AMSC, Sinovel Will Jointly Develop Wind Turbines
Author: Divya Sharma
American Superconductor Corp, which makes electrical systems for wind farms and turbines, said it would design and jointly develop a range of advanced, multi-megawatt-scale wind turbines with China's Sinovel Wind Group.
Sinovel expects to begin volume production of the turbines by the end of 2012 and will purchase core electrical components from AMSC, American Superconductor said.
Sinovel accounts for about 75 percent of American Superconductor's total revenue.
China is leapfrogging global wind power rankings with a combination of aggressive growth targets and domestic support.
One industry research firm expects China to increase its total amount of grid-connected wind power to about 130,000 MW by the end of 2015, American Superconductor said.
Shares of AMSC closed at $28.73 Monday on Nasdaq.
(Editing by Mike Miller)