- American Superconductor Corporation AMSC has agreed to deliver nearly $20 million of demand for its wind turbine electrical control systems (ECS) to India's Inox Wind Limited.
- The order will include 2-megawatt (MW) ECS and 3 MW ECS.
- AMSC expects to ship these systems over the course of fiscal year 2023.
- "The wind energy sector in India is finding its footing, with strong support by private and public entities," said AMSC Chairman, President and CEO Daniel P. McGahn.
- According to GlobalData, the Indian onshore wind market capacity is forecasted to add over 35 GW by 2030.
- "The production of larger, more efficient 3 MW class wind turbines will provide us with the means to augment our market leadership," said Devansh Jain, director of Inox Wind.
- Price Action: AMSC shares are trading higher by 3.30% at $4.38 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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