Jan 19 2007
American Superconductor Corporation, a leading energy technologies company, announced today it has signed a wind energy system development contract worth more than $2 million with Doosan Heavy Industries & Construction Co., Ltd. (Doosan) of South Korea, an engineering, procurement and construction contractor with 5,000 employees worldwide.
Under the terms of the contract, AMSC's wholly-owned subsidiary, Windtec(TM), will develop a 3 megawatt (MW) wind energy system for Doosan and support the assembly and installation of the first prototype. Doosan plans to begin series production of these systems late in 2009. Windtec also has the right of first refusal for all future 3 MW wind turbine electrical systems from Doosan, creating a significant follow-on business opportunity for Windtec.
AMSC and its Windtec subsidiary have strong core competencies in wind turbine systems, rotating machinery, power electronics and power grid engineering, which providing a strong foundation for developing state-of-the-art wind energy systems for companies such as Doosan.
"Doosan is known worldwide for its ability to deliver high-quality, large-scale systems for many applications and markets,"
said Greg Yurek, founder and chief executive officer of AMSC. "We are honored to be working with such a well known, high-profile leader to help meet the renewable energy needs of South Korea and other markets Doosan serves around the world."
The deal represents Windtec's first 3 MW system development contract and its first entry into the South Korean renewable energy market. According to the Global Wind Energy Council, South Korea's installed base of wind generated electricity grew by 42 percent to 98 MW in 2005. The South Korean government plans to generate approximately five percent of its total power from wind, solar and tidal systems by 2011, up from approximately 2 percent currently.
"AMSC's Windtec subsidiary brings unique capabilities that can significantly lower Doosan's barrier to entry in wind energy," said Jong-Po Park, general manager of the renewable energy development team at Doosan. "Given that 1 MW systems remain the norm in today's market, we believe Windtec's 3 MW turbine design will enable Doosan to quickly become a market leader. We look forward to a long and fruitful business relationship together."