Broadwind, Inc. (NASDAQ: BWEN) operates as a precision manufacturer of equipment, components and more for clean tech and other specialized industrial applications. Shares of the clean tech component manufacturer are soaring 85% through afternoon trading on Wednesday, January 11, 2023. Over the past three months, Broadwind has seen average daily volume of 89,750 shares. However, volume of 50.46 million shares or dollar volume of around $213.95 million, has already exchanged hands through afternoon trading.
Shares of Broadwind are skyrocketing after the company announced it has received a new two-year order for new wind towers from a major global wind turbine manufacturer. The total value of the purchase order is $175 million and will begin this year with plans to conclude in 2024. Broadwind says the wind towers will be manufactured at its Abilene and Manitowoc facilities.
The purchase order represents the largest-ever received from this OEM customer, which management attributes to the company’s continued focus in its development strategy. In addition, the order represents 50% of optimal tower production capacity for Broadwind’s facilities for 2023 and 2024. The purchase order also benefits from the Inflation Reduction Act of 2022, which provides tax credits and incentives to support the clean energy transition.
“This transformational new tower order is an historic accomplishment for our entire team, one that further establishes Broadwind as the leading precision manufacturer of heavy fabrications advancing the global energy transition,” stated Eric Blashford, President and CEO of Broadwind. “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.”
Disclosure: No position. Spotlight Growth has no relationships with any of the companies mentioned in this article and did not receive payment in any form for its creation. This is an opinion article and is not meant to be financial advise. We are not broker-dealers or investment professionals. Please conduct your own due diligence. For more information on our disclosures, please visit: https://spotlightgrowth.com/disclosures/