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 expand the capability of our Navy’s fleet, today announced $37 million of new energy power systems orders. This includes orders for enclosed capacitor banks, harmonic filters, voltage controllers, transformers, rectifiers, sag mitigation solutions, and volt var optimizers. Nearly all of the revenue from these orders is expected to be recognized in fiscal year 2024.
“Robust demand in the markets we serve drove another near-record quarter of new energy power systems orders,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “We saw strength in orders from the industrial and renewable markets. Industrials, including metals, mining and components for electric vehicles, contributed to approximately one half of total new energy power systems orders while renewables accounted for one fourth. The remainder of the orders came from other undertakings, including utility projects driven by the transition to more renewable power production as well as military projects that serve the U.S. military by providing efficient and reliable shore power to naval vessels.”
AMSC’s new energy power systems include D-VAR® and D-VAR VVO® offerings as well as NEPSITM and NeeltranTM businesses. Customers utilize AMSC’s solutions to provide voltage control, power factor correction, and reactive compensation to stabilize the power grid and prevent undesirable events such as voltage collapse. The systems are designed to detect and instantaneously compensate for voltage disturbances. AMSC offers power conversion products. These products include transformers and rectifiers. Additionally, the systems help utilities manage their power quality concerns and expand grid capacity for renewable distributed generation.
