Amsc extends new energy power systems product offerings with the acquisition of neeltran, inc.

Ayer, mass., may 06, 2021 (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 that it has acquired neeltran, inc. (neeltran), a private connecticut-based company that supplies rectifiers and transformers to industrial customers. at closing, amsc paid $4.5 million in cash and issued 301,556 restricted shares of amsc common stock having a value of approximately $4.3 million. additionally, amsc paid $7.6 million directly to neeltran lenders at closing to extinguish outstanding neeltran debt.
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