zurückgeführt wurde.

Kommunikationsprobleme hätten die Folgen verschlimmert, zudem sei fehlerhaftes Material und unzureichende Ausbildung zu kritisieren. Alles in allem sei der Blackout vermeidbar gewesen.

Im US-Kongress hat es trotz dieser seit einem halben Jahr vorliegenden Erkenntnisse aber keine Initiative gegeben, die Probleme zu lösen. Die Regierung von Präsident George W. Bush stimmt zwar der Notwendigkeit zu, die Selbstkontrolle der Industrie zu beenden und Verstöße gegen Sicherheitsvorschriften mit empfindlichen Strafen zu belegen. Differenzen in der Energiepolitik im Allgemeinen haben es aber bisher verhindert, dass das Thema angepackt wird.

US-Energieminister Spencer Abraham und sein kanadischer Kollege John Efford verlangten nun Taten. "Vordringlich muss die Einhaltung von Zuverlässigkeitsregeln verbindlich gemacht werden, mit substanziellen Strafen bei Verstößen", sagten sie. Zur Zeit gebe es nur eine Selbstkontrolle der Industrie, die keine Strafen aussprechen könne.

Quelle: http://www.spiegel.de/wirtschaft/0,1518,294209,00.html

[Gatsby2]

Press Release Source: American Superconductor Corporation


American Superconductor High Temperature Superconductor Wire Powers Prototype Coil for Japanese Maglev Train System
Tuesday May 11, 8:42 am ET
Central Japan Railway`s new coil design demonstrates practicality of using lower cost HTS technology


WESTBOROUGH, Mass., May 11 /PRNewswire-FirstCall/-- American Superconductor Corporation (Nasdaq: AMSC - News), a leading electricity solutions company, today announced that Central Japan Railway Company ("JR Central")has successfully utilized AMSC`s high temperature superconductor (HTS) wire in a prototype electromagnetic coil designed for use as the lifting component in JR Central`s magnetically levitated ("maglev") train system.

The maglev train is the vehicle being considered for Japan`s Chuo Shinkansen, an alternate route connecting Tokyo to Osaka. Continued economic and technical success will make HTS electromagnets a strong candidate for the maglev train. The total potential HTS wire requirement for a full, commercial maglev train system is expected to exceed 100 million meters.

JR Central designed the HTS maglev coil and specifically chose AMSC`s wire for this project for its high current-carrying capability. To optimize the current density, AMSC provided bare wire without the standard strengthening process of stainless steel lamination that is utilized on AMSC`s wire for most other applications. Final development and fabrication of the coil was completed by Toshiba Corporation using a new HTS coil manufacturing technique. Recent improvements in the coil winding techniques made it possible to maximize the current density of this special wire while meeting vibration requirements for the maglev train.

"We are honored to have been able to contribute to JR Central`s successful demonstration of HTS coils for maglev," said David Paratore, president and chief operating officer of AMSC. "We are dedicated to working hard and to collaborating with our Japanese colleagues to help make HTS maglev a success in Japan."

JR Central and Japan`s Railway Technical Research Institute`s (RTRI) current maglev train system, which today must rely on low temperature superconductor (LTS) electromagnets, recently set a world speed record of 581 kilometer per hour (360 miles per hour) for the highest speed attained by a manned superconducting magnetically levitating train while "flying" about 10 centimeters (4 inches) above its "track."

Advantages of switching from LTS to HTS electromagnets include reduction of both capital and operating costs for the Maglev train system, JR Central announced recently.*

HTS Technology: More Robust, Lower Cost of Cooling

JR Central reported that its HTS maglev coils can be cooled by means of direct thermal contact with refrigeration systems and therefore do not require the liquid helium cooling needed for the LTS coils currently being used in the maglev train system at the Yamanashi Maglev Test Track. JR Central also reported that its HTS coil met electrical and vibration requirements it has established for superconductor maglev trains.

JR Central expects to display HTS coils at the JR Central Pavilion "Invitation to the Ultimate Surface Transit System" exhibit at the 2005 World Exposition to be held in Aichi, Japan starting on March 25, 2005.

Development of JR Central`s HTS coil technology was achieved through collaboration with the International Superconductivity Technology Center (ISTEC) in Tokyo and was funded in part by Japan`s New Energy Development Organization (NEDO).

About Central Japan Railway Company

Central Japan Railway Company (JR Central, also known as JR Tokai) commenced operations in April 1987 upon the privatization and breakup of the Japanese National Railways (JNR). The core of JR Central`s operations is the Tokaido Shinkansen, the main transportation artery linking Japan`s principal metropolitan areas of Tokyo, Nagoya and Osaka. JR Central also operates a network of conventional train lines centered on the Nagoya and Shizuoka areas. The Company and its consolidated subsidiaries are strengthening affiliated businesses by making full use of its stations and trains. For more information on the Yamanashi Maglev Test Line see http://www.pref.aichi.jp/kotsu/rinia/4_e.html. To learn more… .

About American Superconductor

AMSC (Nasdaq: AMSC - News) is a world-leading supplier of dynamic reactive power grid stabilization products and the world`s principal vendor of high temperature superconductor (HTS) wire and large rotating superconductor machinery. AMSC`s power electronic converters and HTS wire are at the core of a broad range of new electricity transmission and distribution, transportation, medical and industrial processing applications, including dynamic reactive power grid stabilization solutions, large ship propulsion motors and generators, smart, controllable, superconductor power cables and advanced defense systems. The company`s products are supported by hundreds of patents and licenses covering technologies fundamental to Revolutionizing the Way the World Uses Electricity(TM). More information is available at www.amsuper.com.

