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news release:
AMSC Receives $8 Million Order from Sinovel for
Additional 1.5 Megawatt Wind Turbine Electrical Systems
Westborough, MA, 21 March 2007:
American Superconductor
Corporation (NASDAQ:
AMSC), a leading energy technologies company, announced today its wholly
owned subsidiary, Windtec(TM), has received a follow-on order for 150 additional
wind energy electrical systems from Beijing-based Sinovel Wind Corporation
Limited. The order, worth more than $8 million, is for the 1.5 megawatt (MW)
wind energy systems Sinovel is manufacturing and selling in China. AMSC expects
to ship all 150 electrical systems in its fiscal year ending March 2008.
Since late 2005, Windtec has received orders from
Sinovel for more than 900 sets of electrical systems for wind energy systems
rated at 1.5 MW, representing more than 1,400 MW of wind generated electricity.
AMSC's wind energy electrical systems, based on its proprietary PowerModule(TM)
power converter technology, provide reliable, high-performance wind turbine
controls for customers such as Sinovel.
"Sinovel has quickly emerged as one of China's
largest and most respected wind energy companies," said Greg Yurek, founder and
chief executive officer of AMSC. "The relationship we have formed with Sinovel
continues to expand as they aggressively ramp up manufacturing capacity of their
1.5 MW wind energy systems. Over the course of only 18 months, we have received
five substantial electrical system orders from Sinovel worth nearly $50 million.
Our relationship also recently grew to encompass development work on the 3 and 5
MW wind energy systems they will begin manufacturing over the next few years. We
expect additional orders from Sinovel for electrical systems once they begin
producing these higher power wind energy systems."
In calendar year 2006, Sinovel manufactured
approximately 100 wind energy systems rated at 1.5MW each. According to the
company's current plans, this number will increase to 500 systems in 2007,
representing 750 MW of wind capacity available for sale in China. The Global
Wind Energy Council estimates that approximately 1,347 MW of wind capacity was
installed in all of China in 2006. Sinovel expects to increase its output of 1.5
MW wind energy systems from 500 in 2007 to 800 units in 2008 and 1,000 in 2010.
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 power electronic systems
and high temperature superconductor (HTS) wires that dramatically improve the
efficiency, reliability 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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