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 … Read the rest
AMSC just announced that it will be expanding its strategic partnership with Sinovel. As part of the expanded partnership, the two companies will work together to develop new advanced, multi-megawatt-scale onshore and offshore wind turbine designs.
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Sinovel will then sell the turbines, purchasing core electrical components for them from AMSC.
In a press release, Greg Yurek, founder and chief executive officer of AMSC, commented on … Read the rest
A few analyst ratings/notes to highlight this morning.
The biggest was the two notch upgrade of LDK Solar (LDK) by Bank of America from Underperform to Buy due to lower risks of oversupply. Following the LDK Solar earnings report, I mentioned that I thought the stock offered a very compelling entry down at these levels and has the potential to double or triple if you’re patient. I still believe that. Shares of LDK gapped … Read the rest
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 … Read the rest
American Superconductor (AMSC) reported strong growth again last quarter and beat analyst estimates in the process, by reporting a non GAAP EPS of .18/share which was .02 better than estimates. Revenues were a bit higher than estimates as well at $87.6 million.
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CEO Greg Yurek commented on the year ahead:
“Entering fiscal 2010, we have approximately 90 percent of our forecasted revenues in backlog, which gives … Read the rest
American Superconductor (AMSC) is up a bit in pre-market trading today after announcing it has received another follow on order for 30 sets of wind turbine power electronic components from South Korea’s Hyundai Heavy Industries who will use the components in the AMSC designed 1.65MW wind turbines. All shipments to Hyundai for this order are expected by June 30.
Hyundai licenses AMSC designs (beginning in 2008) and is allowed to market and sell wind turbines … Read the rest
A couple Buy ratings to tell you about this morning. Deutsche Bank has upgraded American Superconductor (AMSC) to Buy and raised the price target $38. Hat tip to Street Insider for the following analyst comment:
“On fears of slowing demand for wind power in China, AMSC’s shares have underperformed the R2000 by 39% YTD. We expect this to reverse over the next 6 months following bullish FY10 guidance (in mid May), new wins (including follow-on … Read the rest
Brean Murray is out with a bullish call on the smart grid sector this morning and believes that with healthcare reform out of the way, the government will return its attention back to energy and energy efficiency. Hat tip to Street Insider for the following analyst comment.
“…With (Fed’s) funding checks expected by the second half of 2010 accelerating smart grid deployment projects, and an expectation for increased federal attention back toward energy and efficiency … Read the rest
American Superconductor (AMSC) has received an initial $20 million order from Ghodawat Energy of India for wind turbine electrical control systems. Ghodawat is a significant player in the India wind energy market, operating over 150 turbines that generate over 100MW of electricity across four states. The company has a capacity of 400 turbines per year and has begun manufacturing 1.65MW doubly fed wind turbines designed using AMSC’s proprietary technology. AMSC will begin shipping the electrical … Read the rest
American Superconductor (AMSC) is pushing higher in premarket trading on news that it has received a record grid interconnection order from wind energy giant Vestas. It’s subsidiary, Vestas Australian Wind Technology has placed an order with AMSC for a large D-VAR-based grid interconnection system, utilizing 24 D-VAR modules integrated with external smart-switched capacitor banks that are optimized for wind farm applications.
AMSC components will be used at the 206MW Collgar Wind Farm in Western Australia … Read the rest