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New
Release -- Superconductor Week does not edit or endorse the following
news release: AMSC Receives
New $70 Million Order from China's Sinovel Wind
Westborough, MA,
24 July 2007:
American Superconductor
Corporation (NASDAQ:
AMSC), a leading energy
technologies company, today announced that it has received a follow-on $70
million order for wind turbine electrical systems from Beijing-based Sinovel
Wind Corporation Limited. The order calls for AMSC's wholly-owned subsidiary,
AMSC Windtec, to ship the customized electrical systems to Sinovel in 2008 for
use in Sinovel's 1.5 megawatt (MW) wind energy systems. AMSC Windtec turbine
electrical systems provide reliable, high-performance wind turbine operation by
controlling power flows, regulating voltage and controlling the pitch of wind
turbine blades to maximize efficiency.
"The wind power industry is stronger than ever in
China, and Sinovel is doing everything in its power to satisfy the increasing
demand for environmentally friendly wind energy systems," said Han Junliang,
Chairman and President of Sinovel. "AMSC Windtec has been - and will continue to
be - a valued ally in our drive to become a leading wind energy system
manufacturer in China and around the world."
In March 2007, AMSC announced that it had signed
a contract with Sinovel under which AMSC Windtec and Sinovel will jointly
develop 3 MW and 5 MW wind energy systems for which Sinovel has global
intellectual property rights. Sinovel plans to market and sell these wind energy
systems worldwide. Sinovel is developing this capability to meet the growing
worldwide demand for higher power ratings per wind energy system for both
onshore and offshore wind farms. Sinovel currently plans to install a 3 MW
prototype by the end of 2008 and the first 5 MW prototype before 2010. AMSC is
expected to become the qualified electrical system supplier for Sinovel's future
3 MW and 5 MW wind energy systems.
"Sinovel is one the most progressive and green
energy companies in the world today and has quickly established itself as a top
player in China's wind market," said Greg Yurek, founder and chief executive
officer of AMSC. "China's appetite for electricity continues to grow in parallel
to its rapidly growing economy. The Sinovel-AMSC team is addressing this
challenge with state-of-the-art technology that will help meet this demand in an
economical, environmentally friendly way."
In calendar year 2006, Sinovel manufactured more
than 100 wind energy systems rated at 1.5 MW each. According to the Sinovel's
current plans, this number will exceed 500 systems in 2007. The Global Wind
Energy Council estimates that approximately 1,347 MW of wind capacity was
installed in all of China in 2006 and expects this figure to grow to 8000 MW by
2010.
About Sinovel
Sinovel Wind Co., Ltd is an industrial company
that is engaged in developing, engineering and marketing high tech wind energy
systems. The company is headquartered in Beijing and its major manufacturing
base is located in Dalia, China. The company is in the process of opening new
manufacturing plants in North China and Jiangsu.
About AMSC
AMSC (American Superconductor Corporation -
NASDAQ: AMSC) is a leading energy technologies company, offering an array of
solutions based on two proprietary technologies: programmable power electronic
converters and high temperature superconductor (HTS) wires. The company's
products, services and system-level solutions enable cleaner, more efficient and
more reliable generation, delivery and use of electric power. AMSC is a leader
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, the company is enabling a new generation of compact,
high-power electrical products, including power cables, grid-level surge
protectors, Secure Super Grids(TM), motors, generators, 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.amsc.com.
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