You don’t hear too much about India’s renewable energy efforts, but expect to in the coming years. It’s an opportunity every bit as big as China, just not as developed yet. American Superconductor (AMSC) is expanding their presence there in a deal with Inox Wind to license its proprietary 2MW induction wind turbine design. The deal allows Inox the right to manufacture and sell the turbines globally with production beginning next year. AMSC will also … Read the rest
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American Superconductor (AMSC) Reports First Quarterly Profit In Company History
American Superconductor (AMSC) reached an important milestone this morning, reporting the 1st quarterly profit in company history with a non GAAP EPS of .09/share, beating analyst estimates by .08/share. Revenues also beat analyst estimates at $61.2 million vs the consensus of $57.9 million and represented a 60% surge over the year ago quarter.
“AMSC posted its strongest financial performance to date in the fourth quarter of fiscal 2008,” said Greg Yurek, AMSC’s founder and chief … Read the rest
American Superconductor Corporation (AMSC) Receives Large Order From ACCIONA
American Superconductor Corporation just announced that it has signed a supply agreement worth more than $10 million with ACCIONA Energy. ACCIONA has ordered enough Dynamic VAR Ride Through (D-VAR RT) solution to retrofit approximately 250 MW of first-generation wind turbines and make them comply with current regulatory standards in Spain that require wind turbines to have a stable connection to the power grid.
In a press release, AMSC’s VP of Global Sales and Business … Read the rest
Piper On American Superconductor (AMSC): "Well Positioned In China"
Piper Jaffray is also initiating coverage on American Superconductor (AMSC) today which has looked very bullish in recent weeks but getting a bit extended. It’s up again today. Piper is out with a Neutral rating and price target of $22.
Analyst notes:
– company well positioned to benefit from govt mandates to grow wind energy in China
– customer concentration risk is significant with 67% of revenue from Sinovel in China
– China economic stimulus … Read the rest
American Superconductor Corporation (AMSC) Gets Korean Order For Superconductor Power Cable
American Superconductor Corporation just announced that it has received an order for 80,000 meters of its 344 superconductor wire from a Korean company, LS Cable. LS Cable will use the wire to improve the power grid in the city of Seoul, South Korea. Under the agreement, AMSC will deliver the wire by the end of this year, and LS cable will use it to create a 50 MW superconductor cable system. The high capacity and … Read the rest
American Superconductor Corporation (AMSC) Enters Expanded Alliance With Shanghai Electric Cable Research
Shanghai Electric Cable Research and American Superconductor Corporation have expanded their strategic alliance, and Shanghai Electric Cable Research has just placed a new order for high temperature superconductor wire from AMSC. The wire will be used to develop a 30-meter long cable system, with AMSC providing consulting services to assist Shanghai Electric Cable Research.
In a company press release, AMSC Superconductors’ General Manager Dan McGahn commented on the expanded agreement:
“We are pleased that SECRI … Read the rest
American Superconductor Corporation (AMSC) Gets Order From Southern California Edison
American Superconductor Corporation just announced that it has received an order from Southern California Edison for its its pad-mounted Distribution Static VAR Compensator (“dSVC”) solution. Southern California Edison will use this product as part of its "Circuit of the Future" project.
Timothy Poor, AMSC’s Vice President of Global Sales and Business Development, commented on the order in a company press release:
“A spin-off from our larger-scale transmission SVC, our dSVC solution allows electric utilities … Read the rest
American Superconductor Corporation(AMSC) Ships Core Electrical Components Directly To China
AMSC has announced that its subsidiary AMSC China has begun to ship electrical core components directly to its Chinese customers, including Sinovel. AMSC has been working with Sinovel since 2006 to supply China’s growing wind energy market. To date, more than 100 sets of electrical core components have been shipped to Sinovel, including the following (from an AMSC press release):
… Read the restAMSC’s core electrical components include the company’s proprietary PowerModule(TM: 63.772, -2.188, -3.32%)
American Superconductor Corporation (AMSC) And US DOE To Work Together On Wind Turbine Project
American Superconductor Corporation just announced that it will work with the Department of Energy to see if a 10-MW superconductor wind turbine would be economically feasible. Under the terms of the 12 month Cooperative Research and Development Agreement, AMSC will analyze the costs of developing a 10-MW superconductor wind turbine based on the same technology the company has previously deployed in ship propulsion motors and generators for the Navy. Then, the National Wind Technology … Read the rest
Analysts: Buy American Superconductor (AMSC), Downgrade Evergreen Solar (ESLR)
Analysts are out with a few notes this morning – an initiation of coverage on American Superconductor (AMSC) with a BUY and a downgrade of Evergreen Solar (ESLR) to NEUTRAL.
According to StreetInsider.com, Piper Jaffray downgraded ESLR to Neutral for the following reasons:
– rapidly losing polysilicon cost advantage
– low visibility in financial impact of outsourcing production to Asia
– minimal balance sheet flexibility for pursuing expansion in Asia
Broadpoint AmTech Initiates Coverage … Read the rest