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Print Edition StoriesWednesday, September 23, 2009
AMSC expands to Korea with new subsidiary, wire deal
By Jackie Noblett
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American Superconductor Corp. is making a major push into the Korean energy market, announcing Wednesday the opening of a subsidiary in South Korea and a new business partnership with a major telecommunications and energy cable maker in the Asian nation.
AMSC Korea, based in Busan, South Korea, will house engineering, sales, business development and field service operations for the Devens superconductor and renewable energy component maker’s Korean customers. Officials at AMSC (Nasdaq: AMSC) say the office is important to serve a nation that plans to invest $85.8 billion in new and renewable energy projects by 2030.
“The country is investing billions of dollars to bolster its power grid and become a leading exporter of clean energy technologies such as wind turbines,” said Dan McGahn, senior vice president and general manager of AMSC Superconductors, in a statement.
The company also announced that it has struck a deal with Korean cable maker LS Cable Ltd. to incorporate AMSC’s second-generation, high-temperature superconductor wire into LS Cable’s superconductor systems. The goal is to deploy at least 10 kilometers, or about 6.2 miles, of superconductor power cables in electrical grids over the next five years.
LS Cable plans to install a superconductor cable system in Gochang, South Korea, using 8 miles of AMSC superconductors in 2011, which will be Korea’s first superconductor power cable system. Superconductor cable makers say the cables are more efficient in transmitting power than traditional lines.
Earlier this month, AMSC made an announcement that it is forming AMSC India to provide wind turbine and electrical component products and services to the Asian country’s emerging wind market.
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