- Broadwind Inc BWEN has received $175 million in new tower orders from a global wind turbine manufacturer.
- The company will produce the ordered tower sections at both its Abilene and Manitowoc facilities.
- The two-year order secures approximately 50% of optimal tower production capacity across Broadwind's facilities in 2023 and 2024.
- The order also qualifies for advanced manufacturing tax credit under the Inflation Reduction Act (IRA) passed into law in 2022.
- Fulfillment of the new order will occur during the full year 2023 and conclude by the end of 2024.
- "This important win will support a balanced production schedule over the next two years, materially increase system-wide facility utilization, and drive improved economies of scale across our organization,” said CEO Eric Blashford.
- Price Action: BWEN shares are trading higher by 58.85% at $3.59 in premarket on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted In:
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
