AMSC inks $60M deal to strengthen Chicago power grid
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Being without power due to storms, acts of terror or other catastrophic events can cripple a city.
In a deal announced Wednesday that could be worth up to $60 million, Devens-based energy technology company AMSC has agreed to develop a plan to build a superconducting cable system that it said will strengthen Chicago's electric grid.
As part of the U.S. Department of Homeland Security’s (DHS) Resilient Electric Grid (REG) program, AMSC will be working with ComEd - which provides power to 70 percent of Illinois’ population, including Chicago - to install more than three miles of superconductor cable. It is the first commercial application of AMSC’s high-temperature superconductor technology, the company said.
According to documents filed with the U.S. Securities and Exchange Commission (SEC), funding for the initial phase of the project, which is expected to take six to nine months, is $1.5 million. If successful, additional phases will move forward and take about 42 months, with all $60 million in funding for the project coming from DHS.
In a statement, AMSC President and CEO Daniel McGahn said that the company’s deal with DHS calls for similar deployments with at least two other U.S. utilities.
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