AMSC Announces $15 Million of New Energy Power System Orders

Renewables and Industrial Applications Drive Demand

AYER, Mass., Feb. 18, 2021 (GLOBE NEWSWIRE) -- AMSC (NASDAQ: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid and protect and expand the capability of our Navy’s fleet, today announced $15 million of new energy power system orders. This includes orders for AMSC’s D-VAR STATCOM system, AMSC’s D-VAR VVO system as well as NEPSI’s metal enclosed capacitor banks and harmonic filters. The orders principally serve the renewable and industrial sectors in the United States. These systems are expected to provide voltage regulation by responding to varying load conditions on the electric grid. Most of the revenue from these orders is expected to be recognized in fiscal year 2021.

“These orders show continued strength in our Grid business,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “We expect yet another year of growth for our Grid business in fiscal 2020 and to be well positioned for a strong start to fiscal 2021.”

Customers utilize AMSC’s solutions to provide voltage control, power factor correction, and reactive compensation to stabilize the power grid and prevent undesirable events such as voltage collapse. The systems are designed to detect and instantaneously compensate for voltage disturbances. Also, the systems help utilities manage their power quality concerns and expand grid capacity for renewable distributed generation.

About AMSC (NASDAQ: AMSC)
AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy. Through its Gridtec Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. Through its Marinetec Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety. Through its Windtec Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.