American Superconductor Bags $34M Of New Energy Power System Orders

American Superconductor Corporation AMSC has bagged $34 million of new energy power systems orders.

This includes orders for enclosed capacitor banks, harmonic filters, voltage controllers, rectifiers, sag mitigation solutions, and volt var optimizers. 

The company expects to recognize approximately half of the revenue from these orders in fiscal year 2023.

"This series of orders represents a strong contribution from the renewables market, with wind and solar projects accounting for approximately one-third," said Chairman, President and CEO Daniel P. McGahn.

Customers use AMSC's solutions to provide voltage control, power factor correction, and reactive compensation to stabilize the power grid and prevent undesirable events such as voltage collapse.

Also, the systems help utilities manage their power quality concerns and expand grid capacity for renewable distributed generation.

Price Action: AMSC shares are trading higher by 12.95% at $7.59 on the last check Tuesday.