The wind energy industry continues to struggle and Vestas Wind (VWDRY) is confirming what General Electric is seeing .. weak demand. GE went so far as to say the US wind energy market has collapsed. Vestas hasn’t made similar claims, but their actions speak much louder than words.
The company is cutting 3000 jobs and shutting plants due to shrinking power demand, rising component costs and uncertain US policy. So much for Obama’s push to … 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
Employees at the Isle of Wight Vestas Wind (VWSYF) turbine plant continue to protest company plans to close down the plant and eliminate hundreds of jobs due to weak demand and lack of government initiatives to promote green energy. CEO Ditlev Engel said building wind turbines in Britain was “extremely time-consuming and extremely complicated”.
The goal of the employees is to force the government hand in providing more funding for green energy projects, just as … Read the rest
Zoltek Companies (ZOLT), the maker of carbon components for wind turbines reported an awful quarter after the bell with just .02/share in earnings which badly missed analyst estimates of .13/share. Revenues declined by 4% from the year ago quarter to 38.6 million.
“This year our results were further affected by customer reaction to increasingly serious global economic uncertainties. Customers in the computer and automotive markets, along with one of our wind turbine customers, postponed or … Read the rest