Apr 6 2004
American Superconductor Corporation, has announced it has taken a 20 percent equity position in HTS-110, a new business derived from Industrial Research Limited, one of New Zealand's leading technology companies. HTS-110 will design and manufacture HTS electromagnetic coils, magnets and other HTS devices for end users and original equipment manufacturers exclusively utilizing AMSC's HTS wire.
The non-cash transaction consists of transferring AMSC's CryoSaver(R) current leads business to HTS-110, granting non-exclusive licenses to certain coil patents, and providing training for current lead and magnet design and fabrication. "We are creating a new business that will meet the growing global demand for HTS components for a wide array of applications," said Geoff Todd, chief executive of HTS-110. "More companies worldwide are seeking ways to use HTS technology to improve their products.
Initially, HTS-110 is targeting markets in the U.S., Japan and Europe. "We are delighted to enter into this business relationship with HTS-110," said David Paratore, president and chief operating officer of AMSC. "We believe HTS-110 is well positioned to help expand the market for HTS products around the world providing AMSC an additional opportunity to increase HTS wire sales." Paratore commented that AMSC is not restricted in selling HTS wire to other companies and will continue to sell to customers who are developing their own HTS components and products that incorporate HTS wire.
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