China's XJ Group Orders Initial 100 Sets of Wind Turbine Core Electrical Components from AMSC
Founded in 1970 and based in Xuchang, XJ Group is one of China's largest manufacturers of power equipment and transmission and distribution technologies for the electric utility market. The company employs more than 10,000 people worldwide and operates facilities in 30 countries globally, including 40 locations throughout China. XJ Group is owned by State Grid Corporation, which provides power to approximately 88 percent of China.
"AMSC Windtec has provided a broad scope of services to XJ Group that has helped us build a strong foundation for our new wind turbine manufacturing business," said Li Fusheng, president of XJ Group. "We are proud to enter production with our 2 MW wind turbines just 15 months after beginning to work with AMSC Windtec, and we see great opportunities ahead in the Chinese wind power market."
AMSC Windtec provided XJ Group with designs for a 2 MW doubly fed induction wind turbine under a contract signed in late 2008. In addition to utilizing this standard AMSC Windtec 2 MW doubly-fed induction wind turbine design, AMSC Windtec and XJ Group jointly adapted the turbines for specific environmental and wind conditions, such as low average wind speeds, low air density and severe climates encountered in certain regions of China.
"XJ Group is a highly respected power equipment manufacturer and service provider to the electric utility industry," said Dan McGahn, president and chief operating officer of AMSC. "They have done an excellent job of quickly entering production of high-quality wind turbines. We believe XJ Group's manufacturing acumen and strong ties to State Grid, China's primary grid operator, will enable them to become very successful in the wind industry."
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.
XJ Group is a leader in China in power equipment manufacturing and services for power generation, transmission and distribution that enable global utility and industry customers to improve their performance and efficiency. The XJ Group of companies operates in all over China and around 30 countries for the last 38 years. For more information, visit http://english.xjgc.com/Company.asp.
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 alternative 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 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: 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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6152284〈=en
SOURCE: American Superconductor Corporation
AMSC Contact: Jason Fredette, 978-842-3177 Director, Corporate Communications Email: jfredette@amsc.com
 |