DEVENS, Mass., Feb. 11, 2013 (GLOBE NEWSWIRE) -- AMSC (Nasdaq:AMSC), a global solutions provider serving wind and power grid industry leaders, today announced that it has received an order worth in excess of $30 million for wind turbine electrical control systems (ECS) from Inox Wind Limited, part of India's Inox Group of Companies. AMSC expects to begin shipments under this new order during the current quarter and complete shipments in 2014. This is the fifth and largest order that AMSC has received from Inox since the company began volume production of its 2 megawatt (MW) wind turbines, which were licensed from AMSC in May 2009.
"To date, we have installed nearly 250 MW of high-quality, reliable, cost-competitive wind turbines in India – a solid step toward our objective of becoming India's premiere wind power company," said Devansh Jain, director of Inox Wind Limited. "We are already among India's top five wind energy companies with well respected customers including India's largest wind IPP's, private power distribution companies and prestigious government organizations. We are looking forward to continuing our rapid growth in the Indian market and working with AMSC to help India meet its energy demands with clean, emission-free power."
AMSC's ECS are an integrated, high-performance suite of power electronics systems that include the wind turbine power converter cabinet, internal power supply and various controls. Together, these systems serve as the "brains" of the wind turbine and enable reliable, high-performance operation by controlling power flows, regulating voltage, monitoring system performance, controlling the pitch of the wind turbine blades and the yaw of the turbines to maximize efficiency."Since the inception of our relationship, Inox has quickly become one of AMSC's key wind turbine manufacturing partners, and India has emerged as one of our key markets," said Daniel P. McGahn, President and CEO, AMSC. "We are proud to partner with Inox, a company that is dedicated to manufacturing excellence and committed to helping India to bridge its power gap with high-performance wind turbines."
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts