Bloomberg News

Broadwind Gains Most in Two Years on Siemens Wind-Tower Order

November 04, 2011

Nov. 3 (Bloomberg) -- Broadwind Energy Inc., a U.S. maker of wind-turbine components, surged the most in more than two years after announcing an order from Siemens AG.

Broadwind gained 31 percent to 51 cents after the announcement in New York, the biggest increase since June 26, 2009. It had fallen 83 percent this year before today.

Siemens will buy 36 wind towers from Broadwind to expand a wind energy project in Iowa and signed an option to purchase an additional 25, according to a statement today from Naperville, Illinois-based Broadwind.

Broadwind will deliver the turbines in the second and third quarters of 2012 for the MidAmerican Energy wind project in Iowa. The company didn’t announce the value of the sale.

“It has been exceptionally beaten down and the more beaten down it is, the easier it is for it to pop if there is a piece of good news,” said Pavel Molchanov, an analyst at Raymond James. “It’s a mid-sized order for Broadwind.”

--Editors: Will Wade, Charles Siler

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


Toyota's Hydrogen Man
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus