AMSC lands $11M system orders, eyes turnaround
Photo | Grant Welker
AMSC's former Devens offices. The company has downsized to a smaller facility in Ayer due to financial difficulties.
Fresh off of a series of legal victories in a longstanding dispute with a Chinese company, AMSC is getting back to business with $11 million worth of orders for its energy management systems.
Of the five orders announced Wednesday, Ayer-based AMSC said three orders of the company’s D-VAR STATCOM systems will serve the renewable connectivity sector, while two will be used for industrial power quality applications.
The company’s D-VAR system in May was chosen for an Iowa energy grid project, and another $10 million in systems were ordered in February. Another $8 million in orders was announced in November.
CEO Daniel McGahn said the company’s recent wins in the global renewable energy and industrial markets are providing a solid foundation for the company to grow
“I believe the momentum we have achieved in the D-VAR market is a result of the hard work and dedication of individuals here at AMSC,” McGahn said.
Shares of the company’s stock were trading at more than a 4-percent increase Wednesday morning at just over $5 per share. Despite the early-trading increase, the company’s stock has fallen significantly from its price of nearly $8 last month.
Earlier this month, the company settled with Chinese wind turbine firm Sinovel for $57.5 million after Sinovel was found guilty of stealing AMSC’s technology.
As part of the settlement between the two firms, AMSC will grant a non-exclusive license for certain AMSC intellectual property to be used only in Sinovel's doubly fed wind turbines.
Sinovel, found guilty by a U.S. federal court of the injustice, was also fined $1.5 million.
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