- D-VAR® Solution to Enable Waterloo and AGL Hallett 4 (North Brown Hill) Wind Farms to Meet Australia's Grid Interconnection Requirements - Product Now Serving More Than 50 Wind Farms Worldwide
DEVENS, MA - October 20, 2009 - American Superconductor Corporation (NASDAQ: AMSC), a global energy technologies company, today announced that its D-VAR grid interconnection solution has been ordered for two additional wind farms under construction in Australia. These are the 50th and 51st wind farms to have purchased AMSC's D-VAR systems worldwide and AMSC's 6th and 7th wins in Australia.
Both of the D-VAR solutions included in these new contracts will be deployed to enable wind farms to meet local grid interconnection requirements. AMSC will provide a D-VAR system to Suzlon Energy Australia Pty. Ltd., a subsidiary of India's Suzlon Energy Limited, for the 132 megawatt (MW) AGL Hallett 4 (North Brown Hill) Wind Farm being erected outside of Jamestown, South Australia. AMSC also will provide a D-VAR system to Consolidated Power Projects Australia Pty Ltd. for Roaring 40s Renewable Energy Pty Ltd.'s 111 MW Waterloo Wind Farm currently under construction approximately 100 kilometers north of Adelaide in South Australia. Both D-VAR systems will be delivered within the next six months.
Customers can utilize AMSC's D-VAR solutions to provide voltage regulation, power factor correction and post-contingency assistance to help prevent voltage collapse on the power grid to which the wind farms are connected. These solutions enable wind farm developers to meet grid interconnection requirements adopted in countries such as Australia.
"In order to help facilitate the integration of electricity generated from renewable sources of energy, Australia is requiring that the reactive compensation of wind power plants be similar to that of traditional generation plants," said Timothy Poor, Senior Vice President of Global Sales and Business Development at AMSC. "As a result, we are seeing a growing pipeline of opportunities for our best-in-class D-VAR solution. With Australia recently setting a target to derive 20 percent of its electricity needs from renewable sources by 2020, we believe this will be a sizable market for AMSC for many years to come."
AMSC's D-VAR solutions will now be supporting more than 700 MW of wind power in Australia. The country currently has a total installed capacity of 1.9 gigawatts (GW) of wind power according to market research firm Emerging Energy Research (EER). The Australian government recently announced support of a law requiring that 20 percent of Australia's electricity be derived from renewable sources such as solar and wind by 2020 - more than twice the country's current level. Wind generated electricity is expected to account for more than 50% of this total, with the steepest growth in the market occurring between 2010 - 2015, according EER's Global Wind Turbine Markets and Strategies: 2009-2020 report. EER estimates Australia's total installed capacity will rise to 10 GW by 2020.
AMSC's D-VAR solutions provide voltage regulation and power factor correction, along with post-contingency assistance to stabilize voltage, relieve power grid congestion, improve electrical efficiency, and prevent blackouts in power grids. D-VAR reactive compensation systems are classified as Static Compensators, or "STATCOMs," a member of the FACTS (Flexible AC-Transmission System) family of power electronic solutions for alternating current (AC) power grids. These Smart Grid solutions are able to detect and instantaneously compensate for voltage disturbances by dynamically injecting leading or lagging reactive power into the power grid. AMSC has received orders for over 70 STATCOM power grid solutions worldwide, more than all other manufacturers combined. The company's STATCOM customers include more than 20 electric utilities and over 50 wind farms.
To learn more about AMSC's product offerings for the wind industry, visit http://www.amsc.com/products/applications/windEnergy/index.html.
About American Superconductor (NASDAQ: AMSC)
AMSC offers an array of proprietary technologies and solutions spanning the electric power infrastructure - from generation to delivery to end use. The company is a leader in alternative energy, providing proven, megawatt-scale wind turbine designs and electrical control systems. The company also offers a host of Smart Grid technologies for power grid operators that enhance the reliability, efficiency and capacity of the grid, and seamlessly integrate renewable energy sources into the power infrastructure. These include superconductor power cable systems, grid-level surge protectors and power electronics-based voltage stabilization systems. AMSC'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.amsc.com.
American Superconductor and design, Revolutionizing the Way the World Uses Electricity, AMSC, Powered by AMSC, D-VAR, dSVC, PowerModule, PQ-IVR, Secure Super Grids, Windtec and SuperGEAR are trademarks or registered trademarks of American Superconductor Corporation or its subsidiaries. All other brand names, product names or trademarks belong to their respective holders. The Windtec logo and design is a registered European Union Community Trademark.
Any statements in this release about future expectations, plans and prospects for the company, including our expectations regarding the future financial performance of the company and other 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: we have a history of operating losses, and we may incur losses in the future; a significant portion of our revenues are derived from a single customer, and a reduction in business with this customer could adversely affect our operating results; adverse changes in domestic and global economic conditions could adversely affect our operating results; changes in exchange rates could adversely affect our results from operations; our common stock may experience extreme market price and volume fluctuations, which may prevent our stockholders from selling our common stock at a profit and could lead to costly litigation against us that could divert our management's attention; if we fail to implement our business strategy, our financial performance and our growth could be materially and adversely affected; we may not realize all of the sales expected from our backlog of orders and contracts; many of our revenue opportunities are dependent upon subcontractors and other business collaborators, and a reduction in orders stemming from these companies could adversely affect our operating results; our products face intense competition, which could limit our ability to acquire or retain customers; our success is dependent upon attracting and retaining qualified personnel and our inability to do so could significantly damage our business and prospects; and our international operations are subject to risks that we do not face in the U.S., which could have an adverse effect on our operating results. Reference is made to these and other factors discussed in the "Risk Factors" section of the company's most recent quarterly or annual report filed with the Securities and Exchange Commission. In addition, any 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.
Director, Corporate Communications
American Superconductor Corporation (NASDAQ: AMSC)
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