For more information on JR Central`s recent announcement and accompanying photographs and charts, see http://www.jr-central.co.jp/info_e.nsf/doc/e_news16 .
American Superconductor and Revolutionizing the Way the World Uses Electricity are trademarks of American Superconductor Corporation. All other trademarks are the property of their respective owners.

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; and 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.




--------------------------------------------------------------------------------
Source: American Superconductor Corporation

[Gatsby2]

Press Release Source: American Superconductor Corporation


American Superconductor Reports Fiscal 2004 Fourth Quarter and Year End Results
Thursday May 13, 7:30 am ET
-- Revenues for fiscal 2004 nearly doubled to a record $41.3 million -- Power Electronic Systems receives new order for four industrial D-VAR(R) systems


WESTBOROUGH, Mass., May 13 /PRNewswire-FirstCall/ -- American Superconductor Corporation (Nasdaq: AMSC - News), a leading electricity solutions company, today reported financial results for fiscal 2004 and the fourth quarter ended March 31, 2004.
Net revenues for fiscal 2004 increased 97% to a record $41.3 million from net revenues of $21.0 million for fiscal 2003. The net loss for fiscal 2004 was $26.7 million, or $1.10 per share, compared to a net loss of $87.6 million, or $4.21 per share, in fiscal 2003. Included in the net loss for fiscal 2003 were non-cash charges totaling $45.3 million related principally to an impairment of fixed assets.

For the fourth quarter, net revenues increased 6% to $11.6 million from net revenues of $10.9 million for the fourth quarter of fiscal 2003. The net loss for the quarter totaled $4.5 million, or $0.16 per share, compared with a net loss of $54.0 million (including non-cash charges of $45.3 million), or $2.54 per share, for the fourth quarter of fiscal 2003.

American Superconductor ended fiscal 2004 with cash, cash equivalents and short and long-term investments of $52.6 million and no long-term debt, compared to $20.0 million at March 31, 2003 and $56.9 million at December 31, 2003. The company`s use of cash in the fourth quarter was $4.3 million.

"We continued to achieve excellent growth in revenue year-over-year in fiscal 2004," said Greg Yurek, chief executive officer. "Fiscal 2004 was also significant in that we strengthened our balance sheet through an equity offering that yielded $51.1 million net to the company as we continued to reduce our cash burn and control expenses. We expect to continue on this path of rapid revenue growth because our current backlog provides visibility to at least $46 million of revenue in fiscal 2005."

Power Electronic Systems Increases Backlog

The company reported today that its Power Electronic Systems business received an order in the current quarter from a major U.S. semiconductor manufacturer for four industrial power quality systems. The four PQ-IVR(TM) (Power Quality-Industrial Voltage Restorer) systems, which are an industrial version of the company`s D-VAR systems, are expected to be installed during the August-December 2004 period. Their purpose is to substantially improve the productivity of one of this semiconductor manufacturer`s facilities in the U.S. by protecting it from power quality issues.

"We believe our Power Electronic Systems business is well positioned to meet the needs of customers coming from three sectors -- transmission grids, wind farms and manufacturing," said Yurek. "While policy, regulatory and legislative bodies continue to debate whether or not to create enforceable transmission grid reliability standards -- which we expect will help improve our sales to the transmission sector -- we are gratified that sales to wind farms have continued and that the manufacturing sector is starting to improve. We expect that this mix of customers from different sectors will create both more sales and more uniform revenue growth as changes occur in any one sector due to seasonality or economic cycles."

The new order for four PQ-IVR systems reported today increases the current backlog for Power Electronic Systems to be recognized as revenue in fiscal 2005 to approximately $10.0 million.

SuperMachines Business Expected to Continue to be Self-Sustaining

The company reported that its SuperMachines business was profitable in fiscal 2004 and that it generated approximately $1.5 million in cash. The company expects to run this business at breakeven in fiscal 2005 as it reinvests profits from the SuperMachines business to accelerate product development and commercial introduction of SuperVAR synchronous condensers and ship propulsion motors.

"Our goal for SuperMachines is to continue to be self-sustaining -- with zero net cash burn -- during the final stages of commercialization of superconductor rotating machines for ship propulsion and transmission grid reliability," Yurek added.

The company stated that SuperMachines revenues in fiscal 2005 are expected to be significantly higher in the second half compared to the first half of the fiscal year. "The variation in revenues between the first and second half is primarily a timing issue, driven by the U.S. Navy`s decision to provide more of its funding for the 36.5-megawatt ship propulsion motor program in the second half of our fiscal year 2005," said Yurek.

Yurek added that the 36.5-megawatt ship propulsion motor program is on schedule and on budget. In addition, the 5-megawatt ship propulsion motor that AMSC delivered to the Navy in July 2003 has successfully completed preliminary testing at the Navy-funded Center for Advanced Power Systems (CAPS) in Florida and is scheduled to begin full-load testing next month upon completion of the CAPS facility. "The 5-megawatt motor already completed successful load testing a year ago," said Yurek. "The CAPS test plan is directed to exposing this motor to varying loads under simulated ship mission profiles. Based on results so far, we expect that this first-ever HTS ship propulsion motor will pass the next round of tests with flying colors."

The SuperMachines business installed its first prototype SuperVAR synchronous condenser in a TVA substation in western Tennessee and started initial operation of this machine in January 2004. Based on results of the initial shakedown of this prototype, the machine was disassembled in order to implement an improved rotor design. The new rotor is currently being fabricated and factory tests of the advanced SuperVAR prototype will be conducted next month. This prototype is expected to be re-installed in the TVA substation and synchronized with the grid by the end of July 2004.

