AMSC gets $70m Chinese order

American Superconductor Corp., which makes wires used in power lines, said today that it received a $70 million order for wind turbine electrical systems from China-based Sinovel Wind Corp. Ltd.

Shares of American Superconductor surged $1.42, or 7.3 percent, to $21 in premarket activity on the news.

The order calls for American Superconductor to ship the customized electrical systems to Sinovel next year for use in its 1.5-megawatt wind energy systems.

The companies signed a contract in March under which American Superconductor's Windtec subsidiary, and Sinovel will jointly develop 3- and 5-megawatt wind energy systems. Sinovel plans to market and sell the systems worldwide.

The company's stock has traded between $8.90 and $23.58 in the past year. (AP)