- Inox to Initiate Volume Production of 2 Megawatt Wind Turbines to Address Indian Wind Energy Market - India's Installed Base of Wind Power Expected to Double in Five Years
DEVENS, Mass. - August 24, 2010 - American Superconductor Corporation (NASDAQ: AMSC), a global power technologies company, today announced that it has received an initial order for 17 wind turbine electrical control systems from Inox Wind Limited (IWL), part of India's Inox Group of Companies. The electrical control systems will be deployed in 2 megawatt (MW) doubly-fed induction wind turbines licensed from AMSC's wholly-owned AMSC Windtec™ subsidiary under a contract announced in May 2009. The license provides Inox with the right to manufacture and sell the wind turbines globally. Inox recently erected and commissioned its first 2 MW wind turbine and has already begun volume production.
"India has tremendous power demands and serious carbon emission and pollution issues, all of which are now being addressed through the deployment of renewable energy technologies, particularly wind turbines, that produce substantial amounts of electricity with zero-emissions," said Devansh Jain, Director of Inox Wind Limited. "We intend to be a market leader in the high-growth wind power market in India and to eventually become an exporter of wind turbines to other parts of the world. With our first wind turbine now commissioned and our manufacturing plants operational, we are on track to begin full-scale production later this year."
According to a report issued in June 2010 by industry research firm Emerging Energy Research (EER), India had nearly 11,000 MW of wind power installed at the end of 2009, making it the world's fifth largest wind power market. EER expects that India will more than double its installed capacity to nearly 24,000 MW by the end of 2015 and will triple its installed base to more than 34,000 MW by the end of 2020. According to the Global Wind Energy Council (GWEC), the global wind power installed base is expected to more than double from 158,505 MW in 2009 to more than 347,000 MW by the end of 2013.
"Inox has formed a dynamic renewable energy business and has quickly expanded its offerings to include highly efficient and reliable multi-megawatt wind turbines," said AMSC founder and Chief Executive Officer Greg Yurek. "We expect Inox will be a significant player in the Indian wind market in the years ahead and that it will be able to participate aggressively in the global wind market."
With a presence across India, the $2 billion Inox Group has a diverse line of businesses and employs approximately 5,000 people. IWL was incorporated in 2009 to cater to global markets for wind energy products and associated services. IWL is a fully integrated player in the wind energy market with manufacturing facilities in Ahmedabad (Gujarat) and Una (Himachal Pradesh) India. In addition to its wind turbine manufacturing operations, the Inox group owns and operates several wind farms in India.
AMSC's wind turbine power electronics and control systems include the company's proprietary PowerModule™ power converters, pitch and yaw converters, SCADA systems and integrated control systems. 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.
To learn more about AMSC's product offerings for the wind industry, please visit http://www.amsc.com/products/applications/windEnergy/index.html.
About Inox Wind Limited
Inox Wind Limited is part of the Inox Group of Companies. Inox Group is a $2 billion, professionally managed business group, with interests in diverse businesses including Industrial Gases, Refrigerants, Chemicals, Carbon Credits, Cryogenic Engineering, Renewable Energy and Entertainment. The INOX Group employs more than 5,000 people at more than 100 business units across the country, and has a distribution network that is spread across more than 50 countries around the globe. Each INOX Group company is characterized by three distinct characteristics - early identification of a winning business idea, building it to a size of dominant market leadership in that segment, and attaining a profit leadership position through cutting-edge efficiency in operations. The Inox Group of Companies, apart from Inox Wind Limited, includes amongst others, Inox Air Products Limited, Gujarat Fluorochemicals Limited, Inox India Limited and Inox Leisure Limited. More information is available at www.inoxwind.com.
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 renewable 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.
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American Superconductor and design, Revolutionizing the Way the World Uses Electricity, AMSC, Powered by AMSC, D-VAR, dSVC, PowerModule, PQ-IVR, PQ-SVC, Secure Super Grids, SuperGEAR, SeaTitan and, Windtec and design 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.
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Managing Director, Corporate Communications