Benzinga | Jun 2, 2021 12:15PM EDT

AMSC Announces Over $19M Of New Energy Power System Orders

AMSC(r) (NASDAQ:AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid(tm) and protect and expand the capability of our Navy's fleet, today announced over $19 million of new energy power system orders. This includes orders for AMSC's D-VAR(r) STATCOM system, AMSC's D-VAR VVO(r) system as well as NEPSI metal enclosed capacitor banks and harmonic filters. The orders serve the industrial and renewable energy sectors in the United States and abroad. These systems are expected to provide voltage regulation by responding to varying load conditions at a variety of industrial settings including semiconductor fabs and mining. These orders also respond to varying load conditions while connecting wind power plants to the electric grid or connecting residential solar to the electric grid. The revenue from these orders is expected to be recognized in fiscal year 2021.



"We are seeing continued order traction as well as cross-selling opportunities in our new energy power systems business, which includes our D-VAR and VVO offerings and our NEPSI business," said Daniel P. McGahn, Chairman, President and CEO, AMSC. "We expect our Grid business to drive revenue growth again in 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.