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AMSC lands $40m order from INOX wind

According to reports, US wind and power grid technology company AMSC is to provide India’s Inox Group with wind turbine electrical control systems in a deal worth $40m.

AMSC expects to begin shipments during the second quarter of fiscal 2014 and expects to complete shipments in 2015.

It is the sixth and largest order that the company has received from Inox since it began volume production of its 2MW wind turbines, which were licensed from AMSC in May 2009.

AMSC president and chief executive officer Daniel McGahn said: “India’s wind market is growing and Inox Wind has become a prominent player in India.

“This order represents the growth of Inox and its ambitions in India as well as its continued partnership with AMSC.”

AMSC reported a net loss for fiscal 2013 of $56.3m, compared with a net loss of $66.1m in fiscal year 2012.

Revenues for 2013 were $84.1m down from $87.4m in 2012.

Wind revenue grew by 26% in fiscal 2013 compared with fiscal 2012, but this growth was offset by lower Grid revenue in fiscal 2013, the company said.

McGahn said: “In fiscal year 2013, we were able to reduce our operating expenses as well as decrease our cash burn. These efforts, combined with our financing activities, resulted in a year-over-year decrease of under $1 million in our cash balance, including restricted cash.

“We believe our current liquidity position provides us the flexibility to focus on positioning the Company for future growth.

“In fiscal 2014, we are focused on putting into place the pieces that will help us drive towards our vision of sustained revenue growth in 2015 and beyond. We have delivered on a first piece through the $40 million order that we announced with Inox Wind today.”

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