"With oil over $100, and voters increasingly attuned in this political season to the need for clean and renewable fuels, the alternative energy industry is ripe for investment," says David Sandell.

The contributing editor to Stephen Leeb's The Complete Investor, explains, "We're adding American Superconductor (NASDAQ: AMSC) – an energy tech leader that helps the electric grid to function better – to our 'Fast Track' portfolio."

"American Superconductor designs and sells products geared to utilities, industrial companies, and wind energy developers. Its offers are designed to help these customers to generate and deliver electrical power more efficiently, cleanly, and reliably.

"The company has two chief divisions. Its profitable Power Systems segment sells power converters to utilities and industrial customers, both in the U.S. and internationally. The point of these converters is to regulate voltage, thereby improving the performance of the electric grid – making it more efficient (and energy-conserving) as well as reliable.

"The company is teaming up with the Department of Homeland Security as well as with Con Edison on a grid upgrade for New York City that would increase capacity and suppress power surges.

"In 2007, beefing up this division, American Superconductor made two significant acquisitions. It bought Windtec, a company that specializes in wind energy – licensing proprietary wind turbine designs, training workers to maintain turbines, and supplying converter and control systems to wind farms.

"This past year, Windtec has worked to boost its presence in China, and some sizable potential contracts in that country are likely to come through.

"The second purchase, Power Quality Systems, has added to American Superconductor's ability to compete as a supplier to large-scale power grids via technology designed to eliminate the voltage sags and 'flicker' that plague electric distribution companies.

"Wind power, but its nature, fluctuates widely and the resulting dips and surges in power can take a big toll on turbines and on the reliability of the entire grid. The company's systems address these problems by providing substations between the turbines and the grid, absorbing voltage.

"Somewhat ironically, the company's Superconductor Wires, after which it is named, hasn't yet been profitable – but we think the potential is enormous. The division makes high-temperature superconductor (HTS) wires used in power cables, bit motors, and even magnetically levitated trains.

"These wires can carry around 150 times more power than traditional copper wires. Even more important, though, there is no almost no energy leakage. Already the world's leading supplier, the company is sharply expanding its production capabilities for the next generation of HTS wire.

"At present, its wires are being used by a Korean research group seeking to create a high-capacity magnetic storage device with no leakage. Success in this area would be a big step forward in the wider use of renewable energy.

"While not yet turning a profit, American Superconductor s in good financial shape, with no debt and a lot of cash. Revenues have risen from $56 million in 2006 to around $100-$110 in 2007 and are expected to expand sharply in 2008.

"About half of revenues are from abroad (though concentrated in a few customers), and the company recently formed a new division to meet rising demand from Asia. We see AMSC as a leading, if risky, play on wind energy and energy efficiency."

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