AMSC Licenses Proprietary Wind Turbine Designs To Korea’s Hyundai Heavy Industries
American Superconductor Corp. announced that it has licensed two of its proprietary wind turbine designs to South Korea-based Hyundai Heavy Industries Co., Ltd., (HHI)described as the world’s largest shipbuilder, a global leader in turnkey power plants and offshore projects, and a major global supplier of high voltage electrical equipment.
Under the terms of the contracts, AMSC’s wholly owned AMSC Windtec™ subsidiary will license designs to HHI for its proprietary 1.65 MW and 2 MW doubly fed induction wind turbines. HHI plans to commence production of 1.65 MW wind turbines by the end of 2009 and will initially target the United States market. HHI’s marketing and sales rights for both wind turbines extend to dozens of countries around the world.
In addition to upfront license fees for each design, AMSC will receive royalty payments for the first several hundred 1.65 MW and 2 MW wind turbines produced by HHI. AMSC will also provide HHI with core electronic components for the 1.65 MW and 2 MW wind turbines manufactured by HHI.
"Having dominated the shipbuilding market and built a very strong presence in the broader power, offshore and industrial sectors, we view renewable energy as one of Hyundai Heavy Industries’ next great growth opportunities," said Young N. Kim, Senior Executive Vice President & COO, HHI Electro Electric Systems. "Wind power is being adopted at a rapid pace worldwide as nations seek to enhance their energy independence and reduce carbon emissions. After an extensive global search, we selected AMSC Windtec based on the strength of its technology and its ability to create the fastest, most effective pathway for HHI to enter the global wind market."
HHI plans to have its first wind turbine prototype installed and commissioned by mid 2009 and expects to begin shipping wind turbines to customers by the end of calendar 2009.
"Hyundai Heavy Industries is one of the largest manufacturers of high quality, large-scale electro-mechanical equipment and turnkey systems in the world," said AMSC founder and Chief Executive Officer Greg Yurek. "We are honored to have been selected by HHI to provide them with our proprietary wind turbine designs and core electronic components. We believe they will become the first company to sell substantial numbers of AMSC Windtec-designed wind turbines in the U.S., which is the world’s second largest wind power market."