AMSC (NASDAQ:AMSC), a global solutions provider serving wind and power grid industry leaders, today announced that it has received an approximately $40 million order 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 second quarter of fiscal 2015 and expects to complete the vast majority of shipments by the end of fiscal year 2015.
“Over the next quarters, we expect to maintain the growth that we have achieved so far, while we expand our manufacturing capacities in preparation for achieving greater market share,” said Devansh Jain, director of Inox Wind Limited. “We continue to have a very strong relationship with AMSC. By using AMSC’s sophisticated technology and design, we produce wind turbines with a highly competitive cost of energy.”
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.
“This latest order from Inox demonstrates the strong growth in its business. We expect to complete deliveries under this order in approximately half the time of the previous order,” said Daniel P. McGahn, President and CEO, AMSC. “Inox has proven its commitment and ability to succeed, grow, and become a major player within one of the world’s largest wind markets.”
Industry experts expect new annual capacity to grow between 2.5 gigawatts (GW) and 3.6 GW per year for the next five years.
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,
Engineering Plastics, Chemicals, Carbon Credits, Cryogenic Engineering, Renewable Energy and Entertainment. The INOX Group employs close to 9,000 people at more than 150 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, besides Inox Wind Limited, includes Inox Air Products Limited, Gujarat Fluorochemicals Limited, Inox India Limited, Inox Renewables Limited, Inox Leisure Limited and Fame India limited.
AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy. Through its Windtec™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. The company’s solutions are now powering gigawatts of renewable energy globally and enhancing the performance and reliability of power networks in more than a dozen countries. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America.