AMSC: Agreements With Inox Wind Limited
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AMSC (NASDAQ:AMSC), a global solutions provider serving wind and power grid industry leaders, announced several agreements with Inox Wind Limited (Inox) that strengthen the collaboration between the two companies. The company announced it has entered into a long-term supply contract (Supply Contract) with Inox. Under the Supply Contract, AMSC will provide Inox with electrical control systems (ECS) for Inox's entire 2MW product line. Full deliveries under the Supply Contract are expected to begin during the first quarter of fiscal 2016. Under a separate agreement, Inox will be allowed to internally manufacture a limited portion of the ECS requirements for its 2MW product line as a second source based on AMSC's technology. The aggregate value of these agreements is approximately $210 million over the next three to four years, when the specified deliveries under this contract are expected to be completed. Once the specified deliveries under the Supply Contract are completed, further revenues are expected for at least an additional three year period during which AMSC will provide Inox with the majority of its 2MW ECS requirements under a preferred supplier arrangement.
The relationship continues in developing new wind turbine products focused on the Indian market. AMSC and Inox entered into a heads of agreement to collaborate on the development of a 3MW wind turbine to extend to Inox's product line. AMSC would develop a 3MW wind turbine design under a license agreement to be negotiated with Inox.
"With the rapid growth of our business, we felt it was important to deepen our partnership with AMSC, while at the same time enhance our internal manufacturing capabilities," said Devansh Jain, director of Inox Wind Limited. "We value the relationship with AMSC, which has allowed us to offer our customers wind turbines with superior technology and performance. We are on track with our wind turbine manufacturing expansion and continue to strengthen our position in the Indian market."
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.
"These agreements represent an important milestone for AMSC and solidify our belief that Inox is a trusted and valued long-term partner," said Daniel P. McGahn, President and CEO, AMSC. "We anticipate that our expanded relationship with Inox will provide a solid foundation for our business which we can build around and enable Inox to become the largest wind turbine manufacturer in India."
The Indian government has targeted to grow its installed wind power generating capacity from more than 22GW in 2014 to more than 100GW by 2022.
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,
Engineering Plastics, Chemicals, Carbon Credits, Cryogenic Engineering, Renewable Energy and Entertainment. Inox Wind Limited has firm orders for more than 1,200 MW of wind turbines as of September 30, 2015. 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. More information is available at www.inoxwind.com.
About AMSC (NASDAQ:AMSC)
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. For more information, please visit www.amsc.com.