American Superconductor (AMSC) Gets $10 Million Wind Turbine Electrical Order

American Superconductor (AMSC) announced this morning that it received an order of more than $10 million for wind turbine electrical control systems from South Korea’s Doosan Heavy Industries for use in Doosan’s 3MW wind turbines.  Shipping of the components will begin in about six months and continue for a year.

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“Doosan has decades of experience in the power and offshore arenas, which will serve them well as they grow their green energy business globally,” said Greg Yurek, founder and chief executive officer of AMSC. “With the offshore wind market in Asia now entering a phase of rapid growth, we expect multi-megawatt wind energy systems such as Doosan’s WinDS3000 will be in increasingly high demand.”

Experts predict the offshore wind energy market will grow exponentially over the next 15 years from a current installed base of just 2GW to over 100GW.  Much of the growth is expected in Asia and South Korea could be a major player.

Shares of AMSC were up initially this morning before pulling back and closing in the red.  They remain technically bearish but getting quite oversold in the short term.   It’s probably too soon to get in as shares are vulnerable to further downside, but AMSC is a top green stock to watch this year.

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