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AMSC Receives Second Quarter Orders for Nearly 150,000 Meters of 1G HTS Wire
Westborough, MA, October 3:
American Superconductor
Corporation (Nasdaq:AMSC),
a leading energy technologies company, announced today that it has received an
order for first generation (1G) high temperature superconductor (HTS) wire from
the Korea Electrotechnology Research Institute (KERI). KERI, based in Changwon,
South Korea, will utilize 22,000 meters of 1G wire to begin a 10-year project
focused on developing superconductor magnetic energy storage (SMES) systems.
This project is being funded by South Korea's Ministry of Science and
Technology.
SMES systems provide backup electric power that is able to
respond instantly to power fluctuations on transmission and distribution grids.
KERI is developing SMES systems that utilize coils of HTS wire that can store
and then release megawatts of power instantly to stabilize voltage in power
grids. Until now, commercial SMES systems have only used low temperature
superconductors (LTS) that need to operate at extremely low, cryogenic
temperatures. SMES systems based on HTS wire are expected to operate at five to
20 times higher temperatures, which would make them more efficient, rugged and
affordable for power grid applications. To learn more about SMES, please see
http://www.amsuper.com/products/powerConversion/104214300161.cfm
"We are pleased that American Superconductor was awarded this
highly competitive bid," said Angelo Santamaria, vice president and general
manager of the AMSC Wires business unit of American Superconductor. "KERI's SMES
system required a unique four-ply superconductor with particularly high
electrical performance - a product that we developed jointly with KERI utilizing
our 1G HTS wire. Our ability to rapidly meet customer specifications with 1G
wire as we continue to scale up manufacturing of 2G wire was once again key to
winning this order. While we have now fully transitioned to the production of 2G
HTS wire, known as 344 superconductors, our 1G inventory has enabled us to
extend our market leadership."
AMSC received orders for nearly 150,000 meters of 1G HTS wire
during the second quarter of fiscal 2007 ended September 30, 2006. The company
entered the quarter with more than 400, 000 meters of 1G HTS wire in stock. AMSC
expects to receive orders for most, if not all, of its remaining 1G inventory by
December 2007 when annual gross capacity for its 344 superconductors ramps to
720,000 meters. AMSC discontinued production of 1G HTS wire as of June 30, 2006.
"Our strategy to meet near-term
demand for HTS wire with 1G inventory as we bring our production equipment for
344 superconductors on line is paying off," said Greg Yurek, chief executive
officer of AMSC. "Demand for HTS wire and applications continues to build, and
American Superconductor is capitalizing fully on every opportunity. Our 344
superconductors, which we believe will have dramatically lower cost and higher
performance than 1G wire, will serve as the primary catalyst for widespread
adoption of HTS technology in the utility, military and industrial markets,
among others."
About American Superconductor Corporation (NASDAQ:AMSC)
AMSC is the world's principal vendor of high temperature
superconductor (HTS) wire and large rotating superconductor machinery, and it is
a world-leading supplier of dynamic reactive power grid stabilization products.
AMSC's HTS wire and power electronic converters are at the core of a broad range
of new electricity transmission and distribution, transportation, medical and
industrial processing applications, including dynamic reactive power grid
stabilization solutions, large ship propulsion motors and generators, smart,
controllable, superconductor power cables and advanced defense systems. The
company's products are supported by hundreds of patents and licenses covering
technologies fundamental to Revolutionizing the Way the World Uses Electricity(R).
More information is available at
www.amsuper.com.
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