"The TVA-AMSC collaborative effort to design, develop and commercially introduce SuperVAR machines has been impressive," said Yurek. "We are optimistic that this joint effort will lead to the release of TVA`s order for SuperVAR machines by the end of our fiscal year."

AMSC Wires: Shipments Expected to Increase by More than Four Times in Fiscal 2005

The AMSC Wires business unit manufactured and shipped a record 155,000 meters of HTS wire in fiscal 2004. This business unit has been regularly producing 1,000 to 1,200 meter lengths of HTS wire that conducts more than 140 times the current of copper wire of the same dimensions - manufacturing performance metrics that significantly exceed the best performance of any of the company`s competitors worldwide. AMSC Wires entered fiscal 2005 with a record backlog of orders for over 550,000 meters of HTS wire that it expects to manufacture and ship to customers in fiscal 2005.

"We expect to also close additional orders during fiscal 2005 enabling us to manufacture and ship at least 650,000 meters of wire this year - an increase of 4X over fiscal 2004 and clearly a world record for the emerging HTS wire industry," said Yurek. "This ramp up from 155,000 meters shipped in fiscal 2004 - our first full year of operation of our new wire plant - will be quite significant. We are confident, based on the accelerating rate of production we achieved in the last quarter of fiscal 2004 and continued


production efficiencies in fiscal 2005, that we will be fully successful in
achieving this next significant step in the growth of AMSC Wires."

Earlier this week, AMSC reported that it has been selling its HTS wire to Central Japan Railways ("JR Central"), which had succeeded in demonstrating the practicality of using AMSC wire in their magnetically levitated ("maglev") train system. "JR Central has always had the toughest wire specs in terms of wire length and electrical performance of any of our customers worldwide," said Yurek. "We plan to manufacture and ship additional wire to JR Central this year. The potential market for HTS wire for their maglev train systems is very high, exceeding 100 million meters per train system - a wire market that we are well positioned to lead."

The company reported that its contract to design, develop, manufacture and install a 138-kilovolt transmission cable system within the Long Island Power Authority (LIPA) grid on Long Island is on schedule and on budget. The cable, which will be manufactured by Nexans and powered by AMSC wire, is expected to be in the LIPA grid as scheduled by the end of calendar year 2005. In fiscal 2005, AMSC expects to ship over 120,000 meters of HTS wire to Nexans for the LIPA superconductor cable.

Yurek commented that AMSC`s second generation (2G) HTS wire research and development program achieved world-leading results in fiscal 2004. "The breakthrough results we have achieved in the performance of our nanotechnology-enabled 2G wire have been outstanding," said Yurek. "Our new pre-pilot production line for 2G wire will be up and running soon and we expect to be well positioned, based on results from the pre-pilot line, to start making significant investments in a 2G pilot manufacturing line as we enter fiscal 2006."

Guidance for Fiscal 2005

AMSC announced today that it expects revenues for fiscal 2005 to be in the range of $50-$60 million, a year-over-year increase of 21% to 45%. The net loss is expected to be in the range of $20-$25 million and the corresponding loss per share is expected to be in the range of $0.70 to $0.90.

"Fiscal 2004 was a great year for AMSC on many fronts," said Yurek. "We effectively doubled revenue year-over-year, continued to develop our technologies and products, while cutting our losses and cash burn significantly. Very importantly, we built a foundation on which we can continue to grow our business at a rapid rate. I believe we are well positioned in all respects to continue to strengthen our leadership role as an electricity solutions company based on advanced power technologies."

AMSC will host an investor conference call beginning at 11:00 a.m. EDT on May 13 to discuss fourth quarter results and management`s outlook. To participate in the conference call, please dial 785-832-0326 and use conference ID "AMSC." Additionally, the conference will be simulcast at http://www.amsuper.com/html/investors/index.html and http://www.firstcallevents.com/service/ajwz406023544gf12.htm…. Re-broadcast of the call will be available from May 13 through May 20 over both of these websites. A telephonic playback of the call will also be available from 1:00 p.m. EDT Thursday, May 13, 2004, through midnight EDT Thursday, May 20, 2004. Please call 402-220-6981 to access the playback.

About American Superconductor Corporation (Nasdaq: AMSC - News)

AMSC is a world-leading supplier of dynamic reactive power grid stabilization products and the world`s principal vendor of high temperature superconductor (HTS) wire and large rotating superconductor machinery. AMSC`s power electronic converters and HTS wire are at the core of a broad range of new electricity transmission and distribution, transportation, medical and industrial processing applications, including dynamic reactive power grid stabilization solutions, large ship propulsion motors and generators, smart, controllable, superconductor power cables and advanced defense systems. The Company`s products are supported by hundreds of patents and licenses covering technologies fundamental to Revolutionizing the Way the World Uses Electricity(TM). More information is available at http://www.amsuper.com.

American Superconductor, SuperMachines, PowerModule and Revolutionizing the Way the World Uses Electricity are trademarks of American Superconductor


Corporation. All other trademarks are the property of their respective
owners.

