AMSC has announced new energy power system orders totaling $34 million. The orders include various components such as enclosed capacitor banks, harmonic filters, voltage controllers, rectifiers, sag mitigation solutions, and volt var optimizers. Approximately half of the revenue from these orders is expected to be recognized in fiscal year 2023.
The diverse market demand for AMSC's new energy power systems is reflected in these orders. One-third of the orders come from the renewable energy sector, including wind and solar projects, while another third is driven by industrial projects in sectors like metals, mining, and semiconductors. Notably, over 10% of the new energy power system orders are from the U.S. military, highlighting AMSC's contribution to providing efficient and reliable shore power to naval vessels.
AMSC's new energy power systems, including their D-VAR and D-VAR VVO offerings, play a crucial role in stabilizing the power grid. These systems provide voltage control, power factor correction, and reactive compensation, ensuring grid stability and preventing undesirable events such as voltage collapse. By offering power conversion products like transformers and rectifiers, AMSC assists utilities in managing power quality concerns and expanding grid capacity for renewable distributed generation.
The company's Chairman, President, and CEO, Daniel P. McGahn, expressed satisfaction with the strong orders momentum for their new energy power systems in fiscal year 2023. McGahn noted the exciting opportunity presented by new orders from the U.S. military and emphasized the versatility and reliability of AMSC's solutions across diverse markets. The company intends to continue driving the adoption of their new energy power systems and helping customers meet the growing demands of the energy landscape.
Source: AMSC