AMSC receives $6 million in orders
PHOTO/MATT VOLPINI
Devens-based power grid and wind energy equipment manufacturer AMSC announced $6 million in orders Wednesday morning.
The company formerly known as American Superconductor received two orders for its D-VAR STATCOM systems that work to modulate power. The orders were received from a semiconductor fabrication plant and a wind farm in Australia.
The PQ-IVR Power Quality Solution ordered for the fabrication plant is designed to help get systems online quickly after a power outage. It is an industrial voltage restorer that eliminates hours of downtime and the need to recalibrate equipment due to slight voltage variations, according to AMSC.
“The PQ-IVR order demonstrates progress on our long-term strategy of growing the business beyond the interconnection of renewables to the electricity grid," President and CEO Daniel P. McGahn said in a statement.
The orders represent important revenue for a company that continues to diversify its commercial base, recently announcing a potential Navy contract. In the company’s latest quarterly earnings statement, it reported first-quarter revenue of $23.7 million, more than double the $11.7 million for the same period of fiscal 2014. The company also cut net losses to $9.1 million, or 75 cents per share, from $13.5 million, or $1.74 per share, for the same period of fiscal 2014.
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