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; and 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 Information

Media Jack Jackson 781-444-1020
On-Message Public Relations [e-mail]

Investors Kevin Bisson 508-621-4220
American Superconductor [e-mail]



American Superconductor Corporation
(Nasdaq: AMSC - News)
Results Report for Fourth Quarter Fiscal 2004

Statement of Operation Data
Three Months ended 12 Months ended
March 31 March 31
Revenues 2004 2003 2004 2003
By business segment (1):
AMSC Wires $2,893,484 $2,888,077 $7,795,897 $3,960,823

SuperMachines 7,096,967 1,894,455 26,501,073 6,125,151

Power Electronic
Systems 1,645,217 6,146,739 7,011,735 10,934,318


Total revenues $11,635,668 $10,929,271 $41,308,705 $21,020,292


Operating profit (loss):
By business segment (1):

AMSC Wires (3,358,321) (45,438,326) (18,815,738) (66,727,224)

SuperMachines 6,628 (1,517,992) 966,130 (7,475,982)
Power Electronic
Systems (859,341) (6,863,017) (6,429,801) (12,990,785)

Unallocated corporate
expenses (438,222) (205,156) (1,406,865) (1,317,494)


Operating loss (4,649,256) (54,024,491) (25,686,274) (88,511,485)


Interest and other
income (expense) 127,217 57,919 (1,047,209) 878,558


Net loss ($4,522,039) ($53,966,572) ($26,733,483) ($87,632,927)


Net loss per share --
(Basic & Diluted) ($0.16) ($2.54) ($1.10) ($4.21)


Weighted average
shares outstanding 27,488,814 21,221,921 24,196,077 20,830,846



Note: In the fourth quarter ended March 31, 2004, in addition to reported revenues, the Company recorded $890,415 in cost-sharing funding, compared to $336,269 in the prior-year period. For the twelve-month period ended March 31, 2004, funding from cost-sharing agreements was $2,394,768, compared to $764,305 for the same period a year ago.

Selected Balance Sheet Data
March 31, 2004 March 31, 2003
Cash, cash equivalents, short
term investments and
long term investments $52,646,703 $ 20,048,872
Selected current assets:
Accounts receivable 8,566,657 5,446,007
Inventory 4,889,394 5,117,786

Property, plant and equipment 90,713,055 89,277,779
Less: accumulated depreciation (34,082,036) (28,241,982)
Property, plant and equipment, net
56,631,019 61,035,797
Total assets $129,898,956 $101,978,639

Accounts payable & accrued expenses 11,541,634 9,773,874
Deferred revenue 2,905,792 1,136,002

Stockholders` equity $115,451,530 $ 87,818,763


In accordance with Statement of Financial Accounting Standard No. 131, "Disclosures about Segments of an Enterprise and Related Information" ("SFAS 131"), the Company has three reportable business segments as defined by SFAS 131- the AMSC Wires business segment, the SuperMachines business segment, and the Power Electronic Systems business segment. The AMSC Wires business segment develops and commercializes high temperature superconductor (HTS) wire. The focus of this segment`s current development and manufacturing effort is on HTS wire for power transmission cables, motors, generators, synchronous condensers, and electromagnets for various applications. The SuperMachines business segment is developing and commercializing electric motors, generators and synchronous condensers based on HTS wire. The Power Electronic Systems business segment develops and sells power electronic converters and designs, manufactures, and sells integrated systems based on those converters for power quality and reliability solutions.




--------------------------------------------------------------------------------
Source: American Superconductor Corporation

[Gatsby2]

Press Release Source: American Superconductor Corporation


American Superconductor Receives Order for Two D-VAR(R) Voltage Control Systems for Large North American Wind Farm
Tuesday May 25, 7:30 am ET
Dynamic voltage control solution to ensure stable voltage for the transmission grid and enable entire wind farm to remain online during low-voltage conditions


WESTBOROUGH, Mass., May 25 /PRNewswire/ -- American Superconductor Corporation (Nasdaq: AMSC - News), a leading electricity solutions company, today announced the sale of two dynamic voltage control systems to a large North American wind farm. The two D-VAR units will mitigate voltage disturbances in the transmission grid while compensating for natural voltage fluctuations commonly caused by induction-type wind generators. This D-VAR system will be the world`s first application of substation-based FACTS (Flexible Alternating Current Transmission System) technology that enables an entire wind farm to ride-through grid voltage disturbances.

"D-VAR systems constantly monitor voltage at the point where the wind turbines are coupled to the transmission grid," said Bud Kehrli, head of transmission planning for AMSC. "Instead of the voltage varying greatly as the wind fluctuates, the D-VAR units dynamically inject precise amounts of reactive power, thereby regulating the voltage of the transmission grid to the desired level."

In addition, the local transmission grid owner required that the wind farm be equipped with Low Voltage Ride Through capability (LVRT) to prevent sudden voltage sags that normally occur on the transmission grid from "tripping" the wind farm and taking it offline. "By adding this LVRT capability, the D-VAR technology significantly mitigates the effect of voltage sags and low voltage and keeps the wind farm up and operating," said Kehrli. "While LVRT may be less important for small- to medium-sized wind farms, as wind farms become larger LVRT and the ability to keep wind generation on-line is very important to grid operators. In this installation, the D-VAR systems will play a dual role, protecting both the wind farm and the transmission grid it supplies."

Sale of these units represents the fifth wind farm in North America, and the sixth worldwide, within the last two years to employ AMSC`s proprietary voltage control technology for optimally interconnecting wind turbines to the power grid.

The solution to be installed consists of two D-VAR devices, each rated for 8 MVA continuous and 24 MVA overload along with switched shunt capacitor banks that are controlled by the D-VAR system. Financial details of the sale were not disclosed. The D-VAR systems are scheduled to be in service by the end of 2004.

