American Superconductor (AMSC) Forms AMSC Korea To Capitalize On Growing Opportunity In Wind Energy & Smart Grids

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08:25:03 am on September 23, 2009

American Superconductor is forming AMSC Korea to accelerate a push into a growing market for wind energy and power grids.  The new HQ will reside in Busan, South Korea and house engineering, sales, biz development and field support for AMSC customers which currently include LS Cable, KEPCO, KEPRI, KERI, Doosan Heavy Industries and Hyundai Heavy Industries. 

Dan McGahn, senior VP of AMSC, said, “The country is investing billions of dollars to bolster its power grid and become a leading exporter of clean energy technologies such as wind turbines. With the formation of AMSC Korea, we can accelerate the adoption of our power electronics and superconductor solutions in the region while providing our local customers additional value-added support.”

You don’t hear too much about South Korea’s renewable energy initiatives, but in January of this year they announced a nearly $100 billion, 20 year plan to increase the percentage of alternative energy use.  The country is investing heavily in smart grid technologies and is expected to be one of the world’s largest exporters of wind turbines.

This is a smart move from AMSC.  The stock is up a few percent in premarket trading and trying to hold support of the 50 day moving average after a recent downgrade.

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