AMSC (NASDAQ: AMSC), a global energy solutions provider serving
wind and power grid industry leaders, today announced that it
entered into an exclusive license agreement for a 3 megawatt (MW)
class wind turbine design in India with Inox Wind Limited
(Inox).
Under the terms of the license agreement, AMSC and Inox have
agreed that AMSC will be the exclusive supplier of electric control
systems (ECS) for Inox’s 3 MW class wind turbine. The terms and
conditions of the ECS will be set forth in a separate ECS supply
agreement between the parties.
“Inox was among the first manufacturers to produce 2 MW turbines
locally, in volume, and quickly established a leadership position
in the market based on performance and cost,” said Devansh Jain,
director of Inox Wind Limited. “Leveraging our vertical
approach, which combines best-in-class manufacturing with project
development, the production of larger, more efficient 3 MW class
turbines will give us the means to augment our market
leadership. We remain committed to helping India bridge its
power gap with high-performance wind turbines.”
Added Daniel P. McGahn, Chairman, President and CEO of AMSC,
“This license agreement opens up the next chapter in our
collaboration with Inox. Our 3MW turbine design extends Inox’s
product line of 2 MW turbines to include 3 MW class turbines and
enables the possibility of market expansion. We believe this will
place Inox in a strategically competitive position.”
AMSC’s 3MW class wind turbine design is required to be certified
as having a 3 MW power rating (according to GL2010 onshore
guidelines). AMSC’s 3MW class wind turbine may operate up to
3.3 MW under certain grid conditions and certain ambient
temperature conditions.
About Inox Wind LimitedInox Wind Limited is
part of the Inox Group of Companies (Inox Group). Inox Group is a
$2 billion+, professionally managed business group, with interests
in diverse businesses including Industrial Gases, Refrigerants,
Engineering Plastics, Chemicals, Carbon Credits, Cryogenic
Engineering, Renewable Energy and Entertainment. The Inox Group
employs close to 9,000 people at more than 150 business units
across the country and has a distribution network that is spread
across more than 50 countries around the globe. Each Inox Group
company is characterized by three distinct characteristics - early
identification of a winning business idea, building it to a size of
dominant market leadership in that segment, and attaining a profit
leadership position through cutting-edge efficiency in operations.
The Inox Group, besides Inox Wind Limited, includes Inox Air
Products Limited, Gujarat Fluorochemicals Limited, Inox India
Limited, Inox Renewables Limited, Inox Leisure Limited and Fame
India Limited. More information is available
at www.inoxwind.com.
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.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”). Such statements include, but are
not limited to, Inox’s market position; India’s wind market;
functionality, performance and capabilities of our ECS and 3MW
class wind turbine design; our belief that the expansion of
Inox’s product lines to include our 3MW class wind turbines
will place Inox in a strategically competitive position; and other
statements containing the words “believes,” “anticipates,” “plans,”
“expects,” “will” and similar expressions. Such forward-looking
statements represent management’s current expectations and are
inherently uncertain. There are a number of important factors that
could materially impact the value of our common stock or cause
actual results to differ materially from those indicated by such
forward-looking statements. These important factors include, but
are not limited to: We cannot predict when and if we will enter
into an ECS supply agreement for Inox’s 3MW wind turbine; A
significant portion of our revenues are derived from a single
customer, Inox, and we cannot predict if and how successful Inox
will be in executing on Solar Energy Corporation of India orders
under the new central and state auction regime, and any related
failure by Inox to succeed under this regime, or any delay in
Inox’s ability to deliver its wind turbines, could result in fewer
ECS shipments to Inox; We have a history of operating losses and
negative operating cash flows, which may continue in the future and
require us to secure additional financing in the future; Our
operating results may fluctuate significantly from quarter to
quarter and may fall below expectations in any particular fiscal
quarter; Our financial condition may have an adverse effect on our
customer and supplier relationships; Lower prices for other fuel
sources may reduce the demand for wind energy development, which
could have a material adverse effect on our ability to grow our
Wind business. Our success in addressing the wind energy market is
dependent on the manufacturers that license our designs; Our
success is dependent upon attracting and retaining qualified
personnel and our inability to do so could significantly damage our
business and prospects; We rely upon third-party suppliers for the
components and sub-assemblies of many of our Wind and Grid
products, making us vulnerable to supply shortages and price
fluctuations, which could harm our business; Failure to achieve
expected savings following the move of our former Devens,
Massachusetts manufacturing facility could adversely impact our
financial performance; We may not realize all of the sales expected
from our backlog of orders and contracts; Growth of the wind energy
market depends largely on the availability and size of government
subsidies, economic incentives and legislative programs designed to
support the growth of wind energy; We have operations in and depend
on sales in emerging markets, including India, and global
conditions could negatively affect our operating results or limit
our ability to expand our operations outside of these markets; We
face risks related to our intellectual property; We face risks
related to our legal proceedings; We face risks relating to our
settlement with Sinovel; and the important factors discussed under
the caption “Risk Factors” in Part 1. Item 1A of our Form 10-K for
the fiscal year ended March 31, 2018, and our other reports filed
with the SEC. These important factors, among others, could cause
actual results to differ materially from those indicated by
forward-looking statements made herein and presented elsewhere by
management from time to time. Any such forward-looking statements
represent management’s estimates as of the date of this press
release. While we may elect to update such forward-looking
statements at some point in the future, we disclaim any obligation
to do so, even if subsequent events cause our views to change.
These forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this press release.
AMSC ContactsInvestor
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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