American Superconductor Corporation (NASDAQ: AMSC) 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.
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