- Veteran Participant in Indian Wind Market Adding Turbine
- AMSC's Proprietary WT1650 Wind Turbine Design to be Manufactured
for Expanding Market in India and for Export to the Middle East,
Southern Asia and Africa
- Initial Production of 1.65 MW Wind Turbines in 2009
DEVENS, Mass.--(BUSINESS WIRE)--April 9, 2008--American
Superconductor Corporation (NASDAQ: AMSC), a leading energy
technologies company, announced today that it has licensed its
proprietary Windtec WT1650 wind turbine design and manufacturing
know-how exclusively to Ghodawat Industries (India) Pvt. Ltd. (GIIPL)
for certain countries in the Middle East, Southern Asia and Africa.
GIIPL is the flagship company of Sanjay Ghodawat Group, located in
GIIPL has been manufacturing wind turbine towers in its
state-of-the art facility since 2004 for customers such as Suzlon,
Vestas and Enercon. GIIPL also owns and operates wind farms across
four states in India. The company will utilize AMSC's proprietary
design, technology and core electrical components to begin
manufacturing complete wind turbines for use in India and for export
to countries in the Middle East, Southern Asia and Africa. AMSC
Windtec will provide training for GIIPL's staff and project management
services for the company's first prototype units. GIIPL plans to begin
manufacturing 1.65 MW turbines in 2009.
In addition to a multi-million dollar upfront license fee, AMSC
will receive a royalty payment for the first 550 WT1650 wind turbines
manufactured by GIIPL. AMSC also has a right of first refusal to
provide the full electrical systems and core electrical components for
all of the wind turbines manufactured by GIIPL.
"Having been a key component supplier to the wind energy industry
in India and an owner and operator of large wind farms for almost a
decade, GIIPL is well suited to become one of India's leading turbine
manufacturers," said Shrenik Ghodawat, Managing Director of GIIPL.
"AMSC Windtec is providing us with proven technology and the know-how
we need, which will help us to rapidly address the tremendous growth
opportunities for the wind energy industry in India and surrounding
According to a report issued in February 2008 by the Global Wind
Energy Council, India now ranks fourth in the world in terms of total
wind power capacity. Capacity in the country grew by 28 percent in
2007 to 8 gigawatts (GW). According to the India's Ministry of New and
Renewable Energy, the country has 60 GW of wind power potential.
"This license agreement with GIIPL represents our entry point for
the market in India, not only for the wind industry, but also for the
power grid sector," said Greg Yurek, AMSC founder and chief executive
officer, "GIIPL has the experience and knowledge base to rapidly
expand its business in the fast growing Indian wind market. And as
this penetration begins, we also expect to generate traction in
India's power grid market, which will be going through a major
expansion over the next two decades. Our power grid products that help
transmit large quantities of electricity safely and reliably from wind
farms and other sources of power generation to customers are an ideal
fit for the Indian market."
About Ghodawat Industries (India) Pvt. Ltd.
A Sanjay Ghodawat Group company, Ghodawat Industries (India) Pvt.
Ltd. will be leveraging years of manufacturing and development
experience in the wind power market to become a leading manufacturer
of wind turbines for India, Indian Subcontinent, the Middle East,
Southern Asia and Africa. The company is based in Maharashtra, India,
and is promoted by Sanjay Ghodawat Group, a diversified conglomerate
with more than 5000 employees and strong presence in consumer goods,
real estate, agro industries and energy sectors.
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
grid interconnection solutions as well as licensed wind energy 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(TM) 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, SuperVAR, D-VAR, DVC,
PQ-IVR, PowerModule, PQ-SVC, Secure Super Grids, Windtec and SuperGEAR
are trademarks or registered trademarks of American Superconductor
Corporation or its subsidiaries.
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.
American Superconductor Corporation (NASDAQ: AMSC)
Jason Fredette, 978-842-3177
Director of Investor & Media Relations
SOURCE: American Superconductor Corporation