AMSC Announces $34 Million of New Energy Power System Orders

Renewables and Industrials Markets Drive Demand; New Military Market Opportunity

AYER, Mass., July 18, 2023 (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 $34 million of new energy power systems orders. This includes orders for enclosed capacitor banks, harmonic filters, voltage controllers, rectifiers, sag mitigation solutions, and volt var optimizers. Approximately half of the revenue from these orders is expected to be recognized in fiscal year 2023.

"Fiscal year 2023 started with strong orders momentum for our new energy power systems,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “Our systems serve an increasingly diverse market. This series of orders represents a strong contribution from the renewables market, with wind and solar projects accounting for approximately one-third. Industrial orders, which also contributed to nearly one-third, were driven by metals, mining, and semiconductor projects. Additionally, we saw more than 10% of these new energy power systems orders come from serving the U.S. military providing efficient and reliable shore power to naval vessels. The new orders serving the U.S. military represent an exciting new opportunity for AMSC’s new energy power systems.”

AMSC’s new energy power systems include D-VAR and D-VAR VVO offerings as well as NEPSI^TM and Neeltran^TM businesses. 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. AMSC offers power conversion products. These products include transformers and rectifiers. Additionally, 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.