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American Superconductor

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American Superconductor Corporation
Company typePublic
IndustryElectric power infrastructure
FoundedApril 9, 1987; 37 years ago (1987-04-09)[1]
FounderGregory J. Yurek
Headquarters
Ayer, Massachusetts
,
U.S.
Key people
Daniel P. McGahn (president & CEO)
RevenueIncrease $146 million (2023)[1]
Negative increase −$11 million (2023)[1]
Negative increase −$11 million (2023)[1]
Total assetsIncrease $233 million (2023)[1]
Total equityIncrease $145 million (2023)[1]
Number of employees
337 (2024)[1]
Websiteamsc.com

American Superconductor Corporation (AMSC) is an American energy technologies company headquartered in Ayer, Massachusetts. The firm specializes in using superconductors for the development of diverse power systems, including but not limited to superconducting wire.[2][3] Moreover, AMSC employs superconductors in the construction of ship protection systems.[4] The company has a subsidiary, AMSC Windtec, located in Klagenfurt, Austria.

History

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American Superconductor was founded on April 9, 1987, by MIT professor and material scientist Gregory J. Yurek, in his kitchen.[1][5][6] The founding team included Yet-Ming Chiang, David A. Rudman and John B. Vander Sande.[7][8][9] The company completed its initial public offering in 1991.[6] Over the next twenty years, the company made several acquisitions, including that of the Austrian wind power company WindTec.[6]

The company operates across three primary business segments: production of high-temperature superconductor (HTS) wire, which has a significantly higher electrical current capacity than copper wire; development of HTS-based motors and generators; and design and manufacturing of power electronic systems for wind farms and transmission systems.[5]

Projects

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Chicago ComEd Resilient Electric Grid Project

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On Aug 31, 2021 American Superconductor and ComEd announced the successful integration of AMSC’s REG system, which utilizes high-temperature superconductor wire to enhance the reliability, resiliency and performance of the electric power grid. This REG system has been running in commercial service since then. This project was partially funded by Homeland Security as it protects this part of the grid from EMP and other hazards. A second, larger phase is under design.

Detroit Edison Project

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American Superconductor installed a test of a superconducting electric power transmission power cable in the Detroit Edison Frisbee substation in 2001.[10][11][12]

Holbrook Superconductor Project

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The world's first production superconducting transmission power cable, the Holbrook Superconductor Project, was commissioned in late June 2008. The suburban Long Island electrical substation is fed by about 600 meters of high-temperature superconductor wire manufactured by American Superconductor, installed underground and chilled to superconducting temperatures with liquid nitrogen.[13]

Tres Amigas Project

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American Superconductor was chosen as a supplier for the Tres Amigas Project, the United States' first renewable energy market hub.[14] The Tres Amigas renewable energy market hub will be a multi-mile, triangular electricity pathway of Superconductor Electricity Pipelines capable of transferring and balancing many gigawatts of power between three U.S. power grids (the Eastern Interconnection, the Western Interconnection and the Texas Interconnection). Unlike traditional powerlines, it will transfer power as DC instead of AC current. It will be located in Clovis, New Mexico.

Korea's LS Cable

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AMSC will sell three million meters of wire to allow LS Cable to build 10–15 miles of superconducting cabling for the grid. This represents an order of magnitude increase over the size of the current largest installation, at Long Island Power.[15]

HTS rotors

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AMSC has demonstrated a 36.5 MW (49,000 horsepower) high-temperature superconductor (HTS) electric motor for the United States Navy, and is developing a similar 10 megawatt wind turbine generator through its wholly owned Austria-based subsidiary AMSC Windtec. This would be one of the world's most powerful turbines. It operates at 30–40 kelvins, and the cooling system uses 40 kW.[16][5]

2009 government stimulus

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In 2009, the Department of Energy announced that they would provide $4.8M to AMSC for further development of superconducting electrical cables.[2]

Sinovel controversy

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In early 2011, a Serbian employee of American Superconductor sold the company's proprietary wind turbine control software to the company's largest customer, China based Sinovel. Sinovel promptly ended its payments to American Superconductor, causing the company to lose 84% of its market cap. The employee was bribed for only $20,500, and later pleaded guilty to bribery charges.[17]

References

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  1. ^ a b c d e f g h "FY 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 29 May 2024.
  2. ^ a b Berst, Jesse (16 July 2009). "American Superconductor Poised for Super Results". Smart Grid News. Archived from the original on 2 February 2013. Retrieved 22 July 2009.
  3. ^ "AMERICAN SUPERCONDUCTOR CORP". Archived from the original on 3 October 2011. Retrieved 9 September 2011.
  4. ^ "AMSC Delivers Breakthrough System for U.S. Navy" (Press release). 25 January 2022. Retrieved 1 August 2023.
  5. ^ a b c Luttrell, Martin (23 February 2007). "American Superconductor began in a kitchen". Telegram & Gazette.
  6. ^ a b c "From Academia To Renewable Energy: Greg Yurek | Yurek's commitment stayed strong through the tough times". Worcester Business Journal. 31 January 2011.
  7. ^ "Investor FAQs: When was AMSC founded and by whom?". American Superconductor Corporation. Retrieved 20 September 2024.
  8. ^ Feldman, Amy (19 September 2024). "Meet The MIT Professor With Eight Climate Startups And $2.5 Billion In Funding". Forbes.
  9. ^ Sparapani, Jason (15 July 2024). "Professor Emeritus John Vander Sande, microscopist, entrepreneur, and admired mentor, dies at 80". MIT News.
  10. ^ "High temperature superconducting cable field demonstration at Detroit Edison". Archived from the original on 28 August 2012. Retrieved 16 March 2010.
  11. ^ "Detroit Edison HTS Cable Demonstration Project Delayed". Archived from the original on 19 July 2011. Retrieved 16 March 2010.
  12. ^ "American Superconductor Provides Update on Detroit Edison and other HTS Cable Demonstrations and on New HTS Cable Market Study". Archived from the original on 14 March 2012. Retrieved 15 October 2018.
  13. ^ Gelsi, Steve (10 July 2008). "Power firms grasp new tech for aging grid". Market Watch. Retrieved 11 July 2008.
  14. ^ "Superconductor Electricity Pipelines to be Adopted for America's First Renewable Energy Market Hub". 13 October 2009. Retrieved 25 October 2009.
  15. ^ "American Superconductor Sells Millions of Meters of Wire to Power South Korea". 7 October 2010. Retrieved 23 April 2011.
  16. ^ Fischer, Martin. New Path to 10 MW Renewable Energy World, 12 October 2010. Retrieved: 14 October 2010.
  17. ^ Lappin, Joan. "American Superconductor Destroyed for a Tiny Bribe". Forbes. Retrieved 20 July 2019.
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