About American Superconductor Corporation (Nasdaq: AMSC - News)

AMSC is a world-leading supplier of dynamic reactive power grid stabilization products and the world`s principal vendor of high temperature superconductor (HTS) wire and large rotating superconductor machinery. AMSC`s power electronic converters and HTS wire are at the core of a broad range of new electricity transmission and distribution, transportation, medical and industrial processing applications, including dynamic reactive power grid stabilization solutions, large ship propulsion motors and generators, smart, controllable, superconductor power cables and advanced defense systems. The company`s products are supported by hundreds of patents and licenses covering technologies fundamental to Revolutionizing the Way the World Uses Electricity(TM). More information is available at http://www.amsuper.com.

American Superconductor and Revolutionizing the Way the World Uses Electricity are trademarks and D-VAR is a registered trademark of American Superconductor Corporation. All other trademarks are the property of their respective owners.

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; and 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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Source: American Superconductor Corporation

[Howto45]

Stromausfall bei den deutschen Anlegern?
Die Aktie von American Superconductor führt z.Z. in Deutschland ein vollständiges Schattendasein.
Meiner Meinung nach zu unrecht!
Die fundamentalen Chancen der Technologie hat Gatsby2 in diesem Threat schon hinreichend dargestellt.
Die letzte Unternehmensmeldung auf der NASDAQ-Seite ist vom 05.08.04 über einen erfolgreichen Test ihrer Super VAR-Technologie in Mansfield, Ohio.
Die Charttechnik sieht auch wieder gut aus, nachdem es im Juli eher bergab ging.
Mir ist es unverständlich, das in Deutschland so wenige auf diesen Titel aufmerksam geworden sind. (Umsatz gestern, 31.08.04 in Frankfurt 100 Stk., heute 100 Stk. in München).
Das in den USA ein erheblicher Bedarf an Investionen in ein modernes und möglichst mit geringen Leitungsverlusten arbeitendes Stromnetz investiert werden muß (und wohl nicht nur da), sollte jedem klar sein.
Ein Profiteur könnte AMSC sein.
Hat jemand einen Überblick wie es um die Mitbewerber aussieht?
Die Aussichten für AMSC sind aus meiner Sicht jedenfalls sehr ordentlich. Daher sollte man sich eine kleine Position gönnen, denn der nächste Blackout in den USA kommt bestimmt!
Und mit AMSC im Depot seht ihr dann so aus:

[ustrading]

@Howto45,

US-Aktien sollte man generell an der Heimatbörse handeln. (Viele Deutsche Broker bieten das inzwischen an) AMSC ist Betreff geringes Volumen in Deutschland kein Einzelfall sondern eher die Regel. Denke auch das hier Potenzial steckt, zumal sie finanziell (45Mio. Cash) ganz gut dastehen

[MrRipley]

@Howto45


Hier die Antwort auf meine schon etwas älteren Fragen an die Trithor GmbH,
einem Supraleiterhersteller und Forschungsunternehmen in Rheinbach/NRW)




-----Ursprüngliche Nachricht-----

Betreff: Info zu Supraleitern


Sehr geehrte Damen und Herren,

ich interessiere mich für die Supraleitertechnik und habe dazu mehrere Fragen:


1)Inwieweit wird bei der Produktion Ihrer Produkte und Kabel Silber benutzt, und wie hoch ist der Anteil in Prozent ca.?

2)Ich habe gehört, dass Silber luftdurchlässig ist(bei komprimierter Luft/Gas), ist das korrekt?

3)Was bedeutetet der Begriff " HTS-Draht" genau?

4)Gibt es Ihrer Meinung nach heuer oder in Zukunft einen Stoff, der Silber in der Supraleitertechnik ersetzen könnte, falls z.B. Silber zu teuer wird?

5)Wann amortisieren sich nach dem heutigen Stand der Technik die Kosten für Kabel oder Generatoren etc., die mit Supraleitern bestückt sind?
Wird daraus trotz erforderlicher Stickstoffkühlung eine genügende Energie u. Kostenersparnis gewonnen?

6)Bekamen Sie schon Anfragen aus den USA, da das dortige Stromnetz derart marode ist, dass über Neuinvestitionen nachgedacht werden muss?

7)Wie sieht die Konkurrenzsituation aus, welche Anbieter gibt es zudem noch weltweit(es sollen max 5 sein)? -Mir persönlich fallen da nur noch " American Superconductor" und die bergische " Accel" ein.



Einige Fragen können Sie wahrscheinlich nicht beantworten, dennoch würde ich mich auf eine Antwort Ihrerseits sehr freuen.



Mit freundlichen Grüssen

xxx


--------------------------------------------------------------------------------



Sehr geehrter Herr XXX,

Wir können Ihnen nur einige Fragen beantworten:

-Silberanteil ca. 65%%
-Silber ist bei höheren Temperaturen Sauerstoffdurchlässig
-HTS heisst Hochtemperatur-Supraleiter; dieser wird als Draht, daher HTS-Draht gefertigt
- Silber kann nicht ersetzt werden; es gibt aber Überlegungen zur Herstellung alternativer Materialien ohne Silber
- ja. Zum Teil heute schon geringeres Investment bei Generatoren/Kabeln
- keine Aussage
- Accel stellt keine HTS-Drähte her. Die weltweiten Hersteller sind: Trithor, AMSC, EAS, Sumitomo und InnoST.


Mit freundlichen Grüssen

Jens Müller

[Howto45]

@MrRipley
Danke für die Info!

