Offshore Wind Market Expected to Reach $50 bln by 2023
The global offshore wind energy market is poised to grow over USD 49.74 billion by 2023 at an estimated CAGR of around 11.12% during the period 2017 to 2023.The growth in this sector can be attributed to the increasing demand for clean and reliable energy in order to reduce the global carbon emissions and to maintain ecological balance by generating electricity through renewable resources, said a report by Market Research Future.However, high initiating capital cost of the projects with high maintenance cost and logistics issues, can hinder the offshore wind market. Also, high tidal winds and bad weather conditions making it difficult…
Sinovel Fined for AMSC Trade Secret Theft
A U.S. judge ordered Sinovel Wind Group Co Ltd, a Chinese wind turbine maker, to pay a $1.5 million fine after the company was convicted and charged for stealing trade secrets from Massachusetts-based AMSC. U.S. District Judge James Peterson in Madison, Wisconsin, also sentenced Sinovel to one year of probation, during which it must pay the unpaid balance of a $57.5 million settlement it reached with AMSC. The U.S. Justice Department said Sinovel has already paid AMSC, formerly known as American Superconductor Inc…
AMSC Submits Appeal to China's Supreme People's Court
DEVENS, Mass. – AMSC, a global solutions company serving wind and grid leaders, announced that it has filed an appeal with China's Supreme People's Court relating to the Hainan Higher Court's decision on April 5, 2012, to uphold the Hainan Province No. 1 Intermediate People's Court's dismissal of AMSC's civil case against Sinovel Wind Group Co. Ltd. (Sinovel) and Dalian Guotong Electric Co. Ltd. (Guotong). This is the smallest of four legal actions AMSC has brought against Sinovel. In total, AMSC is seeking to recover from Sinovel more than $1.2 billion for contracted shipments and damages in these cases, which stem from Sinovel's contractual breaches and AMSC's discovery of intellectual property theft by Sinovel employees.
