American Superconductor (AMSC), Hyundai Heavy Industries To Build 5MW Offshore Wind Turbines

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10:07:37 am on June 9, 2010

American Superconductor (AMSC) & Hyundai Heavy Industries announced today that they have expanded their existing joint venture relationship to include the collaboration on a 5MW wind turbine for use in offshore wind farms.  Once HHI begins production near the end of next year, they will purchase the necessary electrical components from AMSC.

AMSC already licenses wind turbine designs to HHI for the 1.65MW and 2MW systems.  The 1.65MW systems are currently in volume production and the 2MW will be produced in volume by the end of this year.  To date, nearly 100 electrical control systems have been purchased from AMSC for the wind turbines.

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Back in January, AMSC announced a similar deal with Dongfang Turbine to co-develop 5MW wind turbines for the offshore market.  It’s expected Dongfang, China’s 3rd largest wind turbine manufacturer, will begin producing these in 2012.

AMSC CEO Greg Yurek commented:  “Our strategic alliance with HHI continues to grow along with the strong expansion of their global wind power business.  Within a two-year period, HHI has formed a new wind energy division and will have brought two high-performance, megawatt-scale wind turbines to market — a feat few have accomplished in the industry. HHI now aims to establish a leadership position in the offshore wind turbine market by combining AMSC Windtec’s leading engineering expertise with its own manufacturing experience and its extensive offshore development capabilities. We are quite confident that this will prove to be a winning combination.”

Shares of AMSC are up 2% today and still in the process  of carving out a large base.

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