American Superconductor Corporation (NASDAQ:AMSC) stock is up big today, and one of the reasons is because they officially announced new agreements with Inox Wind Limited today. They will now be providing Inox with electrical control systems for the company’s 2MW product line.
This isn’t the first collaboration with Inox as the two companies have had a tremendous working relationship over the years.
“With the rapid growth of our business, we felt it was important to deepen our partnership with American Superconductor Corporation (AMSC) , while at the same time enhance our internal manufacturing capabilities,” stated Devansh Jain, director of Inox Wind Limited. “We value the relationship with AMSC, which has allowed us to offer our customers wind turbines with superior technology and performance. We are on track with our wind turbine manufacturing expansion and continue to strengthen our position in the Indian market.”
The stock is up 40.90% or $1.72 following the news, hitting $5.93 per share. About 600,470 shares traded hands or up 1341.43% from the average. AMSC has declined 34.93% since May 14, 2015 and is currently downtrending. It has underperformed the S&P500 by 32.67%.
American Superconductor Corporation is a well-known provider of megawatt-scale solutions. The company has a market cap of $58.87 million. The Firm conducts its business through two divisions: Wind and Grid. It currently has negative earnings. Through its Windtec Solutions brand, the Wind business segment enables manufacturers to field wind turbines.