AMSC - AMSC Expands Ship Protection System Offering to Allied Navy with First Contract Win | Benzinga
AYER, Mass., June 12, 2024 (GLOBE NEWSWIRE) -- AMSC (NASDAQ:AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™, and protect and expand the capability of our Navy's fleet, today announced it has entered into a multi-year and multi-unit delivery contract valued at approximately $75 million with Irving Shipbuilding Inc., a Halifax, Canada shipbuilder that has constructed over 80% of Canada's Navy at sea today, for Ship Protection Systems hardware as well as engineering work to support the Royal Canadian Navy. Additionally, the scope of this contract is expected to include integration and commissioning of the system. The first Ship Protection System is expected to be delivered to Irving Shipbuilding Inc. in 2026.
Having been designed into the U.S Navy's San Antonio Class amphibious ship platform, AMSC's Ship Protection System is expected to be integrated into the Canadian Surface Combatant Ships (CSC). The reduced footprint associated with AMSC's technology enables the addition of AMSC's Ship Protection System into the existing high outfit density CSC ship design. This breakthrough results in world class mine protection for the CSC platform.
"This contract award marks the first AMSC Ship Protection production systems delivery to an allied navy. This contract represents the success of the very deliberate actions we have taken to diversify our business, drive growth and expand scale both domestically and internationally," said Daniel P. McGahn, Chairman, President and CEO, AMSC. "We look forward to working with Irving Shipbuilding Inc. and the Royal Canadian Navy during the expected insertion of our Ship Protection Systems into the CSC ships and look ahead to expanding our work with allied Navies."
The Canadian Surface Combatant ensures that Canada monitors and defends its waters and makes significant contributions to international naval operations. The CSC will be able to conduct a broad range of tasks: including delivering decisive combat power at sea; supporting the Canadian Armed Forces, and Canada's Allies ashore; conduct counter-piracy, counterterrorism, interdiction, and embargo operations for medium-intensity operations; and deliver humanitarian aid, search and rescue, law, and sovereignty enforcement for regional engagements.
The core components of the Ship Protection System are common and transferable to other applications being targeted for ship implementation. AMSC is continuing its work to expand high-temperature superconductor (HTS) technology into Navy fleets through a variety of applications for power, propulsion, and protection equipment. AMSC refers to its HTS-based products for the Navy as "Ship Protection Systems."
AMSC's innovative degaussing system is designed to reduce the magnetic signature of a ship, which can interfere with undersea mines' ability to detect and damage the ship.
About Irving Shipbuilding Inc.
Irving Shipbuilding is Canada's National Shipbuilder, selected in 2011 to build the new fleet of combat vessels to the Royal Canadian Navy. To date, four Arctic and Offshore Patrol ships (AOPS) have been delivered and a further three are under construction. The company is also building two variants of the AOPS for the Canadian Coast Guard before commencing the larger Canadian Surface Combatant (CSC) Fleet. To date over $6.67 billion in investments have been made across Canada as part of the National Shipbuilding Strategy. The team of 2,400 shipbuilders are proudly based in Halifax, NS and include the largest team of apprentices in Atlantic Canada. www.shipsforcanada.ca
About AMSC (NASDAQ:AMSC)
AMSC generates the ideas, technologies and solutions that meet the world's demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. Through its Marinetec™ Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety. Through its Windtec™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company's solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit ...