AMSC has dropped a $265m acquisition of The Switch Engineering Oy, citing financing problems under current market conditions.
But the wind turbine parts maker – formerly known as American Superconductor Corp – expects to continue working on drivetrain solutions with its Finnish counterpart, said CEO Daniel P McGahn.
The Switch sells power-converter systems and permanent magnet generators to wind turbine manufacturers in China, Europe, South Korea and the US. Its shareholders will retain a breakup fee of about $20.6m.
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