Blade Dynamics Sells 25pct to American Superconductor, Dow
Aug. 20, 2010 -- Blade Dynamics, a designer and manufacturer of wind turbine blades, has sold 25 percent of the company to American Superconductor Corp. (AMSC) and Dow Chemical Company. Dow, through its Venture Capital group, made a minority equity investment in Blade Dynamics.
AMSC has acquired its 25 percent stake in Blade Dynamics for $8 million in cash and will have one seat on the Blade Dynamics Board of Directors. In addition to providing AMSC Windtec licensees with a differentiated blade offering, AMSC expects that its investment could expand the company's sales opportunities with other wind turbine manufacturers around the world. AMSC also expects that Blade Dynamics technology will provide a blade platform for the company's 10 MW SeaTitan superconductor wind turbines.
Louisiana Economic Development also announced that it is providing an incentive package to help Blade Dynamics establish and operate a manufacturing facility in New Orleans. This incentive package is worth up to $30 million and is contingent on the company meeting certain capital investment and job creation milestones. The operation is expected to add at least 600 jobs to the local economy over the next decade.
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AMSC has acquired its 25 percent stake in Blade Dynamics for $8 million in cash and will have one seat on the Blade Dynamics Board of Directors. In addition to providing AMSC Windtec licensees with a differentiated blade offering, AMSC expects that its investment could expand the company's sales opportunities with other wind turbine manufacturers around the world. AMSC also expects that Blade Dynamics technology will provide a blade platform for the company's 10 MW SeaTitan superconductor wind turbines.
Louisiana Economic Development also announced that it is providing an incentive package to help Blade Dynamics establish and operate a manufacturing facility in New Orleans. This incentive package is worth up to $30 million and is contingent on the company meeting certain capital investment and job creation milestones. The operation is expected to add at least 600 jobs to the local economy over the next decade.
For more wind turbine blades news, visit Wind Energy Industry Today:
Wind Turbine Blades news - http://windenergy.einnews.com/news/wind-turbine-blades
Located at http://windenergy.einnews.com, Wind Energy Industry Today is a wind energy news monitoring service from EIN News.
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