[Lemmingway]

ZWAR ALT ABER INTERESSANT:



Widerstand ist zwecklos

Andrea Naica-Loebell 16.10.2001
In Detroit wird das erste Netz von Supraleiter-Kabeln in Betrieb genommen

Der erste elektrische Superhighway wird in der Autostadt Detroit im November in Betrieb genommen. Der Strom für 30`000 Haushalte wird vom Friesbie Umspannwerk aus widerstandslos durch drei Supraleiter-Kabel mit einer jeweiligen Länge von 120 Metern fließen.




Paul Grant, der Manager des Supraleiter-Programms bei [1]Electric Power Research Institute, Palo Alto (Kalifornien) beschreibt in der Ausgabe vom 13. Oktober des [2]New Scientist diese Revolution in der Energieversorgung. Der Prototyp von Supraleiter-Kabeln wird in einem realen Stromnetz zur Versorgung von Kunden eingesetzt. Die alten Stromkabel aus Kupfer werden durch Hochtemperatur-Supraleiter (HTSL) ersetzt und der Strom fließt nahezu verlustfrei.

Widerstand ist zwecklos, denn Supraleiter sind Materialien, die beim Unterschreiten einer bestimmten Temperatur (Sprungtemperatur), die bei Metallen meist nahe des absoluten Nullpunktes liegt (0 Kelvin/-273 ° Celsius), eine nahezu unbegrenzte elektrische Leitfähigkeit aufweisen. Bekannt ist das Phänomen bei Metallen schon seit 1911, aber die notwendige starke Kühlung begrenzte die Möglichkeiten des praktischen Einsatzes. Neue Forschungsergebnisse zeigen nun, dass Magnesiumdiborid, ein extrem billiger metallischer Ausgangsstoff, bei Temperaturen von 39K (-234,15 °C) zum Supraleiter wird. Es wird aber noch intensiv zu Vor- und Nachteilen geforscht (vgl. [3] Die Mechanismen der Supraleitung bei Magnesiumdiborid.

Bereits 1986 gelang [4]Karl Alexander Müller und Johannes Georg Bednorz die Entdeckung der Hochtemperatur-Supraleiter. Auch die HTSLs müssen gekühlt werden. Durch ihre hohen Sprungtemperaturen (heute bis 138 K bzw. -135 °C) können sie durch Kühlung mit flüssigem Stickstoff (Siedepunkt bei Normaldruck: 77K oder -196 °C) supraleitend gemacht werden. Das ist in Bezug auf die Wirtschaftlichkeit ein großer Vorteil. Die besten Werte haben Materialien auf Kupfer-Oxyd-Basis. Die anfängliche Begeisterung führte zu der Prognose, dass nun alle herkömmlichen Stromkabel sofort ersetzt werden könnten, aber die technische Umsetzung in die Realität erwies sich als schwierig und letztlich hat es fast 20 Jahre gedauert, bis nun die erste Supraleitung wirklich Teil eines Stromnetzes wird. Das hat nicht zuletzt Kostengründe. Die HTSL-Keramiken haben den entscheidenden Nachteile, dass sie herstellungsbedingt aus einzelnen winzigen Körnern bestehen, die jedes für sich den Strom widerstandsfrei transportiert. Aber in einem Kabel muss der Strom auch von Korn zu Korn fließen. Die Stromtragefähigkeit der Berührungsflächen der einzelnen Körner, Korngrenzen genannt, ist jedoch um ein Vielfaches geringer als die der Körner selbst. Um diesem Effekt entgegen zu wirken, wurde immer wieder sehr kostenintensiv versucht, die Körner möglichst parallel zueinander auszurichten.

Keramisches Superoxid ist Ausgangsmaterial für ein supraleitendes Kabel. Der pulverförmige Stoff wird in silberhaltige Rohre gefüllt und in mehreren Prozessschritten in eine flexible Bandform überführt Supraleitung bedeutet keinen elektrischen Widerstand und damit auch keine verschwendete Energie. Bisher transportieren Aluminium und vor allem Kupfer-Kabel den Strom zu den Endverbrauchern und mehr als zehn Prozent gehen auf dem Weg verloren. Der Widerstand in den Transportkabeln führt zu diesem Verlust in Form von Wärme. Die Hochtemperatur-Supraleiter-Kabel werden heute in verschiedenen Formen als Prototypen entwickelt. In Detroit wird ein BSCCO-Leiter (sprich: Bisko) als Material eingesetzt, es besteht aus Wismut, Strontium, Kalzium und Kupferoxid, eingebettet in Silber.



--------------------------------------------------------------------------------

"Diese Kabel sind nun von verschiedenen Herstellern erhältlich und zwar eher in einer Länge von Kilometern als Metern. Gekühlt werden sie durch den sie umfließenden flüssigen Stickstoff, sie können Strom von 100 Ampere oder mehr mit Null Widerstand transportieren. Tatsächlich sind die Stromleitungskapazitäten der Supraleiter-Kabel so schnell gestiegen, dass sie nun weit über den Kapazitäten liegen, die wir uns vorgestellt haben, als wir angefangen haben, die Pläne für das Friesbie Umspannwerk zu entwerfen. Der einzige Weg, um die volle Kapazität der Kabel zu testen, wird darin bestehen, alle angeschlossenen Haushalte dazu zu bringen, sämtliche Waschmaschinen, Trockner, Lampen, Fernseher, Heizgeräte - also absolut alles gleichzeitig anzuschalten, was am Stromnetz hängt
Paul Grant"



