Benzinga | Oct 6, 2021 08:04AM EDT

American Superconductor Announces $22M 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 $22 million of new energy power systems orders. This includes orders for reactive compensation, enclosed capacitor banks, harmonic filters, voltage controllers, rectifiers and transformers.

"Our new energy power systems business continues to expand and is accelerating. Our bookings momentum was strong at the start of the fiscal year, and we expect this strength to continue into the second half of fiscal 2021," said Daniel P. McGahn, Chairman, President and CEO, AMSC. "Our two recent acquisitions, along with our organic business, are all contributing to our bookings momentum. We expect our Grid business to drive total revenue growth for the Company again in fiscal 2021."

AMSC's new energy power systems solutions include D-VAR(r) and 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. 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.