American Superconductor
Corporation has added a news release to its Investor Relations website.
Title:
AMSC Partners with Shenyang Blower Works for Development of 2 Megawatt Wind
Turbines
Date: 11/18/2008
7:30:01 AM
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of our news releases, please click here
Shenyang Blower Works to Begin
Manufacturing 2 Megawatt Wind Turbines for Chinese Market in 2010
SHENYANG,
China, Nov 18, 2008 (BUSINESS WIRE) -- --AMSC to Supply Full Electrical
Systems and Assist in Localizing the Component Supply Chain and
Establishing Wind Turbine Manufacturing Operations
American Superconductor
Corporation (NASDAQ: AMSC), a leading energy technologies company, and Shenyang
Blower Works (Group) Co., Ltd. (SBW), a leading Chinese industrial
equipment manufacturer, signed an agreement today for co-development work
that positions SBW to become a leading supplier of wind turbines for the
Chinese marketplace. The contract was signed today in a ceremony involving
the chief executive officers of the two companies at SBW headquarters in
Shenyang, China.
Under the terms of the
agreement, AMSC's wholly owned AMSC Windtec(TM) subsidiary will provide SBW
with designs for its 2 megawatt (MW) doubly fed induction wind turbine. AMSC
will also help SBW localize the supply of all core components for the wind
turbines, establish its wind turbine manufacturing line and build and test
SBW's first prototype wind turbines. After receiving certification,
SBW will manufacture the turbines and sell them primarily into the Chinese
market. AMSC will provide the full electrical systems for all of SBW's wind
turbines.
Founded in 1934, SBW is a state-owned enterprise that provides a wide
array of industrial equipment including large-scale compressors, blowers,
fans, heat exchangers as well as large-scale nuclear power pumps, boiler
feed pumps and petrochemical pumps. The company has more than 5,700
employees and approximately US$1 billion in annual sales.
"As one of China's largest providers of large-scale industrial
equipment, our company is well suited for the wind power equipment
manufacturing market," said Su Yongqiang, Shenyang Blower Works
president and chief executive officer. "After conducting an extensive
search among competing firms, we selected AMSC because of its superior wind
turbine designs, its extensive experience in China and its broad level of
support. In addition to manufacturing complete wind turbine systems, we
plan to be highly vertically integrated, which will enable us to scale
production faster and offer our wind turbines at very competitive prices.
By integrating our company's experience with AMSC's unique capabilities, we
plan to become a major participant in China's growing wind power
market."
This co-development agreement provides SBW with the right to manufacture
its 2 MW wind turbines in China and sell the systems globally. The company
plans to have its first prototype turbines installed and commissioned in
2009 and expects to begin series production in 2010.
"The Chinese government continues to rapidly develop wind farms and
to strongly support and finance the further expansion of zero-emission,
wind-generated electricity to ensure an abundant supply of electricity and
enhance the quality of life for its workforce," said Greg Yurek,
founder and chief executive officer of AMSC. "We are pleased to
partner with Shenyang Blower Works, one of China's most respected
enterprises, to co-develop their first wind turbine. Shenyang Blower Works'
strong existing ties to all of China's five state-owned electric utilities
position this firm to swiftly capitalize on the rapid growth of China's
wind industry."
According to the Chinese Wind Energy Association, China will grow its
base of wind power from 5.9 gigawatts (GW) at the end of 2007 to more than
10 GW in 2008. In its Global Wind Energy Outlook 2008 report, the Global
Wind Energy Council estimates that China's installed base could grow to 101
GW by 2020 under its "moderate" outlook scenario and 201 GW under
its "advanced" scenario.
To learn more about AMSC's product offerings for the wind industry,
please visit
http://www.amsc.com/products/applications/windEnergy/index.html.
About Shenyang Blower Works
Established in 1934, Shenyang Blower Works became the first enterprise
to specialize in producing compressors, blowers and fans in China. The
company's products are mainly applied in the fields of petroleum, chemical,
natural gas transportation, metallurgy, air separation, civil work,
pharmacy, acid-making, environmental protection, textile, and scientific
research of national defenses, etc. The products have also been exported to
twenty five countries and regions. More information is available at
www.sbw-turbo.com.
About American Superconductor (NASDAQ: AMSC)
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) technology, 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.
American Superconductor and design, Revolutionizing the Way the World
Uses Electricity, AMSC, Powered by AMSC, D-VAR, PQ-IVR, PowerModule, Secure
Super Grids, Windtec and SuperGEAR are trademarks or registered trademarks
of American Superconductor Corporation or its subsidiaries.
Any statements in this release about future expectations, plans and
prospects for the company, including our expectations regarding the future
financial performance of the company and other statements containing the
words "believes," "anticipates," "plans,"
"expects," "will" and similar expressions, constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. There are a number of important factors that
could cause actual results to differ materially from those indicated by
such forward-looking statements. Such factors include: uncertainties
regarding the company's ability to obtain anticipated funding from
corporate and government contracts, to successfully develop, manufacture
and market commercial products, and to secure anticipated orders; the risk
that a robust market may not develop for the company's products; the risk
that strategic alliances and other contracts may be terminated; the risk
that certain technologies utilized by the company will infringe
intellectual property rights of others; and the competition encountered by
the company. Reference is made to these and other factors discussed in the
"Risk Factors" section of the company's most recent quarterly or
annual report filed with the Securities and Exchange Commission. In
addition, the forward-looking statements included in this press release
represent the company's views as of the date of this release. While the
company anticipates that subsequent events and developments may cause the
company's views to change, the company specifically disclaims any obligation
to update these forward-looking statements. These forward-looking
statements should not be relied upon as representing the company's views as
of any date subsequent to the date this press release is issued.
SOURCE: American Superconductor Corporation
American Superconductor Corporation (NASDAQ: AMSC) Jason Fredette, 978-842-3177 Director of Investor & Media Relations jfredette@amsc.com |