Vier Jahre wurde das Projekt vorbereitet und es gab einige wissenschaftliche Cassandras, die nicht mehr an die reale Umsetzung der Supraleitung in Detroit geglaubt hatten. Entscheidender Vorteil der HTSL-Kabel ist neben dem sehr viel geringeren Strom-Verlust vor allem auch die wesentlich höhere Beförderungskapazität, wobei die Kabel sehr leicht sind und einen geringeren Umfang haben. In Detroit werden 9 alte Kupferkabel mit einem Gewicht von mehr als 8 Tonnen durch 3 Supraleiter-Kabel mit insgesamt 110 Kilogramm Gewicht ersetzt. Sie können also in alte unterirdische Kabeltrassen verlegt werden, wobei die Kapazität des Netzes ohne den Bau neuer Leitungsröhren um ein Vielfaches vermehrt wird. Entsprechend vergleicht Grant das Potenzial von Supraleitungsnetzen mit der grundlegenden Veränderung, die der Bau des Interstate-Highways-Systems in den 50er und 60er Jahren darstellte:


--------------------------------------------------------------------------------

"Unsere supraleitenden Kabel verfügen über eine drei Mal höhere Kapazität als Kupferkabel der gleiche Größe. Obwohl das für Detroit im Moment vielleicht übertrieben scheint, wird die Stadt doch eines Tages diese erhöhte Kapazität brauchen. Es gibt Vorhersagen, dass der städtische Bedarf um bis zu 60 Prozent bis zum Jahr 2010 steigen wird. Und wenn letztlich das Frisbie-Projekt Detroit rettet, dann könnte es auch die Lieferung von Elektrizität überall in den USA viel mehr verändern, als wir uns das heute vorstellen. Amerikas Energie-Struktur - die Hälfte davon ist ein halbes Jahrhundert alt - beginnt zu zerfallen. Die Stromausfälle, die kürzlich in Kalifornien passierten, sind nicht so sehr ein Mangel an Erzeuger-Kapazität als vielmehr ein Engpässe und Schwachpunkte im Transmissions-Netzwerk, das den Strom dorthin befördert, wo er gebraucht wird."




Supraleitung könnte also die Strom-Netzwerke revolutionieren. Das sieht inzwischen auch die Politik. In den USA hat der [5]"US National Energy Policy Development Group`s Report" in diesem Jahr dem Präsidenten empfohlen, innerhalb des Energie-Ministeriums die Forschung und Entwicklung an Supraleitung auszubauen. Das [6]"US Department of Energy" wird voraussichtlich noch 2001 mindestens drei neue Supraleiter-Kabel-Projekte ankündigen. In Dänemark läuft ein Modellprojekt und in Japan soll auch bald Strom durch Supraleiter-Kabel an Konsumenten geliefert werden.

Auch in Deutschland wird in die Schlüsseltechnologie Supraleitung eine Menge öffentliches Geld investiert. Die Bundesrepublik sieht sich in diesem Bereich zusammen mit Japan und den USA international in einer Spitzenstellung. Das [7]Bundesministerium für Bildung und Forschung unterstützt mit seinem Förderschwerpunkt "Supraleitung und Tieftemperaturtechnik" gezielt die Anwendung der Hochtemperatur-Supraleitung mit einer jährlichen Fördersumme von 25 Millionen Mark. Dazu kommen 4 Millionen Mark im Jahr für das Leitprojekt "Supraleiter und neuartige Keramiken für die Kommunikationstechnik der Zukunft".

Die Supraleitung kommt international auf Touren. Dabei hat sie auch entscheidende reale Nachteile. Als erstes sind das natürlich die Kosten. Da die supraleitenden Keramiken in Silber eingebettet sind, sind die Kabel enorm teuer. Grant schätzt, dass die Kabel inklusive des Kühlungssystems in der Produktion für den Markt zwei bis drei Mal teurer sein werden, als konventionelle Kupferkabel gleicher Kapazität. Neue Materialien wie Magnesiumdiborid könnten eine interessante Alternative für die kommerzielle Nutzung darstellen, noch sind diese Supraleiter aber in der Entwicklungsphase. In der Realität ist der Stromtransport durch Supraleiter auch nicht vollständig verlustfrei, allerdings sind die Werte mit etwa ein Prozent wesentlich besser als in herkömmlichen Kupferkabeln. Letztere müssen wegen der Erhitzung oft durch umfließendes Öl gekühlt werden, was Risiken bezüglich Umweltverschmutzung und Brandgefahr birgt. Das entfällt bei Supraleitern, den der Stickstoff kann problemlos entweichen, falls wirklich ein Unfall passiert. Die Stickstoff-Kühlung ist noch in der Entwicklung, bisher gibt es keine kommerziellen Lösungen. Der entscheidendste Vorteil ist die schon genannte Erhöhung des Kapazität bei weniger Platzbedarf. Sie sind einfacher und billiger zu installieren als herkömmliche Kupferkabel, das muss in die Kostenrechnung miteinbezogen werden.




Links

[1] http://www.epri.com
[2] http://www.newscientist.com
[3] http://www.heise.de/tp/deutsch/inhalt/lis/7773/1.html
[4] http://www.ethz.ch/overview/nobelprize/people/g-bednorz-de.h…
[5] http://usinfo.state.gov/topical/global/energy/01051704.htm
[6] http://www.energy.gov/
[7] http://www.bmbf.de

Artikel-URL: http://www.telepolis.de/deutsch/inhalt/lis/9824/1.html

[Lemmingway]

AUCH SCHON ÄLTER!!!

