Broadwind Stock Gains Following $175M Wind Tower Order

Shivani Kumaresan
1 min read
0
In this article:

  • Broadwind Inc (NASDAQ: BWEN) has received $175 million in new tower orders from a global wind turbine manufacturer.

  • The company will produce the ordered tower sections at both its Abilene and Manitowoc facilities.

  • The two-year order secures approximately 50% of optimal tower production capacity across Broadwind's facilities in 2023 and 2024.

  • The order also qualifies for advanced manufacturing tax credit under the Inflation Reduction Act (IRA) passed into law in 2022.

  • Fulfillment of the new order will occur during the full year 2023 and conclude by the end of 2024.

  • "This important win will support a balanced production schedule over the next two years, materially increase system-wide facility utilization, and drive improved economies of scale across our organization,” said CEO Eric Blashford.

  • Price Action: BWEN shares are trading higher by 58.85% at $3.59 in premarket on the last check Wednesday.

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