AMSC Wire Selected for European Maritime Project
Wind power and electric grid company AMSC of Devens announced its second multi-million dollar overseas deal within months.
Just off the May announcement of a deal with Indian company Inox that one analyst estimated is worth about $10 million, AMSC has been chosen for a roughly $24-million project in Europe.
AMSC, formerly American Superconductor, said it will provide the high temperature superconductor (HTS) wire provider for Europe's POSE2IDON – or Power Optimized Ship for Environment with Electric Innovation Designs Onboard – Project.
Funded by the European Union, POSE2IDON is aimed at providing a working guide on how to improve the efficiency and reduce the environmental impact of Europe's commercial shipping fleet through the use of HTS rotating machines and distribution networks.
AMSC said large-scale motor and generator demonstrators utilizing its HTS wire are expected to be manufactured and tested by the end of 2013. Due to the large-power density advantages of the wire, cables can carry up to 10 times as much power as traditional copper-based conductors, and rotating machines can be reduced to less than half the size and weight of conventional machines, according to AMSC, formerly American Superconductor.
AMSC has been working to bounce back from major losses due to the lack of revenue from a Chinese company which it said canceled orders that generated 70 percent of AMSC's $286.6 million in revenues for 2010. The company's revenue in 2011 dropped to $76.5 as a result. However, in recent months, the firm secured $25 million in new capital, successfully gained U.S. patent rights for its HTS and inked the Inox deal.
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