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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...

World Bank aids Laos’ hydropower with $40 million in financing

World Bank aids Laos’ hydropower with $40 million in financing

The World Bank Group has inked two agreements for around $40 million in financin...

Vestas, EP Global Energy partner for donor-funded wind farm in Jordan

Vestas, EP Global Energy partner for donor-funded wind farm in Jordan

Wind turbine manufacturer Vestas and private energy asset developer EP Global En...

World Bank commits $5 billion for African renewable energy projects

World Bank commits $5 billion for African renewable energy projects

The World Bank Group has committed US$5 billion towards supporting energy projec...

Seven creative ways to teach your kids about eco-living

Seven creative ways to teach your kids about eco-living

According to Bureau of Labor Statistics, 3.1 million jobs in the United States w...

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Technology

Politics

Heavy rains and floods could be the “new normal”

Heavy rains and floods could be the “new normal”

Tuesday, 23 September 2014

Heavy rains and flooding experienced by three countries this weekend could be a sign of the “new normal,” according to the head of the United Nations ...

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Living Green

Nineteen easy ways students can help save Mother Earth

Nineteen easy ways students can help save Mother Earth

Thursday, 18 September 2014

Students are young, creative, energetic and outspoken that is why they have the perfect qualities to help save mother earth. They can be great eco-war...

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Renewables

Low-Carbon

Easy modifications to make your car more efficient

Easy modifications to make your car more efficient

Monday, 22 September 2014

There are plenty of reasons why you might be interested in lowering your car’s emissions. In some states, you may be required to pass a mandatory smog...

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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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