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.
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 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 Commission.
CONTACT: MEDIA CONTACT:
John Segvich, 708.780.4825 john.segvich@bwen.com
