AMSC (NASDAQ:AMSC), a global energy solutions provider serving wind
and power grid industry leaders, today announced that AMSC will
partner with Black & Veatch to perform a study to evaluate
solution options to improve the resiliency of Pacific Gas &
Electric Company’s (PG&E) electric grid. Pacific Gas &
Electric Company, a San Francisco, CA based subsidiary
of PG&E Corporation (NYSE:PCG) serving nearly 16
million people in Northern and Central California, is one of the
largest combined natural gas and electric energy companies in the
United States.
“Black & Veatch is a world class engineering and energy
infrastructure development company,” said Daniel P. McGahn, AMSC
President and CEO. “We look forward to expanding our relationship
with Black & Veatch as we work to penetrate the electric
distribution market with AMSC’s Resilient Electric Grid
systems.”
The study was awarded to Black & Veatch by PG&E
following a competitive request for proposal (RFP) process and
specifically requests that superconductor based technologies, such
as AMSC’s Resilient Electric Grid (REG) system, be considered as
solution options. The study will focus on evaluating REG as a
potential option to backup or replace certain existing pipe-type
cable circuits on PG&E’s grid, which were identified as
vulnerable in an earlier PG&E study.
Pipe-type cable technology has been the dominant transmission
cable type in the United States from the 1940’s through the start
of this century with thousands of miles installed. In recent
years, utilities have looked to replace these cables, which often
utilize large quantities of environmentally harmful oil or SF6 gas,
with more benign technologies. AMSC’s Resilient Electric Grid
Systems have the potential to help fill this market need.
“Through the RFP for the study, PG&E has indicated interest
in evaluating superconductor-based cable technologies as solution
options for hardening the San Francisco electric grid against
seismic events,” said John Rector, Associate Vice President of
Black & Veatch. “Technologies that offer us compact, efficient,
low environmental impact, and cost effective alternatives, such as
the Resilient Electric Grid system, are of great interest to U.S.
utilities.”
AMSC’s REG system is an innovative approach designed to increase
reliability and capacity of the electric grid. By enabling the use
of transmission and distribution assets in a way that is not
feasible with traditional technologies, the REG system enables
significant increases in grid reliability and increases
load-serving capacity, while limiting the need for additional grid
infrastructure, which mitigates environmental impact.
“The Bay Area is one of the nation’s most critical regions.
Safe, reliable and low impact electrical infrastructure is of
particular importance to the citizens of San Francisco and the Bay
Area,” said Daniel P. McGahn, AMSC President and CEO. “We believe
that AMSC’s REG system will uniquely help PG&E meet their
system resiliency goals and ensure safe and rapid recovery from
major events. We are pleased that Pacific Gas & Electric is
exploring the use of our REG system in its grid, and we look
forward to understanding the needs of the utility.”
About AMSC (NASDAQ:AMSC) AMSC generates the
ideas, technologies and solutions that meet the world's demand for
smarter, cleaner … better energy™. Through its Windtec™ Solutions,
AMSC provides wind turbine electronic controls and systems, designs
and engineering services that reduce the cost of wind energy.
Through its Gridtec™ Solutions, AMSC provides the engineering
planning services and advanced grid systems that optimize network
reliability, efficiency and performance. The Company's solutions
are now powering gigawatts of renewable energy globally and are
enhancing the performance and reliability of power networks in more
than a dozen countries. Founded in 1987, AMSC is headquartered near
Boston, Massachusetts with operations in Asia, Australia, Europe
and North America. For more information, please
visit www.amsc.com.
About Black & Veatch Black & Veatch is
an employee-owned, global leader in building critical human
infrastructure in Energy, Water, Telecommunications, and Government
Services. Since 1915, Black & Veatch has helped its clients
improve the lives of people in over 100 countries through
consulting, engineering, construction, operations, and program
management.
About PG&EPacific Gas and Electric Company,
a subsidiary of PG&E Corporation (NYSE:PCG), is one of the
largest combined natural gas and electric energy companies in the
United States. Based in San Francisco, with more than 20,000
employees, the company delivers some of the nation’s cleanest
energy to nearly 16 million people in Northern and Central
California. For more information, visit www.pge.com/ and
pge.com/news.
AMSC, Windtec, Gridtec, and Smarter, Cleaner … Better Energy are
trademarks or registered trademarks of American Superconductor
Corporation. All other brand names, product names, trademarks, or
service marks belong to their respective holders.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). Such
statements include, but are not limited to, expectations regarding
our collaboration with Black & Veatch; and expectations
regarding REG system and its contributions to PG&E’s electric
grid, and other statements containing the words “believes,”
“anticipates,” “plans,” “expects,” “will” and similar expressions.
Such forward-looking statements represent management’s current
expectations and are inherently uncertain. There are a number of
important factors that could materially impact the value of our
common stock or cause actual results to differ materially from
those indicated by such forward-looking statements. These important
factors include, but are not limited to: A significant portion of
our revenues are derived from a single customer, Inox, and
shipments to Inox may not commence in the time frame we expect or
at all; We have a history of operating losses and negative
operating cash flows, which may continue in the future and require
us additional financing in the future; Our operating results may
fluctuate significantly from quarter to quarter and may fall below
expectations in any particular fiscal quarter; Our financial
condition may have an adverse effect on our customer and supplier
relationships; Our success in addressing the wind energy market is
dependent on the manufacturers that license our designs; Our
success in addressing the wind energy market is dependent on the
manufacturers that license our designs; Our success is dependent
upon attracting and retaining qualified personnel and our inability
to do so could significantly damage our business and prospects; We
rely upon third-party suppliers for the components and
sub-assemblies of many of our Wind and Grid products, making us
vulnerable to supply shortages and price fluctuations; We may not
realize all of the sales expected from our backlog of orders and
contracts; Our success depends upon the commercial use of high
temperature superconductor (“HTS”) products, which is currently
limited, and a widespread commercial market for our products may
not develop; Growth of the wind energy market depends largely on
the availability and size of government subsidies and economic
incentives; We have operations in and depend on sales in emerging
markets, including India and China, and global conditions could
negatively affect our operating results or limit our ability to
expand our operations outside of these countries; We face risks
related to our intellectual property; We face risks related to our
legal proceedings; and the important factors discussed under the
caption “Risk Factors” in Part 1. Item 1A of our Form 10-K for the
fiscal year ended March 31, 2016, and our other reports filed with
the SEC. These important factors, among others, could cause actual
results to differ materially from those indicated by
forward-looking statements made herein and presented elsewhere by
management from time to time. Any such forward-looking statements
represent management’s estimates as of the date of this press
release. While we may elect to update such forward-looking
statements at some point in the future, we disclaim any obligation
to do so, even if subsequent events cause our views to change.
These forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this press release.
AMSC Contact:
Brion D. Tanous
CleanTech IR, Inc.
Phone: 424-634-8592
Email: Brion.Tanous@amsc.com
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