AMSC Announces $37 Million of New Energy Power System Orders

Industrials, Renewables and Utility Markets Drive Demand

AYER, Mass., Oct. 24, 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 $37 million of new energy power systems orders. This includes orders for enclosed capacitor banks, harmonic filters, voltage controllers, transformers, rectifiers, sag mitigation solutions, and volt var optimizers. Nearly all of the revenue from these orders is expected to be recognized in fiscal year 2024.

“Robust demand in the markets we serve drove another near-record quarter of new energy power systems orders,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “We saw strength in orders from the industrial and renewable markets. Industrials, including metals, mining and components for electric vehicles, contributed to approximately one half of total new energy power systems orders while renewables accounted for one fourth. The remainder of the orders came from other undertakings, including utility projects driven by the transition to more renewable power production as well as military projects that serve the U.S. military by providing efficient and reliable shore power to naval vessels.”

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.