AMSC: Contract modification
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AMSC (NASDAQ:AMSC), a global solutions provider serving wind and power grid industry leaders, announced the U.S. Department of Homeland Security (DHS) Science and Technology (S&T) Directorate awarded the company a contract modification worth up to $3.7 million. This contract modification serves as a bridge between the detailed deployment plan and construction phases of the project. This brings total authorized funding by DHS under the program to $5.2 million. The performance period for this phase of the program under the contract modification is expected to end in May 2017.
"This is a positive step for the program as we prepare for construction," said Daniel P. McGahn, President and CEO of AMSC. "The design and configuration of the system is nearly complete. We have also seen interest for the product coming from Boston and Washington, D.C. as well as other cities. This next phase allows us to start to purchase and qualify key subcomponents of the system and to do critical engineering tasks in order to ensure optimal system performance. It is not anticipated that this work will be a gate to proceeding to the construction phase of the project."
This project is part of the work of the S&T Directorate at DHS to secure the nation's electric power grids and improve resiliency against extreme weather, acts of terrorism, or other catastrophic events. AMSC's Resilient Electric Grid system is a self-healing solution that provides resiliency in the event that portions of the grid are lost for any reason. AMSC and ComEd are working on a deployment plan to permanently install this advanced technology in the electric grid serving downtown Chicago.
About AMSC's REG system
In a typical urban infrastructure, power is produced at plants that are located outside of the city limits. Power from those plants travels through high voltage transmission lines until it reaches a substation, where it is "stepped down" to distribution voltages before being delivered to homes and businesses. Each substation supplies power to an entire section of a city and, in many U.S. cities, the substations are not connected to each other and therefore cannot back up one another. Furthermore, each substation can handle only a limited amount of capacity. Serving additional load requires either substation expansions or the construction of costly new substations.
The Resilient Electric Grid system offers a solution. The system provides the dual benefit of increasing grid reliability while simultaneously increasing grid capacity by accessing existing but previously underutilized substation assets. The key component to the REG system is AMSC's breakthrough HTS cable system that combines with other system design elements to increase the reliability, redundancy, and resiliency of urban power grids, greatly reducing the impact of equipment failure due to aging or cyber-, physical-, or weather-related disasters.
About AMSC (NASDAQ: AMSC)
AMSC generates the ideas, technologies and solutions that meet the world's demand for smarter, cleaner … better energy™. Through its Windtec™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. The Company's solutions are now powering gigawatts of renewable energy globally and are enhancing the performance and reliability of power networks in more than a dozen countries. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.