Broadwind Energy Announces $29 Million of New Tower Orders
June 17 2019 - 7:00AM
Broadwind Energy (NASDAQ:BWEN) today announced $29 million of new
tower orders from multiple customers for production scheduled in Q4
2019 through 2020.
Broadwind President and CEO Stephanie Kushner stated, “We are
excited to announce new tower orders and the expansion of our tower
customer base. We have made meaningful progress on our
diversification strategy, recording $32 million of diverse orders
in 2019 against our $60 million full year target. The US wind
turbine market continues to strengthen, we are in active
discussions to fill remaining open 2019 capacity and are encouraged
by 2020 demand discussions with our customers.”
About Broadwind Energy, Inc.Broadwind Energy
(NASDAQ:BWEN) applies decades of deep industrial expertise to
innovate integrated solutions for customers in the energy and
infrastructure markets. From gears and gearing systems for wind,
oil and gas and mining applications, to wind towers and industrial
weldments, we have solutions for the energy needs of the future.
With facilities throughout the central U.S., Broadwind Energy's
talented team is committed to helping customers maximize
performance of their investments—quicker, easier and smarter. Find
out more at www.bwen.com
Forward-Looking StatementsThis release contains
“forward looking statements”, as defined in Section 21E of the
Securities Exchange Act of 1934, as amended. Forward looking
statements include any statement that does not directly relate to a
current or historical fact. Our forward-looking statements may
include or relate to our beliefs, expectations, plans and/or
assumptions with respect to the following: (i) state, local and
federal regulatory frameworks affecting the industries in which we
compete, including the wind energy industry, and the related
extension, continuation or renewal of federal tax incentives and
grants and state renewable portfolio standards; (ii) our customer
relationships and efforts to diversify our customer base and sector
focus and leverage customer relationships across business units;
(iii) our ability to continue to grow our business organically;
(iv) the sufficiency of our liquidity and alternate sources of
funding, if necessary; (v) our restructuring efforts, including
estimated costs and saving opportunities; (vi) our ability to
realize revenue from customer orders and backlog; (vii) our ability
to operate our business efficiently, manage capital expenditures
and costs effectively, and generate cash flow; (viii) the economy
and the potential impact it may have on our business, including our
customers; (ix) the state of the wind energy market and other
energy and industrial markets generally and the impact of
competition and economic volatility in those markets; (x) the
effects of market disruptions and regular market volatility,
including fluctuations in the price of oil, gas and other
commodities; and (xi) the potential loss of tax benefits if we
experience an “ownership change” under Section 382 of the Internal
Revenue Code of 1986, as amended. These statements are based on
information currently available to us and are subject to various
risks, uncertainties and other factors. We are under no duty to
update any of these statements. You should not consider any list of
such factors to be an exhaustive statement of all of the risks,
uncertainties or other factors that could cause our current
beliefs, expectations, plans and/or assumptions to change.
BWEN INVESTOR CONTACT:
Jason Bonfigt
708.780.4821
jason.bonfigt@bwen.com
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