AMSC Files Charges Vs. Chinese Customer
American Superconductor, the Devens-based maker of wind turbine parts, is fighting back against the Chinese customer that sank its fortunes in recent months.
AMSC is filing criminal and civil complaints against Sinovel Wind Group Co. Ltd., claiming the company used its intellectual property illegally.
Sinovel had been American Superconductor's biggest customer, generating 70 percent of the Devens company's revenue in 2010. In April, AMSC announced that Sinovel had cancelled shipments of wind turbine products and refused to pay for past shipments.
Since then, American Superconductor has made major cutbacks, changed CEOs and seen its stock price fall from more than $24 per share to around $7.
American Superconductor says it's now filing a claim for arbitration in Beijing to compel Sinovel to pay for both delivered and contracted shipments. It says it has also filed a civil complaint arguing that the Chinese company illegally obtained and used its copyrighted wind turbine control software. AMSC says it's in the process of filing a criminal complaint regarding the intellectual property dispute against Sinovel and other parties, including Dalian Guotong Electric Co. Ltd.
AMSC said it's now "operating its business based on the assumption that Sinovel will not be a customer."
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