Monday, June 2, 2008

Wind: Nordex to Invest $100 Million in U.S. Turbine Production

From Forbes:

Nordex, the turbines maker, is headed where the wind blows. The Rostock, Germany-based firm said Friday it will invest $100.0 million in building up its own wind turbine production in the United States, signaling an interest in increasing its market share outside its European base.

Investors seemed to like the idea. Shares in Nordex (other-otc: NRDXF ) rose 3.1%, or 9 euro cents (14 cents), to 29.35 euros ($45.61), in late afternoon trading in Frankfurt on Friday....MORE

From Reuters:

...In a first step, Nordex plans to set up a wind turbine assembly site with an annual production capacity of 750 megawatt (MW) by 2012, but has not yet chosen a location.

"We are looking for a centrally located facility, with everything pointing to a location in the Midwest," said Ralf Sigrist, president of Nordex USA Inc.

The first U.S.-assembled turbines are expected to hit the market next year.

In a second move, Nordex plans to establish its own rotor blade production facility as of 2010, for which it set aside two thirds of the $100 million investment sum....