Broadwind Energy : September 10, 2014: Broadwind Announces $14 Million in New Tower Orders
September 10, 2014 at 12:57 pm
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Broadwind Energy Announces $14 Million in New Tower Orders
Cicero, Ill., September 10, 2014 - Broadwind Energy, Inc. (NASDAQ: BWEN) today announced $14 million in new tower orders from a U.S. wind turbine manufacturer. Broadwind will produce these towers in its Manitowoc, WI and Abilene, TX facilities.
Broadwind President and CEO Peter Duprey stated, "With these orders, nearly three quarters of
our tower production capacity for 2015 is sold and we expect to fill the remaining capacity before year-end. We are in discussions with customers for additional commitments into 2016 and 2017 and look forward to a decision on the Production Tax Credit after the November elections. We remain confident about the demand for wind energy assets in the U.S."
About Broadwind Energy, Inc.
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, steel, 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 over 800 employees is committed to helping customers maximize performance of their investments - quicker, easier and smarter. Find out more at http://www.bwen.com/www.bwen.com
Forward-Looking Statements
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 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 Commission, including
those contained in Part I, Item 1A "Risk Factors" of our Annual Reports on Form 10-K.
Broadwind Inc. is a precision manufacturer of structures, equipment and components for clean tech and other specialized applications. The Company operates through three segments: Heavy Fabrications, Gearing, and Industrial Solutions. The Heavy Fabrications segment provides large, complex and precision fabrications to customers in a broad range of industrial markets. The Gearing segment provides gearing and gearboxes to a set of customers in diverse markets, including onshore and offshore oil and gas, fracking and drilling, surface and underground mining, wind energy, steel, material handling, infrastructure, marine and other industrial markets. It also provides gearbox repair services. Industrial Solutions provides supply chain solutions, light fabrication, inventory management, kitting, and assembly services, primarily serving the combined cycle natural gas turbine market. It also provides packaging solutions and fabricates panels and sub-assemblies.