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New
Release -- Superconductor Week does not edit or endorse the following
news release: AMSC Signs
Wind Energy System Development Contract with Doosan Heavy Industries &
Construction
Westborough, MA, January 18, 2007:
American Superconductor
Corporation (NASDAQ:
AMSC), a leading energy technologies company, announced today it has signed
a wind energy system development contract worth more than $2 million with Doosan
Heavy Industries & Construction Co., Ltd. (Doosan) of South Korea, an
engineering, procurement and construction contractor with 5,000 employees
worldwide.
Under the terms of the contract, AMSC's
wholly-owned subsidiary, Windtec(TM), will develop a 3 megawatt (MW) wind energy
system for Doosan and support the assembly and installation of the first
prototype. Doosan plans to begin series production of these systems late in
2009. Windtec also has the right of first refusal for all future 3 MW wind
turbine electrical systems from Doosan, creating a significant follow-on
business opportunity for Windtec.
AMSC and its Windtec subsidiary have strong core
competencies in wind turbine systems, rotating machinery, power electronics and
power grid engineering, which providing a strong foundation for developing
state-of-the-art wind energy systems for companies such as Doosan.
"Doosan is known worldwide for its ability to
deliver high-quality, large-scale systems for many applications and markets,"
said Greg Yurek, founder and chief executive officer of AMSC. "We are honored to
be working with such a well known, high-profile leader to help meet the
renewable energy needs of South Korea and other markets Doosan serves around the
world."
The deal represents Windtec's first 3 MW system
development contract and its first entry into the South Korean renewable energy
market. According to the Global Wind Energy Council, South Korea's installed
base of wind generated electricity grew by 42 percent to 98 MW in 2005. The
South Korean government plans to generate approximately five percent of its
total power from wind, solar and tidal systems by 2011, up from approximately 2
percent currently.
"AMSC's Windtec subsidiary brings unique
capabilities that can significantly lower Doosan's barrier to entry in wind
energy," said Jong-Po Park, general manager of the renewable energy development
team at Doosan. "Given that 1 MW systems remain the norm in today's market, we
believe Windtec's 3 MW turbine design will enable Doosan to quickly become a
market leader. We look forward to a long and fruitful business relationship
together."
About Doosan Heavy Industries & Construction
Doosan Heavy Industries & Construction Co., Ltd.
is a global leader in the manufacturing of power plants, desalination plants and
other products. Doosan Heavy Industries & Construction has built over 300
nuclear, thermal, combined-cycle and hydro power plants and is currently
building more than 60 power plants worldwide. Founded in 1962, Doosan Heavy
Industries & Construction is headquartered in Korea and employs over 5,000
people worldwide with international operations in China, Japan, Germany, Saudi
Arabia and the United States.
About AMSC
AMSC (American Superconductor Corporation -
NASDAQ: AMSC) is a leading energy technologies company. The company develops and
sells a wide range of products and solutions based on high temperature
superconductor (HTS) wires and power electronic systems that dramatically
improve the efficiency and quality of electricity during its generation,
transmission, distribution and use. The company is a dominant force in
alternative energy, offering grid interconnection solutions as well as licensed
wind energy designs and electrical systems. As the world's principal supplier of
HTS wire, AMSC is enabling a new generation of compact, high-power electrical
products, including motors, generators, power cables, grid-level surge
protectors, and advanced transportation and defense systems. AMSC also provides
utility and industrial customers worldwide with voltage regulation systems that
dramatically enhance power grid capacity, reliability and security, as well as
industrial productivity. The company's technologies are protected by a broad and
deep intellectual property portfolio consisting of hundreds of patents and
licenses worldwide. More information is available at
www.amsuper.com.
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