Benzinga | Aug 3, 2021 04:13PM EDT

AMSC Wins $21M In 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 $21 million of new energy power systems orders. This includes orders for reactive compensation, enclosed capacitor banks, harmonic filters, voltage controllers, as well as rectifiers and transformers from the Company's recent acquisition of Neeltran(tm).

"Leveraging the strong combination of our new energy power systems solutions, bookings are off to a strong start for the year. Mining and semiconductor are becoming two key target markets for our business," said Daniel P. McGahn, Chairman, President and CEO, AMSC. "We are beginning to see the initial benefits of our two recent acquisitions as we present more content to customers. We expect our Grid business to drive revenue growth in fiscal 2021."

AMSC's new energy power systems solutions include D-VAR and VVO offerings as well as the recently acquired NEPSI and Neeltran 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. Along with Neeltran, 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.