AMSC Agrees to Deliver nearly $20 Million in Wind Turbine Electrical Control Systems to Inox Wind

AMSC Receives $5 Million 3 MW ECS Order and has Agreed to Provide nearly $15 Million in 2 MW ECS to Support Inox Wind’s Share of Surging Wind Market in India

AYER, Mass., May 31, 2023 (GLOBE NEWSWIRE) -- AMSC (NASDAQ: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid, and protect and expand the capability of our Navy’s fleet, today announced it has agreed to deliver nearly $20 million of demand for its wind turbine electrical control systems (ECS) to Inox Wind Limited (Inox), including its 2-megawatt (MW) ECS and an order for its 3 MW ECS. AMSC expects to ship these systems over the course of fiscal year 2023.

“Due in part to our strong and growing partnership with AMSC, Inox was among the first manufacturers to produce 2 MW and now 3 MW class wind turbines locally,” said Devansh Jain, director of Inox Wind Limited. “The production of larger, more efficient 3 MW class wind turbines will provide us with the means to augment our market leadership. We remain committed to helping India bridge its power gap with high-performance wind turbines.”

Daniel P. McGahn, Chairman, President and CEO of AMSC, stated, “We believe this 3 MW ECS order marks the beginning of our next chapter with Inox Wind as they expand their offering to include an exceptional 3 MW class wind turbine. The wind energy sector in India is finding its footing, with strong support by private and public entities. We renew our commitment to supporting Inox’s growth through our proprietary technology that can enable our partners to deliver superior products to the marketplace. We are encouraged to begin scaling up production for Inox Wind and to support our partner’s complete wind turbine product line with our proprietary ECS products."

According to GlobalData, the Indian onshore wind market capacity is forecasted to add over 35 GW by 2030.

3 MW ECS
AMSC has received a $5 million dollar order from Inox for its 3-MW class wind turbine ECS. AMSC expects to initiate shipments for this order beginning in fiscal year 2023 and to complete these shipments within the fiscal year.

Under the terms of the exclusive license agreement for AMSC’s 3 MW class wind turbine design in India between AMSC and Inox, Inox has agreed that AMSC will be the exclusive supplier of ECS for Inox’s 3 MW class wind turbine.

AMSC’s 3 MW class wind turbine design is certified as having a 3 MW power rating (according to GL2010 onshore guidelines). AMSC’s 3 MW class wind turbine may operate up to 3.3 MW under certain grid conditions and certain ambient temperature conditions.