American Superconductor in $445 mil deal
Devens technology company American Superconductor Corp. received a $445 million order for its turbine electrical systems from Sinovel Wind Group Co. Ltd. in China.
According to American Superconductor, counting past deals, that adds up to more than $1 billion in business from the Chinese company, which was recently ranked as the world's third largest wind turbine manufacturer. Under the newest agreement, American Superconductor will start shipping parts to China by early next year, and Sinovel will use them to build 1.5-megawatt turbines.
"We are proud to extend our strategic business alliance with Sinovel, which has proven consistently to be a leader in wind turbine technology," said American Superconductor chief executive Greg Yurek.
In March, industry research firm MAKE Consulting ranked Sinovel as the world's third largest turbine maker behind Vestas and General Electric Co., based on its 2009 market share.
Sinovel provided all of the 3-megawatt wind turbines for China's first offshore wind farm, according to the company's website, and now plans to pump up production of those turbines, while also testing a larger prototype developed with American Superconductor technology.
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