AMSC Receives Order from Sinovel for Initial 5 Megawatt Wind Turbine Electrical Control Systems
Sinovel is China's largest wind turbine manufacturer and ranks among the top five wind turbine manufacturers in the world. In 2009, the company shipped approximately 2,400 1.5 MW wind turbines and approximately 100 3 MW wind turbines, or approximately 3,900 MW of wind power equipment. Each of these wind turbines contained core electrical components from AMSC.
Sinovel expects to have its first 5 MW wind turbines (branded the SL5000) erected within the next 12 months and to commence full production of the wind turbines in 2011. Sinovel's SL5000 will be China's largest and most powerful domestically produced wind energy system.
"Sinovel is a juggernaut in the wind industry with tremendous experience manufacturing turbines with the most advanced technology," said AMSC founder and Chief Executive Officer Greg Yurek. "Building on the strength of the company's 1.5 MW and 3 MW platforms, the production of the higher power-rated SL5000 systems positions Sinovel as a technology leader globally."
China's wind power market experienced another record year of growth, more than doubling its wind generating capacity from 12.1 GW in 2008 to 25.1 GW at the end of 2009, according to the Global Wind Energy Council. Industry research firm Emerging Energy Research (EER) expects China's total installed capacity to exceed 200 GW by 2020.
AMSC's wind turbine electrical control systems and core electrical components include the company's proprietary PowerModule™ power converters, pitch and yaw converters, SCADA systems and other power electronics. They enable reliable, high-performance wind turbine operation by controlling power flows, regulating voltage, monitoring system performance, controlling the pitch of wind turbine blades and the yaw of the turbines to maximize efficiency.
About Sinovel Wind Group Co., Ltd
Sinovel Wind Group Co., Ltd. is the first high-tech enterprise in China engaged in independently developing, designing, manufacturing and marketing large-scale onshore/offshore series wind turbines that can adapt to different wind zones and environment. Headquartered in Beijing, Sinovel has manufacturing bases in China's Dalian, Jiangsu, Inner Mongolia and Gansu Provinces. Sinovel specializes in the R&D, design, manufacturing and sales of a variety of wind turbines. For more information, please visit http://www.sinovel.com.
About American Superconductor (NASDAQ: AMSC)
AMSC offers an array of proprietary technologies and solutions spanning the electric power infrastructure - from generation to delivery to end use. The company is a leader in renewable energy, providing proven, megawatt-scale wind turbine designs and electrical control systems. The company also offers a host of Smart Grid technologies for power grid operators that enhance the reliability, efficiency and capacity of the grid, and seamlessly integrate renewable energy sources into the power infrastructure. These include superconductor power cable systems, grid-level surge protectors and power electronics-based voltage stabilization systems. AMSC's technologies are protected by a broad and deep intellectual property portfolio consisting of hundreds of patents and licenses worldwide. More information is available at http://www.amsc.com.
American Superconductor and design, Revolutionizing the Way the World Uses Electricity, AMSC, Powered by AMSC, D-VAR, dSVC, PowerModule, PQ-IVR, PQ-SVC, Secure Super Grids, SuperGEAR, SeaTitan and, Windtec and design are trademarks or registered trademarks of American Superconductor Corporation or its subsidiaries. All other brand names, product names or trademarks belong to their respective holders.
Any statements in this release about future expectations, plans and prospects for the company, including our expectations regarding the future financial performance of the company and other statements containing the words "believes," "anticipates," "plans," "expects," "will" and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There are a number of important factors that could cause actual results to differ materially from those indicated by such forward-looking statements. Such factors include: we have a history of operating losses, and we may incur losses in the future; a significant portion of our revenues are derived from a single customer, and a reduction in business with this customer could adversely affect our operating results; adverse changes in domestic and global economic conditions could adversely affect our operating results; changes in exchange rates could adversely affect our results from operations; our common stock may experience extreme market price and volume fluctuations, which may prevent our stockholders from selling our common stock at a profit and could lead to costly litigation against us that could divert our management's attention; if we fail to implement our business strategy, our financial performance and our growth could be materially and adversely affected; we may not realize all of the sales expected from our backlog of orders and contracts; many of our revenue opportunities are dependent upon subcontractors and other business collaborators, and a reduction in orders stemming from these companies could adversely affect our operating results; our products face intense competition, which could limit our ability to acquire or retain customers; our success is dependent upon attracting and retaining qualified personnel and our inability to do so could significantly damage our business and prospects; and our international operations are subject to risks that we do not face in the U.S., which could have an adverse effect on our operating results. Reference is made to these and other factors discussed in the "Risk Factors" section of the company's most recent quarterly or annual report filed with the Securities and Exchange Commission. In addition, any forward-looking statements included in this press release represent the company's views as of the date of this release. While the company anticipates that subsequent events and developments may cause the company's views to change, the company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the company's views as of any date subsequent to the date this press release is issued.
SOURCE: American Superconductor Corporation
AMSC Contact:
Jason Fredette, 978-842-3177
Director, Corporate Communications
jfredette@amsc.com
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