#13

aus www.suntrader.de Rubrik sunletter

1) EINLEITUNG
2) BEGRIFFSBESTIMMUNG (rausgestrichen, zu lang)
3) DIE UNTERNEHMEN
A) AMERICAN SUPERCONDUCTOR
B) SUPERCONDUCTOR TECHNOLOGIES INC
C) CONDUCTUS, INC.
D) INTERMAGNETICS GENERAL
E) ILLINOIS SUPERCONDUCTOR
F) SUPERCONDUCTIVE COMPONENTS, INC.
G) INTERNATIONAL SUPERCONDUCTOR CORP
H) XSIRIUS SUPERCONDUCTIVITY
4) ANLAGEEMPFEHLUNG

1) Einleitung
An der Börse ist es immer gut, wenn man Trends im Voraus erahnen kann, damit fährt man erst die größten Gewinne ein. Was meiner Meinung dieses Jahrzehnt mit bestimmen wird, sind die Entwicklungen in der Hochtemperatur-Supraleitung, wofür 1987 Georg J. Bednorz und Alexander K. Müller den Nobelpreis für Physik erhalten hatte und kurzzeitig in der Öffentlichkeit standen. Diese Forschung stehen jetzt knapp vor der erfolgreichen Kommerzialisierung, für diesem Artikel habe ich mir mal diesen Sektor genauer angeschaut.
Leider kam es auch in diesem Sektor, als dieser Artikel entstand, zu enormen Kurssteigerungen. Wollte ich zuerst diesen Artikel ganz entfallen lassen, möchte ich ihn doch bringen weil der Sektor spannend genug ist und im Grunde genommen noch bisher kaum beachtet gewesen ist. Wie im Biotechnologie-Sektor rate ich aber auch hier kurzzeitig zur Zurückhaltung und erst mal eine Konsolidierung bei den Kursen abzuwarten.

2) Begriffsbestimmung

3) Die Unternehmen

a) American Superconductor
US-Ticker:AMSC Nasdaq National Market WKN: 889844 http://www.amsuper.com 924 Millionen US$ Marktkapitalisierung American Superconductor Corporation entwickelt und bringt hochtemperatursupraleitende Produkte in dem Handel. Dieses in den zwei Geschäftsbereiche: HochtemperaturSuperconducting (HTS); und magnetische Energiespeicher Superconducting (SMES). Der HTS-Geschäftsbereich umfasst Kabel, Motoren, Transformatoren, Generatoren und Spannunsspitzenbegrenzer für großräumige Anwendungen.

b) Superconductor Technologies Inc
US-Ticker: SCON Nasdaq Small Cap Market WKN: 886009 http://www.suptech.com 399 Millionen US$ Marktkapitalisierung Superconductor Technologies Inc. entwickelt SuperFilter-Produkte mit supraleitende Materialien, die sie selbst entwickeln und produzieren, die es erlauben Mobilfunkstationen über Geräuschunterdrückungsfilter auszustatten die kleiner und effizienter sind als herkömmliche Systeme.

c) Conductus, Inc.
US-Ticker: CDTS Nasdaq National Market WKN: 894121 http://www.conductus.com 359 Millionen US$ Marktkapitalisierung Conductus, Inc. entwickelt, fertigt und vermarktet elektronische Bauelemente und Komponenten, die auf der Hochtemperatursupraleitungstechnologie basieren, für Anwendungen im weltweiten Telekommunikationsmarkt. Die Firma hat die ClearSite der Empfängerteilsysteme für Mobilfunksysteme entwickelt. ClearSite-Produkte verbessern Dichte, verringern Störung und Erhöhung der Netzkapazität.

d) Intermagnetics General
US-Ticker: IMG AMEX WKN: - http://www.igc.com 246 Millionen US$ Marktkapitalisierung Intermagnetics General Corporation ist ein Entwickler der supraleitende Materialien und der in Verbindung stehenden Produkte daraus. Die Firma entwirft, entwickelt, produziert und verkauft Produkte in den drei bedeutenden Segmenten, in Electromagnetics, Supraleitende Materialien und in Kyrostaten.

e) Illinois Superconductor
US-Ticker: ISCO Nasdaq OTC WKN: 899532 http://www.ilsc.com 195 Millionen US$ Marktkapitalisierung Die Illinois Superconductor Corporation entwickelt, fertigt und vermarktet die Hochleistungsprodukte, die entworfen wurden um die Qualität, Kapazität, Dichte und Flexibilität der Mobilfunkübertragungen zu erhöhen. Die Firma verwendet seine eigene patentierte Hochtemperatursupraleitende Materialien um Filter für Hochfrequenz (HF) zu entwerfen. Diese HF-Filter sind schon in über 100 Mobilfunkstandorten installiert.

f) Superconductive Components, Inc.
US-Ticker: SCCIE Nasdaq OTC WKN: -

g) International Superconductor Corp
US-Ticker: PATSE Pinksheet WKN: -

h) Xsirius Superconductivity
US-Ticker: XSCIA Pinksheet WKN: -

4) Anlageempfehlung
Alle Werte sind extrem gut gelaufen, es empfiehlt sich nur für den erfahrenden Anleger erste Positionen aufzubauen. Die American Superconductor empfehle ich den langfristigen Investor, der nach ähnlichen Stories sucht wie Ballard Power Systems. Die Intermagnetics General scheint fundamental günstig mit einem Umsatzmultiple von 2,4 zu sein. Viel Fantasie steckt auch in der Superconductor Technologies und Conductus. Ich werde mir in Zukunft diesen Sektor mit den Unternehmen aber noch detaillierter anschauen
Autor: Xenophanes