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| HHI Continues Production Ramp of 1.65 Megawatt Wind Turbines - Company on Track to Initiate Production of 2 Megawatt Wind Turbines in 2010 DEVENS, MA – April, 2010 – American Superconductor Corporation (NASDAQ: AMSC), a global power technologies company, on April 21, 2010 announced that it has received another follow-on order for 30 sets of wind turbine power electronic components from Ulsan, South Korea-based Hyundai Heavy Industries Co., Ltd. (Korean Stock Exchange: HHI), the world’s largest shipbuilder, a global leader in turnkey power plants and offshore projects, and a major global supplier of high voltage electrical equipment. HHI will use the components in the 1.65 megawatt (MW) wind turbines designed by AMSC’s wholly owned AMSC Windtec™ subsidiary. AMSC expects to complete shipments under this new order by June 30, 2010. “HHI’s vision is to be the global leader in heavy industries, providing products and services that are unrivalled in quality,” said Keh-Sik Min, Chairman and Chief Executive Officer of HHI. “With initial orders in Korea, the United States and Pakistan, our recently launched wind turbine business is already demonstrating its global strength. We look forward to working with AMSC as we execute on our expansion plans in 2010.” HHI licensed 1.65 and 2 MW doubly-fed induction wind turbine designs from AMSC Windtec in October 2008. Under the terms of the agreement, the company’s marketing and sales rights for both wind turbines extend to most countries around the world, including the U.S. and Canada. HHI entered volume production of 1.65 MW wind turbines in October 2009 and installed and commissioned its first reference 1.65 MW wind turbine in June 2009, less than one year after engaging AMSC Windtec. HHI plans to commence production of 2 MW wind turbines in 2010. In September 2009, HHI announced Wave Wind, LLC as its first wind turbine customer in the U.S. “With a strong business plan and flawless execution, HHI is building a vibrant, multi-national renewable energy business,” said AMSC founder and Chief Executive Officer Greg Yurek. “This latest order is further evidence of the rapid traction the company’s 1.65 MW wind turbines are gaining in the global marketplace. We look forward to continuing and strengthening our strategic alliance with HHI in the years ahead.” AMSC’s wind turbine electrical control systems and core electrical components include the company’s proprietary PowerModule™ power converters, pitch and yaw converters, SCADA systems and other power electronics. They enable reliable, high-performance wind turbine operation by controlling power flows, regulating voltage, monitoring system performance, controlling the pitch of wind turbine blades and the yaw of the turbines to maximize efficiency. HHI placed an initial order for 17 sets of wind turbine electrical control systems for the 1.65 MW systems in August 2009 and ordered an additional 30 sets of electrical control systems in November 2009. The company plans to produce more than 170 MW of wind turbines in 2010 and has a wind turbine manufacturing plant in Gunsan, South Korea with an annual capacity of 600 MW. The company also recently announced that it has signed a memorandum of understanding to construct a joint wind turbine manufacturing plant in China with Datang Shandong Power Generation Co., Ltd. HHI plans to begin production in this new 600 MW facility within the next year. |
Tuesday, April 27, 2010
AMSC Receives Follow-on Wind turbine Power Electronics Order from Hyundai Heavy Industries
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