American Superconductor Corporation (NASDAQ: AMSC) stock is rising impressively; as it increased 5.97% to $10.30 as of the last check today. The purchase of a sizable order is the reason for this increase in the stock value of American Superconductor.
The leading wind turbine manufacturer in India, Inox Wind Limited (Inox), has placed a $8 million order with American Superconductor (AMSC) for its 3-megawatt (MW) class wind turbine electrical control systems (ECS). Inox Wind Limited has expressed the urgency of immediate delivery for this $8 million follow-on order. The anticipated schedule for shipping these ECS extends throughout the calendar year 2024.
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This notable follow-on order serves as an affirmation of the renewed vigor and enhanced dynamics observed in the Indian wind market. AMSC has been a steadfast contributor to this market for over a decade, and this development signals a promising trajectory ahead. Inox is strategically positioned to enhance its market dominance in addressing India’s escalating energy demands, with AMSC maintaining its status as the preferred partner for such endeavors.
The commencement of 2024 is proving auspicious for AMSC, marked by a follow-on order from Inox Wind for its state-of-the-art 3 MW class ECS. Aligned with the National Electricity Plan for 2022-32, the Indian onshore wind market is poised to witness an addition of over 80 GW by 2032, reaching an installed capacity of 122 GW. AMSC stands well-prepared to actively support Inox in its mission to provide advanced energy solutions for India. As the fiscal year 2023 progresses, American Superconductor confidently navigates the landscape of its expanding end markets.
Within the framework of the existing exclusive license agreement governing AMSC’s 3 MW class wind turbine design in India, a mutual understanding between AMSC and Inox establishes AMSC as the sole supplier of ECS for Inox’s 3 MW class wind turbine. Noteworthy is the certification of AMSC’s 3 MW class wind turbine design with a 3 MW power rating, allowing operation up to 3.3 MW under specific grid and ambient temperature conditions.
