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New
Release -- Superconductor Week does not edit or endorse the following
news release: AMSC Announces
D-VAR(R) Order for New Wind Farm on Prince Edward Island, Canada
Westborough, MA, 24 April 2007:
American Superconductor
Corporation (NASDAQ:
AMSC),American Superconductor Corporation (NASDAQ: AMSC), a leading energy
technologies company, announced today another order for its D-VAR(R) reactive
compensation product to meet grid interconnection standards for wind farms.
Delivery of the system is expected in the second half of calendar 2007 and will
be the 27th wind farm worldwide to utilize AMSC's D-VAR solution.
AMSC will provide a four megaVAR (MVAR) D-VAR
system for the new West Cape Wind Farm under construction on Prince Edward
Island. This wind farm is being developed in two phases by Ventus Energy Inc. of
Toronto, Ontario, one of Canada's leading independent wind energy companies.
Phase I commenced construction in September 2006 and consists of eleven Vestas
V80 1.8 MW wind turbine generators. Construction of Phase 2 is set to begin in
the summer of 2007 and will consist of forty-four Vestas V80 1.8MW generators.
The total wind farm will consist of fifty-five generators with a total capacity
of 99MW when phase 2 comes on-line in the fall of 2008.
AMSC's D-VAR solution will be used for Phase I of
the project and will provide voltage regulation and power factor correction in
accordance with the province's grid interconnection requirements. Because of the
wind farm's remote location, the D-VAR system can also be used to mitigate any
voltage flicker that may be generated by the wind farm, thereby ensuring the
quality of the power being delivered to the grid. This exemplifies the D-VAR
systems ability to provide digital-grade power to customers - a substantial
advantage in today's digital economy.
"This order is a prime example of our D-VAR
product's versatility and flexibility," said Chuck Stankiewicz, senior vice
president and general manager of AMSC Power Systems. "Our product was selected
for the West Cape Wind Farm because it not only helps meet local grid
interconnection standards, but also ensures the quality of the zero emission
electricity being supplied to customers."
The West Cape Wind Farm is being constructed in
part to help meet the Province of Prince Edward Island's Renewable Energy Act,
passed in the fall 2004 session of the Legislative Assembly. This act requires
utilities to generate at least 15% of their electrical energy from renewable
resources by 2010. The majority of West Cape electricity is expected to be sold
to customers in the New England Power Pool.
About AMSC
AMSC (American Superconductor Corporation -
NASDAQ: AMSC) is a leading energy technologies company. The company develops and
sells a wide range of products and solutions based on power electronic systems
and high temperature superconductor (HTS) wires that dramatically improve the
efficiency, reliability and quality of electricity during its generation,
transmission, distribution and use. The company is a dominant force in
alternative energy, offering grid interconnection solutions as well as licensed
wind energy designs and electrical systems. As the world's principal supplier of
HTS wire, AMSC is enabling a new generation of compact, high-power electrical
products, including motors, generators, power cables, grid-level surge
protectors, and advanced transportation and defense systems. AMSC also provides
utility and industrial customers worldwide with voltage regulation systems that
dramatically enhance power grid capacity, reliability and security, as well as
industrial productivity. The company's technologies are protected by a broad and
deep intellectual property portfolio consisting of hundreds of patents and
licenses worldwide. More information is available at www.amsuper.com .
American Superconductor and design,
Revolutionizing the Way the World Uses Electricity, AMSC, Powered by AMSC,
SuperVAR, D-VAR, DVC, PQ-IVR, PowerModule and Windtec are trademarks or
registered trademarks of AMSC.
Any statements in this release about future
expectations, plans and prospects for the company, including statements
containing the words "believes," "anticipates," "plans," "expects," "will" and
similar expressions, constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. There are a number of
important factors that could cause actual results to differ materially from
those indicated by such forward-looking statements. Such factors include:
uncertainties regarding the company's ability to obtain anticipated funding from
corporate and government contracts, to successfully develop, manufacture and
market commercial products, and to secure anticipated orders; the risk that a
robust market may not develop for the company's products; the risk that
strategic alliances and other contracts may be terminated; the risk that certain
technologies utilized by the company will infringe intellectual property rights
of others; the competition encountered by the company, including several large
Japanese companies. Reference is made to these and other factors discussed in
the "Management's Discussion and Analysis of Financial Condition and Results of
Operation" section of the company's most recent quarterly or annual report filed
with the Securities and Exchange Commission. In addition, the forward-looking
statements included in this press release represent the company's views as of
the date of this release. While the company anticipates that subsequent events
and developments may cause the company's views to change, the company
specifically disclaims any obligation to update these forward-looking
statements. These forward-looking statements should not be relied upon as
representing the company's views as of any date subsequent to the date this
press release is issued.
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