The company also announced a new order from Windtec for AMSC’s PowerModule systems to be used to control power flow in 165 additional wind turbines in China.
With this order, AMSC’s PowerModule systems will be powering 785 Chinese wind turbine systems and around 1,200MW of China’s wind generated electricity.
Windetec, a private company based in Klagenfurt, Austria, has become the primary sales channel for AMSC’s PowerModule systems in China according to AMSC chief executive officer Greg Yurek.
“The close working relationship between Windtec and AMSC has made it clear that many sales and technical synergies exist between us in power electronics, electrical systems, wind farm grid interconnection solutions, and rotating electrical machines, such as wind energy generators. This acquisition will allow us to leverage our mutual capabilities and to also optimize our sales forces, field service teams and planned manufacturing operations in the Asia-Pacific region,” said Yurek.
The Windtec purchase price is 1.3 million shares of AMSC common stock, valued at approximately US$12.4 million (RMB97.1 million) based on yesterday’s closing price. The AMSC shares to be issued at the closing are subject to a lockup whereby the sole owner and founder of Windtec, Gerald Hehenberger, may sell only a certain number of shares per year through January 2010.