AMSC Receives Wind Turbine Electrical Control System Order from Inox Wind

Second Order for 3 MW Class Electrical Control Systems from Inox Wind to Serve Growing Onshore Wind Market in India

AYER, Mass., Jan. 16, 2024 (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 received an $8 million order for its 3 megawatt (MW) class wind turbine electrical control systems (ECS) from Inox Wind Limited (Inox), India’s premium wind turbine manufacturer. Inox Wind has requested immediate delivery under this $8 million follow-on order. AMSC expects to ship these ECS over the course of calendar year 2024.

“This larger follow-on order underscores the renewed strength and improved dynamics of the Indian wind market, which AMSC has served for over a decade, and heralds an exciting future,” said Devansh Jain, Executive Director, INOXGFL Group. “We are positioned to expand our market leadership to help meet India’s expected growing energy needs and AMSC continues to be a partner of choice for doing so.”

Daniel P. McGahn, Chairman, President and CEO of AMSC, stated, “AMSC is off to an encouraging start in 2024 with a follow-on order from our partner Inox Wind for our cutting edge 3 MW class ECS. As per the National Electricity Plan for 2022-32, the Indian onshore wind market capacity is forecasted to add over 80 GW by 2032 to reach an installed capacity of 122 GW. AMSC is fully prepared to further support Inox as we expect to continue to expand energy solutions for India and its great people. We are serving our growing end markets and moving ahead confidently during the remainder of fiscal year 2023.”

Under the terms of the existing 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.