DEVENS, Mass., Sept. 26, 2017 (GLOBE NEWSWIRE) -- AMSC (NASDAQ:AMSC), a global energy solutions provider serving wind and power grid industry leaders, today announced that it has acquired Infinia Technology Corporation (ITC), a cryo-cooling company located in Richland, Washington. At closing, AMSC paid the selling stockholders an aggregate purchase price of $3.75 million as follows: $100,000 in cash, and 884,890 shares of AMSC common stock.
AMSC believes ITC creates a unique strategic opportunity for its grid business. AMSC expects to build on grid business offerings and deliver greater value to its customers, business partners and shareholders by having control over the production of another key element of AMSC’s Ship Protection Systems (SPS). AMSC’s production of this key element is expected to allow for the expansion of SPS margins while increasing the overall AMSC content per Ship Protection System and ensuring enhanced quality of content in these products.
“AMSC currently has PowerModule™ technology in its Electrical Control Systems and D-VAR® products. ITC adds high performance cryo-cooling to our system-level solutions and represents an opportunity for a ColdModule technology for AMSC’s SPS product,” said Daniel P. McGahn, President and CEO of AMSC. “The addition of ITC helps expand our portfolio of proprietary technology and adds system-level value beyond the production of our wire.”
ITC is a technology firm founded in 2009 specializing in the design, development and commercialization of cryo-coolers for a wide range of applications. ITC holds several U.S. government contracts including ones from the U.S. Navy. The company’s cryo-coolers outperform commercially available alternatives from both an efficiency and noise perspective and enable 50% more cooling power for AMSC’s SPS. We believe that there are no other cryo-coolers currently on the market with the same efficiency performance as ITC.
ITC has produced several coolers and provided them to the U.S. Navy. The cryo-coolers have demonstrated that the technology is capable of producing the necessary amount of cooling at the efficiency levels needed. AMSC believes the acquisition of ITC will help AMSC deliver unique Ship Protection Systems to the U.S. Navy while providing strategic leverage for other applications within its grid segment.
About Infinia Technology Corporation (ITC)
Formed in 2009 as a wholly owned R&D subsidiary, Infinia Corporation, ITC was spun out in 2011 as an independently owned and controlled entity. Prior to the acquisition, it was a close affiliate of Qnergy Inc. in Ogden, UT, successor to Infinia Corporation. ITC transitioned a very successful Small Business Innovation Research program into a transformational technology. This high efficiency, very low-temperature cryo-cooler for Navy High Temperature Superconductivity (HTS), and related national security applications, has demonstrated world record performance levels.
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.
