Korea based Hyundai Heavy Industries (HHI), the largest shipbuilder in the world and a major engineering conglomerate, is set to enter the global wind energy market. Hyundai signed a deal to build wind turbines designed by American Superconductor (AMSC), a leading U.S. energy technology company.
American Superconductor Corporation has licensed two of its proprietary wind turbine designs to South Korea-based Hyundai Heavy Industries Co., Ltd. Under the terms of the contracts, AMSC’s wholly owned AMSC Windtec™ subsidiary will license designs to HHI for its proprietary 1.65 megawatt (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 receiving upfront license fees, AMSC will receive royalty payments for the first several hundred 1.65 MW and 2 MW turbines that are sold and has also a deal to HHI with some of the components featured in the turbines. Resembling the push of its rival engineering giant General Electric (GE,) HHI is investing heavily in breaking into the booming market for renewable energy technologies. HHI is a global leader in turnkey power plants and offshore projects, and a major global supplier of high voltage electrical equipment.
“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.”
The Korean company is also working on its second solar cell manufacturing plant in Eumseong, south of Seoul, Korea, which is expected to boast an annual capacity of 300MW.
The deal with American Superconductor comes just days after the conglomerate announced that it has received $30m order to supply 7MW of photovoltaic solar cells to Italian solar panel from Albatech. HHI is in the midst of investing approximately $1 billion to expand its renewable energy business. In addition to producing wind turbine generators and complete wind turbines with AMSC Windtech's assistance, the company is constructing its second solar cell-producing plant, which can produce 300MW annually, in Eumseong, south of Seoul, Korea.
Source: http://biz.yahoo.com/bw/081015/20081015005151.html?.v=1 Date: 15-10-08
American Superconductor Corporation has licensed two of its proprietary wind turbine designs to South Korea-based Hyundai Heavy Industries Co., Ltd. Under the terms of the contracts, AMSC’s wholly owned AMSC Windtec™ subsidiary will license designs to HHI for its proprietary 1.65 megawatt (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 receiving upfront license fees, AMSC will receive royalty payments for the first several hundred 1.65 MW and 2 MW turbines that are sold and has also a deal to HHI with some of the components featured in the turbines. Resembling the push of its rival engineering giant General Electric (GE,) HHI is investing heavily in breaking into the booming market for renewable energy technologies. HHI is a global leader in turnkey power plants and offshore projects, and a major global supplier of high voltage electrical equipment.
“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.”
The Korean company is also working on its second solar cell manufacturing plant in Eumseong, south of Seoul, Korea, which is expected to boast an annual capacity of 300MW.
The deal with American Superconductor comes just days after the conglomerate announced that it has received $30m order to supply 7MW of photovoltaic solar cells to Italian solar panel from Albatech. HHI is in the midst of investing approximately $1 billion to expand its renewable energy business. In addition to producing wind turbine generators and complete wind turbines with AMSC Windtech's assistance, the company is constructing its second solar cell-producing plant, which can produce 300MW annually, in Eumseong, south of Seoul, Korea.
Source: http://biz.yahoo.com/bw/081015/20081015005151.html?.v=1 Date: 15-10-08
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