American Superconductor Corporation (AMSC) Celebrates $445 Million Sinovel Order

American Superconductor Corporation has just announced the signing of a multi-year agreement with Sinovel worth $445 million. Per the new 30-month contract, AMSC will begin shipping core turbine electrical components early next year, when the company’s current contract with Sinovel expires.

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In a press release, Greg Yurek, founder and chief executive officer of AMSC, commented on the order:

We are proud to extend our strategic business alliance with Sinovel, which has proven consistently to be a leader in wind turbine technology. Since starting up production in 2006, Sinovel has grown more rapidly than any wind turbine manufacturer in the world. This new order will support Sinovel’s continued production of SL1500s. At the same time, Sinovel plans to increase production of its 3 MW wind turbines, which are installed and operating in China’s first offshore wind farm and also being marketed for onshore applications. In addition, Sinovel expects to install its 5 MW prototype by the end of 2010. These higher power systems, which Sinovel developed utilizing AMSC Windtec(TM) designs, are also equipped with AMSC’s power electronics.”

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