American Superconductor Corporation (NASDAQ:AMSC) gained on stock markets Thursday, after the company reported winning of US Navy contract for insertion of Ship Protection System on USS Fort Lauderdale, LPD 28.
The corporation, based out of Devens, Massachusetts, says the Ship Protection System scope between it and the U.S. Navy is expected to include integration and commissioning of the system. Fort Lauderdale will be the 12th amphibious transport dock ship of the USS San Antonio-class.
AMSC’s Ship Protection System will provide Fort Lauderdale with world class mine protection while reducing the weight of the degaussing system by 90%, and reducing energy consumption by more than half that of legacy degaussing systems.
AMSC and the U.S. Navy have collaborated on AMSC’s advanced HTS-based Ship Protection Systems. The core components of the Ship Protection System are common and transferable to other applications being targeted for ship implementation. Such systems as degaussing systems, are designed to reduce the magnetic signature of a ship, which can interfere with undersea mines’ ability to detect and damage the ship.
AMSC CEO Daniel McGahn says, “AMSC’s future is here. Our vision for high temperature Superconductor technology has fully moved past its developmental stage. We have commercialized AMSC’s core technology.
“We look forward to working with the U.S. Navy during the expected insertion of our advance degaussing system into LPD 28.”
The company boasts that it “generates the ideas, technologies and solutions that meet the world's demand for smarter, cleaner … better energy”.
AMSC’s stock price galloped 23 cents, or 4.9%, to $4.13, shortly before Thursday’s closing bell.
