American Superconductor (AMSC) Gets India Wind Turbine Components Order From Inox Group

American Superconductor (AMSC) continues to expand its business in India.  The company announced a $20 million order back in April from Ghodawat Energy.  This morning they have announced an order from India based Inox Group for 17 sets of wind turbine electrical control systems for 2MW turbines.  Inox began licensing AMSC wind turbine designs last year and recently began volume production of the 2MW turbines.  No word on the financials of this deal.

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“Inox has formed a dynamic renewable energy business and has quickly expanded its offerings to include highly efficient and reliable multi-megawatt wind turbines,” said AMSC founder and Chief Executive Officer Greg Yurek. “We expect Inox will be a significant player in the Indian wind market in the years ahead and that it will be able to participate aggressively in the global wind market.”

Shares of AMSC are down about 2% today, pressured by weakness in the overall market.  Technically, shares have been weakening again and may need to test support around the $25 level.

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