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Energy firms find wind at their back

By Nancy Larson (China Daily)
Updated: 2009-08-31 14:40

China's emphasis on wind energy is creating a new source of green for many American companies, as the country's wind capacity continues to advance with gale-force strength.

In recent years, China has blown past its own ambitious goals for wind energy development, making it the fourth-largest wind power producer, behind the US, Germany and Spain.

Energy firms find wind at their back

In 2007, the country's objective was to have enough wind plants built to generate 5 gigawatts (gW) of energy by 2010. By the end of 2008, it had already achieved 12.2 gW, and revised forecasts say that China could reach 150 gW by 2020.

"The rate at which China is scaling its wind industry supply and demand is unprecedented on a global level," said Caitlin Pollack, an analyst with Emerging Energy Research.

Wind energy-related products include designs, turbines, nacelles (housings for a turbine's inner workings), gearboxes, bearings and electrical equipment.

Since 2006, American Superconductor, of Devens, Massachusetts, has become a major supplier of both designs and electrical conduction components.

The company uses what it calls the "Gillette" business model, selling Chinese companies the "razor" (the design) with the stipulation that they also buy the "blades" (the electrical parts).

The strategy is largely responsible for the company's $73 million first-quarter profit, an increase of 85 percent over the same period in 2008, according to American Superconductor.

The company's major client in this arena is a wind turbine maker called Sinovel, the largest such manufacturer in China.

And with additional design orders from Sinovel and new, similar agreements with four other companies, American Superconductor expects its earnings to grow exponentially in the future.

Other US companies also have big plans based on China's continued wind energy push.

General Electric, which opened a new wind turbine assembly plant in Shenyang in 2006, hopes to double its sales to China this year.

GE also has a joint venture with China-based A-Power to produce gearboxes in A-Power's Chinese factory in 2010.

Canton, Ohio-based Timken Bearings expects to make $30 million in the first phase of the agreement, selling US-made turbine gearbox bearings to Nanjing High Speed Gear Manufacturing Company.

In a joint venture with Xiangtan Electric Manufacturing Company, Timken is also building a $39 million bearing plant in Hunan province, which will begin operating next year.

Joint ventures with manufacturing facilities in China are excellent money-making strategies in this field for two reasons, according to Ben Schuman, an analyst with Pacific Crest Securities.

China requires 70 percent of all wind energy components to be built domestically, either by foreign or Chinese companies, Schuman said.

Chinese wind energy component buyers favor companies with Chinese owners, especially when the Chinese partner has majority interest, he added.

"That makes you, in effect, Chinese in the eyes of the decision-makers, which for the most part is the government," Schuman said. "We've seen that in other industries like automotive. You have Volkswagen and Shanghai Automotive having a joint venture, and all of a sudden Volkswagen is one of the market share leaders in China."

Historically, European countries have been - and still are - major suppliers of wind energy products to China.

While GE is the only US company making turbines in China, three European firms are doing so, and European manufacturers SKF and Schaeffler are the chief suppliers of bearings to China's wind energy industry.

When American Superconductor first sought to make inroads into the Chinese market, it took an "if you can't beat 'em, join 'em" approach and purchased Austrian wind energy design firm Windtec.

"The technology American Superconductor sells in China is of European origin," said Schuman, who doesn't see the US ever overtaking Europe in market share.

According to several experts, advances being made within China may also limit US chances there.

Dozens of Chinese manufacturers, including Goldwind, Sinovel and Dongfang, are supplying most of China's wind turbines, and the country is moving ahead in its bearings and transmissions manufacturing.

American Superconductor spokesperson Jason Fredette said many wind energy products may soon be produced by firms with Chinese names and US backers. However, he is optimistic that US-owned companies won't be left out.

"We fully expect China to dominate in wind turbine production, but we still think there will be opportunities for many years for Western companies to provide key technologies and components," Fredette said.

(For more biz stories, please visit Industries)