American Superconductor to Provide Hardware for Tres Amigas Project
UPDATE: American Superconductor Corp. CEO Gregory Yurek says the Tres Amigas LLC superconductor project will be worth $1 billion to the company, according to Bloomberg. Most of the Tres Amigas project will be funded through debt and all of it will be privately financed, Yurek says.
We have reached out to Tres Amigas to learn more about their ownership and board membership and will let you know when we hear back. AltEnergy, LLC out of Rowayton, Conn., appears to be an investor or partner, according to their Web site, but we have not been able to confirm the relationship.
ORIGINAL POST: American Superconductor Corp. (NASDAQ: AMSC) announced today that it will the supply superconductor wire and cable to unite America’s three power grids and provide access to market for renewable energy resources.
The Massachusetts-based company, which makes transmission lines and underground transmission “pipelines”, will provide the hardware for The Tres Amigas Project to connect the grids at a site in Clovis, New Mexico.
The project will allow for a simpler transfer of power within the three grids, and allow wind, solar, hydro and geothermal renewable energy sources to tap into multiple markets.
“To truly open up the market for electricity generated from renewable sources of energy,” said Tres Amigas, LLC CEO Phil Harris, “we must enhance transmission in the United States. Tres Amigas will serve as a renewable energy market hub by connecting all three of America’s power grids to enable the transfer of green power from region to region.”
Tres Amigas, in which AMSC took a minority equity stake with a $1.75 million investment, will charge a fee for the use of the power hub.
The project is scheduled for completion in 2014, according to Bloomberg.
