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AMSC Announces Nearly $100 Million in New Contracts Across Product Lines and Geographies

American Superconductor Corporation (AMSC), a global power technologies company, today announced its recent successes in the wind power and power grid markets, including nearly $100 million in new contracts since the start of the company`s fiscal year on April 1, 2011. AMSC signed contracts with wind turbine manufacturers in China, India and Korea. Within its Grid segment, AMSC received orders for its grid interconnection and high voltage stability solutions in the U.S. and Europe and made a key high temperature superconductor wire shipment to South Korea.

AMSC's Windtec solutions are helping wind turbine manufacturers lower the cost of renewable energy. AMSC's advanced wind turbine designs, extensive customer support services and leading-edge electrical control systems (ECS) are aimed at maximizing wind turbine performance, efficiency and reliability. AMSC's recent accomplishments in the wind power market include:

In China: AMSC signed a new multi-year contract to deliver wind turbine ECS to Beijing JINGCHENG New Energy Co., Ltd. (JCNE), a subsidiary of state-owned Beijing JINGCHENG Machinery Electric Holding Co., Ltd. Shipments under this contract are expected to begin in late calendar year 2011 and conclude early in calendar year 2014. JCNE, already an accomplished wind turbine manufacturer, chose AMSC's Windtec solution in January 2011 to upgrade and expand its multi-megawatt wind turbine platforms.

In India: AMSC signed a new contract to deliver wind turbine ECS to Inox Wind Limited. Shipments under this order are expected to begin in late calendar year 2011 and conclude in 2012. Inox Wind, part of the Inox Group, chose AMSC as part of its plan to build, own and operate more than 2,000 MW of wind power assets in the next five years. Inox Wind is manufacturing 2 MW turbines with superior power curves under an AMSC license.

In South Korea: AMSC signed new contracts to provide wind turbine core electrical components to Hyundai Heavy Industries (HHI) in calendar year 2011. HHI began working with AMSC to create a global renewable energy business. HHI has commissioned its first 2 MW wind turbines and plans to enter volume production of these wind turbines by the end of this year.

AMSC's Grid solutions enable wind farm and solar power plant developers to smoothly integrate their renewable power into the grid and allow electric utilities to optimize their transmission and distribution networks. AMSC's transmission planning services, reactive compensation products and superconductor offerings are aimed at lowering the cost of energy and maximizing power grid reliability, capacity and efficiency. AMSC's recent accomplishments in the Grid market include:

  • In the U.S.: AMSC signed a multi-million-dollar contract to provide a D-VAR(R) system for Keys Energy Services, a public power utility in Florida. The solution will be used to improve voltage stability. It is part of a large, multi-year project between Keys Energy Services, Florida Municipal Power Agency and the Florida Keys Electric Co-Operative to increase the import capacity of the 120-mile-long transmission line responsible for providing power to the Florida Keys from the Florida mainland.
  • In Europe and the U.S.: AMSC signed several new grid integration solution contracts related to wind farms and solar power plants. In total under these contracts, AMSC's solutions will be utilized to securely and reliably integrate over 150 MW of renewable energy into the grid.
  • In South Korea: AMSC recently made its first Amperium(TM) wire shipment to LS Cable & System under a multi-year supply agreement that was announced in October 2010. AMSC made this initial shipment ahead of schedule at the customer's request so LS Cable & System could begin qualification work for Korea's next superconductor cable projects.

Source: http://phx.corporate-ir.net/phoenix.zhtml?c=86422&p=irol-newsArticle_Print&ID=1609498&highlight=.