China's CSR-ZELRI Orders 100 Sets of Wind Turbine Core Electrical Components from AMSCDEVENS, Mass.--(BUSINESS WIRE)--
Jan. 22, 2009--
American Superconductor Corporation (NASDAQ:
AMSC), a leading energy
technologies company, today announced that it has received a
multi-million-dollar order for 100 sets of its wind turbine core
electrical components from China's
CSR Zhuzhou Electric Locomotive
Research Institute Co., Ltd ("CSR-ZELRI"). The company will use the
components in 1.65 megawatt (MW) wind turbines designed by
AMSC's wholly
owned
AMSC
Windtec® subsidiary. Under the terms of the contract,
AMSC expects
to ship all of the core electrical components by the end of calendar
2009 to support CSR-ZELRI's increased production of wind turbines.
AMSC's core electrical components include the company's proprietary PowerModule
PM3000W power converter and enable reliable, high-performance wind
turbine operation by controlling power flows, regulating voltage,
monitoring system performance and controlling the pitch of wind turbine
blades to maximize efficiency. Introduced
in late 2008, the PM3000W is a fully programmable, flexible and
modular power converter developed specifically for wind turbines with
power ratings up to 6 MW.
"China's wind industry continues to move forward at an aggressive pace
through the global economic downturn, and further growth is projected
for the next decade," said Du Jinsong, general manager of CSR-ZELRI's
wind power business unit. "AMSC Windtec's wind turbine designs,
localization and supply chain support and proven power electronics
allowed us to quickly enter this rapid growth market and aid in meeting
China's objective to increase electricity supply while also reducing
carbon emissions."
Based in Zhuzhou City in the Hunan province of China, CSR-ZELRI first
began working with AMSC Windtec in January 2007. Under the terms of the
original license agreement, AMSC also received the right to provide
CSR-ZELRI with core electrical components for all of its 1.65 MW wind
turbines. Including this latest order, CSR-ZELRI has ordered more than
170 sets of core electrical components from AMSC to date.
"CSR-ZELRI has done a tremendous job of ramping up production of high
quality wind turbines in a very short time," said Greg Yurek, founder
and chief executive officer of AMSC. "We expect CSR-ZELRI to continue
its rapid growth and to take a significant share of the Chinese wind
turbine market in the years ahead."
According to the Chinese
Wind Energy Association, China will grow its base of wind power from
5.9 gigawatts (GW) at the end of 2007 to more 10 gigawatts in 2008. In
its Global
Wind Energy Outlook 2008 report, the Global
Wind Energy Council estimates that China's installed base could grow
to 101 GW by 2020 under its "moderate" outlook scenario and 201 GW under
its "advanced" scenario.
About
American Superconductor (NASDAQ: AMSC)
AMSC is a leading energy technologies company offering an array of
solutions based on two proprietary technologies: programmable power
electronic converters and high temperature superconductor (HTS) wires.
The company's products, services and system-level solutions enable
cleaner, more efficient and more reliable generation, delivery and use
of electric power. AMSC is a leader in alternative energy, offering
licensed wind turbine designs and electrical systems. As the world's
principal supplier of HTS wire, the company is enabling a new generation
of compact, high-power electrical products, including power cables,
grid-level surge protectors, Secure Super Grids technology, motors,
generators, and advanced transportation and defense systems. AMSC also
provides utility and industrial customers worldwide with voltage
regulation systems that dramatically enhance power grid capacity,
reliability and security, as well as industrial productivity. The
company'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 www.amsc.com.
American Superconductor and design, Revolutionizing the Way the World
Uses Electricity, AMSC, Powered by AMSC, D-VAR, dSVC, PowerModule,
PQ-IVR, Secure Super Grids, Windtec and SuperGEAR 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. The Windtec logo and design is a
registered European Union Community Trademark.
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: uncertainties
regarding the company's ability to obtain anticipated funding from
corporate and government contracts, to successfully develop, manufacture
and market commercial products, and to secure anticipated orders; the
risk that a robust market may not develop for the company's products;
the risk that strategic alliances and other contracts may be terminated;
the risk that certain technologies utilized by the company will infringe
intellectual property rights of others; and the competition encountered
by the company. 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, the 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.
CONTACT: American Superconductor Corporation (NASDAQ: AMSC)
Jason Fredette, 978-842-3177
Director of Investor & Media Relations
jfredette@amsc.com
Source: American Superconductor Corporation
