China: First Arbitration Hearing for AMSC

On Friday AMSC had its first arbitration hearing with the Beijing Arbitration Commission. AMSC is seeking $70 million for past product shipments and is seeking enforcement of its contracts with Sinovel Wind Group Co., Ltd (Sinovel), which are valued at approximately $700 million.

In addition to arbitration, AMSC has filed three civil lawsuits with the Chinese courts against Sinovel and companies related to Sinovel. In total, AMSC is seeking to recover more than $1.2 billion for contracted shipments and damages from Sinovel in these cases, which stem from Sinovel’s contractual breaches in March 2011 and AMSC’s discovery of intellectual property theft by Sinovel employees in June 2011.

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Offshore WIND staff, February 27, 2012; Image: amsc