- Category: Company News
Global Marine Systems Limited, a cable installation and maintenance company for the telecommunications and renewable energy sectors, and SMIT Heavy Lift Europe BV, a division of SMIT International, have announced their intention to cooperate to meet the needs of the growing renewable energy market. Global Marine is an installer of inter-turbine and shore connection cabling for offshore wind farms, while SMIT has more than 160 years’ experience of marine construction. The combination of Global Marine’s cable installation and burial skills, allied to SMIT’s vessel fleet and offshore experience, creates a significant solution for the burgeoning offshore energy market.
- Category: Company News
Nordex AG has had a muted start to the new year. Both revenues and order receipts came under pressure in the first quarter as a result of the planned recapitalisation measures. Thus, revenues contracted by roughly 35% over the year-ago quarter to around € 34.9 million (previous year: € 53.7 million) primarily as a result of key suppliers’ hesitation to deliver the parts required in view of the company’s financial weakness and the non-availability of commercial credit insurance cover. At € 34.7 million, order receipts fell short of the forecast (previous year: € 68.9 million). This was due to delays in projects as a result of uncertainty as to whether the recapitalisation methods would be implemented successfully as planned. Thus, customers had no alternative but to hold back orders as they had difficulty finding banks willing to finance their projects. Since recapitalisation, new business has recovered at an extraordinarily strong rate. Nordex has since received new orders worth around € 86 million. In spite of reduced costs, the company again posted an operating loss before tax, interest and exceptionals of € 7.1 million in the period under review (previous year: loss of € 5.5 million).
- Category: Company News
Metso Drives’ ownership was transferred from Metso Corporation to the funds managed by CapMan on 8 April 2005. The new company name will be Moventas. Moventas implies movement, a basic element in mechanical power transmission. Moventas continues the story of Metso Drives, Valmet Power Transmission and Santasalo. Only the name changes; their operations continue as before. They will present their new graphic design in June, and their new websites will be operative from the beginning of July 2005.
- Category: Company News
GE Energy has received orders and commitments for 2005 that total 2,400MW of new wind power capacity worldwide. These projects represent an anticipated increase in revenue of 300% over its first-year wind operations in 2002. From US$ 500 million in revenue in 2002, GE Energy expects its wind energy revenue to grow to more than US$ 2 billion this year. Supply orders calling for 1,600 wind turbines to be installed worldwide include 1,100 wind turbines (a total of 1,650MW) for the USA.
- Category: Company News
REpower Systems AG reported gross revenue of € 50.5 million for the first three months of 2005, compared to gross revenue of € 41.2 million in the pre-year period. In what is traditionally the weakest quarter of the year, the company thus achieved an increase of 22.7%. Earnings before interest and taxes (EBIT) decreased from € -3.3 million to € -4.7 million in the period under review. Earnings after tax amounted to € -3.4 million compared to € -2.3 million in 2004. First effects from the restructuring plan prepared in the period under review are expected to appear in the third quarter of 2005. The introduction of the ‘law to improve the tax local conditions’, which principally affects media and energy funds, is currently not likely to have a negative effect on the order situation of REpower Systems AG. A total of 32 wind turbines with a rated output of 61.0MW were installed in the first quarter of 2005. This compares to 19 turbines and a rated output of 30.0MW for the same period of last year. Orders on hand at the end of the period under review totalled 244 wind turbines (previous year 263), which corresponds to a volume of orders of around € 351.9 million (previous year: € 384.1 million). A total of 28.3% of the wind turbines in the orders on hand are assigned to the national market and 71.7% to the international market.
- Category: Company News
LM Glasfiber will commence construction of a wind tunnel dedicated to the testing of rotor blades. The wind tunnel will be custom-made to re-create the complex aerodynamic conditions in which rotor blades operate and represents an investment of approximately € 3.4 million.
- Nordex: non-cash capital increase now effective
- Annual general meeting of LM Glasfiber Holding
- Nordex achieves earnings increase in stub fiscal year 2004
- Novera Energy joins UK wind energy venture
- Nordex takes on N90 wind turbine blade production
- ESAB equipment chosen for new wind tower manufacturing plant
- Siemens acquires Flender Holding GmbH
- Changes in the Management Board of REpower Systems AG
- Crompton Greaves Ltd and Pauwels join forces
- Subscription ratio required for Nordex AG recapitalisation achieved
- LM Glasfiber adjusting production capacity
- Gleitz named to head GE Energy’s wind segment
- Recapitalisation approved by Nordex AG’s shareholders
- Research grant for wind turbine manufacturer
- LM Glasfiber announces financial results for 2004
- Launch of Econnect Construction
- Zephyros BV declared bankrupt
- New staff appointed at MacArtney
- NRG holds grand opening for new building
- Wind Prospect’s megawatt record
- DeWind back in business
- REpower revises earnings forecast for 2004
- Change in the board of management of Vestas Wind Systems A/S
- Nordex’s 2003/04 financial statements on target
- New president and CEO of NRG Systems