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American Superconductor's Power Electronic
Systems Division Books $4.6 Million in New D-VAR(R) Orders for Wind Farms
- Additional Orders Received from
Australia, Canada, New Zealand and the U.K. Continuing AMSC's Global Expansion
of Sales in the Rapidly Growing Wind Industry
- Company Confirms Forecast of 50 Percent Growth in Power Electronics Systems
Sales
Westborough, MA, September 12: American Superconductor Corporation (NASDAQ:
AMSC), a leading energy technologies company, announced today that it has
received $4.6 million of new orders for D-VAR(R) systems for regulating voltage
at wind farms in Australia, Canada, New Zealand and the United Kingdom. These
orders are expected to enable AMSC's Power Electronic Systems business unit to
achieve its forecasted 50% growth in revenues for the fiscal year ending March
31, 2007. These latest orders will also increase the amount of wind-generated
electricity served by AMSC's power electronics solutions to more than 1.8
billion watts (1,800 megawatts), close to the company's two billion watt
objective for March 31, 2007.
"The performance of the Power Electronic Systems
business unit has surpassed our expectations for this fiscal year," said Greg
Yurek, chief executive office of American Superconductor. "Our PowerModule(TM)
and D-VAR technologies are proving to be 'must-have' solutions for wind farms
around the globe, enabling operators to regulate voltage to optimize the
operation and output of individual wind turbines while also allowing owners to
meet the increasingly stringent standards for interconnection of wind farms to
power grids."
"Following closely on the heels of several other contracts, these new orders are
expected to enable us to grow revenues for this business unit by 50 percent
year-over-year to more than $22 million," added Yurek. "We also expect this
business unit to be profitable in FY2007 and going forward."
According to the Global Wind Energy Council (GWEC),
the total installed base of wind generated electricity worldwide was 59,084
megawatts as of 2005, with 11,531 megawatts having been installed in 2005. An
additional 13,100 megawatts is slated for installation in 2006. GWEC estimates
that the market size will more than double to 134,800 megawatts by the year
2010.
"The growing global demand for renewable energy options presents a tremendous
opportunity for American Superconductor's energy technology products, solutions
and services," said Chuck Stankiewicz, senior vice president, American
Superconductor. "Our D-VAR and PowerModule power electronic converter solutions
are ideal for any renewable energy producer who wants to ensure that their
system meets grid interconnection standards and delivers a reliable and
consistent product to their customers."
For more information about AMSC's wind power solutions, please visit:
http://www.amsuper.com/products/applications/windEnergy/index.cfm.
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