Broadwind Energy Announces $87 Million of New Tower Orders
CICERO, Ill., July 15, 2013 (GLOBE NEWSWIRE) -- Broadwind Energy, Inc.
(Nasdaq:BWEN) today announced $87 million in tower orders from a U.S. wind
turbine manufacturer. Broadwind will produce these towers in its Manitowoc,
Wisc. and Abilene, Tex. facilities, with delivery scheduled primarily in 2014.
Since the start of 2013, Broadwind has recorded $200 million in new tower
orders. Additionally, a $34 million order which was placed in late 2010 has
been canceled by mutual agreement with a longstanding customer, due to a
reduction in their U.S. requirements.
"Broadwind's tower business continues to benefit from the rebound of the U.S.
wind energy industry as a result of the Production Tax Credit extension and
the continuing decline in the cost of electricity from wind energy," said
Peter C. Duprey, president and CEO of Broadwind Energy. "As we continue to
meet the demand for domestically produced wind towers, we have now extended
our market visibility well into 2014."
About Broadwind Energy
Broadwind Energy (Nasdaq:BWEN) applies decades of deep industrial expertise to
innovate integrated solutions for customers in the energy and infrastructure
markets. From gears and gearing systems for wind, oil and gas and mining
applications, to wind towers, to comprehensive remanufacturing of gearboxes
and blades, to operations and maintenance services and industrial weldments,
we have solutions for the energy needs of the future. With facilities
throughout the U.S., Broadwind Energy's talented team of 800 employees is
committed to helping customers maximize performance of their
investments—quicker, easier and smarter. Find out more at www.bwen.com.
This release includes various forward-looking statements related to future,
not past, events. Statements in this release that are not historical are
forward-looking statements. These statements are based on current expectations
and we undertake no obligation to update these statements to reflect events or
circumstances occurring after this release. Such statements are subject to
various risks and uncertainties that could cause actual results to vary
materially from those stated. Such risks and uncertainties include but are not
limited to: expectations regarding our business, end-markets, relationships
with customers and our ability to diversify our customer base; the impact of
competition and economic volatility on many of the industries in which we
compete; our ability to realize revenue from customer orders and backlog; the
impact of regulation on our end-markets, including the wind energy industry in
particular; the sufficiency of our liquidity and working-capital; our
restructuring plans and the associated cost-savings; our ability to preserve
and utilize our tax net operating loss carry-forwards; and other risks and
uncertainties described in our filings with the Securities and Exchange
CONTACT: MEDIA CONTACT:
John Segvich, 708.780.4825 firstname.lastname@example.org
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