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Climate Summit sees intiatives and commitments

Climate Summit sees intiatives and commitments

Various bodies and entities on the Climate Summit in New York have announced the...

Climate Rally reaches 310,000 participants

Climate Rally reaches 310,000 participants

The number of people who joined the People’s Climate March this September 21 rea...

China takes big step in reducing ozone depleting gases

China takes big step in reducing ozone depleting gases

China has taken a big step towards reducing its hydrochlorfluorocarbons by closi...

Ozone layer on road to recovery – U.N.E.P., W.M.O.

Ozone layer on road to recovery – U.N.E.P., W.M.O.

The ozone layer is on the road to recovery, but unified action is still needed t...

Green vacation: Go on an eco-friendly safari

Green vacation: Go on an eco-friendly safari

The primary goal of modern-day eco-friendly African safaris is to lessen the ove...

Nepal, the Maldives, and Bhutan could lose around 2 percent G.D.P. due to climate change – A.D.B. report

Nepal, the Maldives, and Bhutan could lose around 2 percent G.D.P. due to climate change – A.D.B. report

Nepal, the Maldives, and Bhutan could be looking at economic losses of around 2 ...

South Asian countries face economic losses due to climate change – A.D.B. report

South Asian countries face economic losses due to climate change – A.D.B. report

Various countries in the South Asian region are looking at significant losses du...

Business

Technology

More ethanol-tolerant yeast for more biofuel production

More ethanol-tolerant yeast for more biofuel production

Thursday, 09 October 2014

Yeast is an important component in the ethanol production process; however, high concentrations of ethanol are toxic to yeast. In order to improve the...

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Politics

New Yorkers support renewables, opposes fracking – N.R.D.C. poll

New Yorkers support renewables, opposes fracking – N.R.D.C. poll

Sunday, 12 October 2014

A state-wide poll commissioned for the Natural Resources Defense Council reveals that New Yorkers oppose fracking and support clean, renewable energy....

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Living Green

How to make your house more eco-friendly and energy efficient

How to make your house more eco-friendly and energy efficient

Tuesday, 14 October 2014

When you are in need of powering your home, but also making sure you have it done in an eco-friendly way that helps keep the power you use more manage...

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Renewables

Low-Carbon

Opinion

Unsustainable urban life: What's next?

Unsustainable urban life: What's next?

Wednesday, 11 June 2014

Nutrition plays a critical role in everyone’s chance at a better future. Hunger, said Benjamin Franklin once, is the best pickle. Some say “pickle”...

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American Superconductor profits down; Sinovel blamed

American Superconductor profits down; Sinovel blamed
Photographer takes pictures of China’s wind farms in Inner Mongolia.

Electrical systems company American Superconductor Corporation announced that their revenues and profits for the first quarter of this year and the whole of fiscal year 2010 were hurt following cancelled supply deals with its largest customer.

The company's revenues for the first quarter ended June 30 fell to $9.1 million from $97.2 million a year earlier. Net loss was $37.7 million, or 74 cents a share, compared with $9.2 million, or 20 cents a share, year-on-year.

As for fiscal 2010, revenues dived 10 percent from $316.0 million in 2009 to $286.6 million. AMSC reported a huge net loss of $186.3 million, or $3.95 per diluted share, for 2010 compared with net income of $16.2 million, or $0.36 per diluted share, in 2009.

"The decline is due primarily to a lack of revenue from Sinovel," AMSC said in a statement blaming the slumping sales and losses to its largest customer. Beijing-based Sinovel Wind Group is also China's largest wind turbine manufacturer.

Last month, Daniel McGahn, AMSC president, said they expected sales will be less than $10 million in the first quarter after Sinovel refused to accept shipments of electrical components and spare parts for wind turbines in March. The parts were supposed to be used for the 1.5-megawatt and 3-MW wind turbines Sinovel builds.

AMSC said Sinovel planned to reduce its inventories first before accepting further shipments. Despite its optimism, the Massachusetts-based company eventually axed 150 jobs and saved $30 million from its 2011 expenses.

The company's relationship with Sinovel seemed to have turned sour since then. Last September 15, AMSC filed criminal and civil charges in China against Sinovel, accusing the company of illegally using the American company's intellectual property.

The complaint also included the AMSC supply contract with Sinovel. To date, Sinovel currently owes AMSC $250 million for past shipments and shipments that they're contractually bound to accept, according to Mr. McGahn.

In a conference call, Mr. McGahn confirmed that a former AMSC employee pleaded guilty to charges including economic espionage and fraudulent misuse of data in an Austrian court. The employee said Sinovel paid him well over $1 million for the information.

Mr. McGahn said AMSC's financial results for fiscal 2010 and the first quarter of fiscal 2011 are a "reflection of our past."

"Our efforts to build a better AMSC are now well underway. We have reduced our cost structure by more than $30 million annually and realigned our business into market-facing wind and grid segments."

New contracts

AMSC on Friday reported bagging $100 million in wind energy and smart grid contracts in the emerging markets of China, India and Korea.

In China, AMSC signed a new multi-year contract to deliver wind turbine electrical control systems to Beijing's Jingcheng New Energy Company, a subsidiary of state-owned Jingcheng Machinery Electric Holding Co., Ltd. Shipments are expected to begin in late 2011 and conclude in early 2014.

In India, AMSC signed a contract to deliver wind turbine electrical control systems to Inox Wind Limited. Inox manufactures 2-MW turbines under an AMSC license. The new electrical control systems are expected to be shipped late 2011, concluding in 2012.

In South Korea, AMSC signed new contracts with Hyundai Heavy Industries to provide wind turbine core electric components also this year. AMSC also announced the first superconductor wire shipment to LS Cable & System under a multi-year supply agreement in October 2010.

The company also increased its business in Europe and the United States with several new grid integration solution contracts related to wind and solar power plants. In total, AMSC's solutions will allow these plants to integrate over 150 MW of renewable energy into the grid.

AMCS also signed a multimillion dollar contract to provide their D-VAR system for Keys Energy Services, a public power utility in Florida. The system will be used to improve voltage stability as Keys Energy Services, along with the Florida Municipal Power Agency and the Florida Keys Electric Co-Operative, work on a project that seeks to increase the import capacity of a 120-mile-long transmission line to the Florida Keys from the Florida mainland.

(Oliver M. Bayani and Katrice R. Jalbuena)



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