AMSC Receives Final Settlement Payment from Sinovel
December 27 2018 - 8:30AM
AMSC (Nasdaq: AMSC), a global energy solutions provider serving
wind and power grid industry leaders, announced today that its
wholly-owned subsidiary Suzhou AMSC Superconductor Co. Ltd. (AMSC
China) received the second and final installment payment of the
Renminbi (RMB) equivalent of $25 million from Sinovel Wind Group
Co. Ltd. (Sinovel).
AMSC, AMSC China and AMSC Austria GMBH, and Sinovel had entered
into a settlement agreement on July 3, 2018 to settle all existing
commercial disputes between the parties. Under the terms of the
settlement agreement, Sinovel agreed to pay AMSC China an aggregate
cash amount in RMB equivalent to $57.5 million, consisting of two
installments. Sinovel paid the first installment of $32.5
million to AMSC China on July 4, 2018.
For more information about the settlement agreement between the
parties, please refer to AMSC's report on Form 8-K filed with the
U.S. Securities and Exchange Commission on July 9, 2018.
About AMSC (Nasdaq:AMSC) AMSC
generates the ideas, technologies and solutions that meet the
world's demand for smarter, cleaner … better energy™. Through its
Windtec™ Solutions, AMSC provides wind turbine electronic controls
and systems, designs and engineering services that reduce the cost
of wind energy. Through its Gridtec™ Solutions, AMSC provides the
engineering planning services and advanced grid systems that
optimize network reliability, efficiency, and performance. AMSC's
solutions are now powering gigawatts of renewable energy globally
and are enhancing the performance and reliability of power networks
in more than a dozen countries. Founded in 1987, AMSC is
headquartered near Boston, Massachusetts with operations in Asia,
Australia, Europe, and North America. For more information, please
visit www.amsc.com.
AMSC, Windtec, Gridtec, PowerModule, and Smarter, Cleaner …
Better Energy are trademarks or registered trademarks of American
Superconductor Corporation. All other brand names, product names,
trademarks, or service marks belong to their respective
holders.
AMSC Contacts
Investor Relations
Contact: LHA Investor RelationsSanjay M. Hurry (212)
838-3777amscIR@lhai.com |
Public Relations
Contact:RooneyPartners LLC Bob Cavosi(646)
638-9891rcavosi@rooneyco.com |
AMSC Communications
Manager:Nicol Golez(978) 399-8344Nicol.Golez@amsc.com |
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