AMSC Delivers Revolutionary System for US Navy
AYER, Mass., Jan. 25, 2022 (GLOBE NEWSWIRE) — AMSC® (NASDAQ: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™, and protect and extend the capacity of our Navy’s fleet, today announced that it has completed delivery of the High Temperature Superconductor (HTS)-based Ship Protection System to be deployed on the San Antonio USS amphibious transport dock class Fort Lauderdale (LPD-28). This delivery is a significant milestone in AMSC’s first of four ship protection system contracts for the San Antonio-class amphibious ship platform. The AMSC plans to support the Navy’s insertion of the SPS into the LPD 28. USS Fort Lauderdale. (LPD-28) will be the 12and amphibious transport dock ship USS San Antonio-to classify.
“The delivery of this system is a watershed moment for our company and for superconductor technology. We have a culture of delivery and believe the delivery of this system demonstrates the momentum for our company and for the marine industry to embrace change,” said Daniel P. McGahn, President, CEO and President of CSIA. “We look forward to continuing to work with the US Navy to deliver and install our HTS degaussing system on future San Antonio-class ships as well as other potential vessels.”
AMSC and the US Navy have collaborated on AMSC’s HTS-based Advanced Ship Protection Systems. The basic components of the ship protection system are common and transferable to other applications targeted for the implementation of ships. AMSC continues its work to extend HTS technology to the fleet through a variety of applications for power, propulsion and protection equipment.
The degaussing ship protection system is essentially a network of cables running through the ship, with the electrical current in the cables calibrated to counter fluctuations in the magnetic field as it moves through the water, masking the ship’s magnetic signature and preventing him from activating underwater mines.
Until now, the US Navy has relied on heavy copper wire degaussing systems for magnetic signature reduction. AMSC’s innovative degaussing system consists of a smaller, lighter and more efficient high-temperature superconductor (HTS) cable, eliminating 50% to 80% of the system’s weight with significant energy savings.
The future USS Fort Lauderdale will carry 650 men and has the capability to transport and land air-cushioned landing craft or conventional landing craft, supplemented by helicopters or vertical take-off and landing aircraft such as the MV- 22. These ships are expected to support amphibious assault missions, special operations or expeditionary warfare missions during the first half of the 21st century.
About AMSC (NASDAQ: AMSC)
AMSC generates ideas, technologies and solutions that meet the global demand for smarter, cleaner…better energy. Through its Gridtec™ solutions, AMSC provides engineering planning services and advanced grid systems that optimize grid reliability, efficiency and performance. Through its Marinetec™ solutions, AMSC provides ship protection systems and develops propulsion and power management solutions designed to help fleets increase system efficiency, improve power quality and enhance operational security. Through its Windtec™ solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The company’s solutions improve the performance and reliability of power grids, increase the operational safety of navy fleets and power gigawatts of renewable energy around the world. Founded in 1987, AMSC is headquartered near Boston, Massachusetts, with operations in Asia, Australia, Europe and North America. For more information, visit www.amsc.com.
©2022 American Superconductor Corporation. AMSC, American Superconductor, Amperium, Gridtec, Marinetec, Windtec orchestrate the rhythm and harmony of power on the grid 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.
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, statements about our expectation that we will support the Navy’s insertion of the SPS into LPD 28; the delivery of this system being a watershed moment for our Company and for superconductor technology; our belief that the delivery of this system demonstrates the momentum for our business and for the marine industry to embrace change; work with the US Navy to deliver and install our HTS degaussing system on future San Antonio class ships as well as other potential ships; the expansion of HTS technology in the fleet through a variety of applications; the functionality, performance and capabilities of our vessel protection system; the expectation that San Antonio-class ships will support amphibious assault, special operations, or expeditionary warfare missions through the first half of the 21st century; and other statements containing the words “believes”, “anticipates”, “plans”, “expects”, “will” and similar expressions. These forward-looking statements represent management’s current expectations and are inherently uncertain. There are a number of important factors that could materially affect the value of our common stock or cause actual results to differ materially from those indicated by these forward-looking statements. These important factors include, but are not limited to: We have a history of operating losses, which may continue in the future. Our results of operations may fluctuate significantly from quarter to quarter and may be lower than expected in any given fiscal quarter; We have a history of negative operating cash flow and may require additional financing in the future which may not be available to us; We may be required to issue performance bonds or provide letters of credit, which limit our ability to access cash used as collateral for bonds or letters of credit; Changes in exchange rates could adversely affect our results of operations; If we fail to maintain adequate and effective internal control over financial reporting, our ability to produce accurate and timely financial statements could be impaired and could cause investors and other users to lose confidence in our financial data; We may not achieve all of the expected sales from our order and contract backlog; Our contracts with the US government are subject to audit, modification or termination by the US government and include certain other provisions in favor of the government. Continued funding for these contracts remains subject to the annual Congressional appropriation, which, if not approved, could reduce our revenues and reduce or eliminate our profits; The COVID-19 pandemic could have an adverse impact on our business, financial condition and results of operations; Changes in US government defense spending could adversely affect our financial condition, results of operations, liquidity and overall business; We rely on third-party suppliers for components and subassemblies for many of our Grid and Wind products, which makes us vulnerable to supply shortages and price fluctuations, which could adversely affect our business; Uncertainty about our prospects and financial condition may adversely affect our relationships with our customers and suppliers; We may experience difficulty restoring our HTS yarn production capacity at our Ayer, Massachusetts facility; Our success depends on attracting and retaining qualified personnel and our failure to do so could materially harm our business and prospects; Our business and operations would be adversely affected in the event of a failure or security breach of our information technology infrastructure; Failure to comply with changing privacy and data protection or personal data protection laws and regulations may adversely impact our business and financial results; Many of our revenue opportunities depend on contractors and other business associates; If we are unable to successfully implement our business strategy, our financial performance could be adversely affected; Product quality or performance issues may cause us to incur warranty costs and may damage our reputation in the marketplace and prevent us from increasing our sales and market share; We have had limited success in marketing and selling our superconducting products and system-level solutions, and our failure to more widely market and sell our products and solutions could reduce our revenues and cash flow; Adverse changes in domestic and global economic conditions could adversely affect our results of operations; face risks related to our intellectual property; We face risks related to our technologies; We face risks related to our legal proceedings; We face risks related to our common stock; and the material factors discussed under “Risk Factors” in Part 1. Item 1A of our Form 10-K for the year ended March 31, 2021, as updated by our Form 10-Q for the quarter ended September 30, 2021 and our other reports filed with the SEC. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made herein and presented elsewhere by management from time to time. These forward-looking statements represent management’s estimates as of the date of this press release. Although we may choose to update these forward-looking statements at some time in the future, we disclaim any obligation to do so, even if subsequent events change our views. These forward-looking statements should not be taken to represent our views as of any date subsequent to the date of this press release.
Contact with Investor Relations:
LHA Investor Relations
Carolyn Capaccio, CFA
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AMSC Communications Manager: