American Superconductor (AMSC) announced it signed a definitive agreement to acquire The Switch Engineering Oy, a power technologies company headquartered in Finland. The € 190-million acquisition is expected to be immediately accretive and support AMSC's growth to US$1 billion in annual revenues.
This acquisition will significantly expand AMSC's wind business - from both a sales and a technology portfolio perspective. The Switch's portfolio of proprietary permanent magnet generators (PMG) opens a new addressable market exceeding US$ 1 billion annually. These PMG systems, which already are being utilized by several companies in Europe, the USA and Asia, will extend the technology portfolio currently available to Windtec customers and increase AMSC's potential value per MW of wind power. AMSC also expects to leverage The Switch's strong background in advanced synchronous generators to commercialize superconductor generators for direct drive SeaTitan wind turbines.
This acquisition will significantly expand AMSC's wind business - from both a sales and a technology portfolio perspective. The Switch's portfolio of proprietary permanent magnet generators (PMG) opens a new addressable market exceeding US$ 1 billion annually. These PMG systems, which already are being utilized by several companies in Europe, the USA and Asia, will extend the technology portfolio currently available to Windtec customers and increase AMSC's potential value per MW of wind power. AMSC also expects to leverage The Switch's strong background in advanced synchronous generators to commercialize superconductor generators for direct drive SeaTitan wind turbines.