American Superconductor (AMSC) Adds Another Order From India’s Inox Wind

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09:39:30 am on January 25, 2011

American Superconductor (AMSC) has received a $9 million follow-on order for wind turbine electrical control systems from Inox Wind Limited of India.  AMSC continues to expand its business in India with an initial order from Inox back in August for 17 sets of electrical control systems and another $20 million order from Ghodawat Energy in April.  Inox will use the systems in its 2MW wind turbines and has the ability to manufacture 400 annually.  India is currently the 5th largest wind energy market in the world and is expected to double capacity within the next 4-5 years.

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“India has one of the fastest growing economies in the world,” said Devansh Jain, Director of Inox Wind Limited. “When considering our rapid urbanization and industrialization combined with our need to reduce pollution and increase electricity generation, it is imperative that we continue to promote and produce zero-emission electricity from sources such as wind. Our partnership with AMSC has enabled us to enter full-scale manufacturing quite rapidly, taking us one step closer to our goal of becoming a leader in the global wind power marketplace.”

Shares of AMSC are down fractionally today and remain in a basing pattern despite considerable insider buying in recent months.  The area around $27 has been a support area for the stock for a few months and may be an area where it begins to carve out the right side of a base.

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