Broadwind Energy, Inc. (NASDAQ: BWEN) to Supply Wind Towers to Spain's Gamesa

Broadwind Energy, Inc. (NASDAQ: BWEN) provides technologically advanced high-value products and services to the U.S. wind energy industry. Its product and service offerings include wind turbine gearing systems, wind turbine structural towers, industrial products, technical services, Precision Repair and Engineering services, and logistics.

Shares of Broadwind Energy hit a 2-month high this morning, after announcing that its wind-tower subsidiary, Tower Tech, had been selected as the supplier for Gamesa wind projects to be installed in the 2^nd half of 2010. Gamesa Technology Corp. is a global manufacturer of wind turbine generators with headquarters in Spain and operations in the U.S., Europe, China, and India. Jim Buddelmeyer, vice president of purchasing at Gamesa stated, “Proven experience, flexibility and well-established competencies were key elements in our decision to select Broadwind’s Tower Tech subsidiary to construct our next-generation towers for these projects.” Financial terms of this deal between Broadwind and Gamesa were not disclosed.

The Gamesa deal was much-needed good news for Broadwind, which has lost more than 50% of its value year-to-date. Broadwind shares have traded at $4 or below since March, well below the $8.12 share price at which the company began 2010 trading in January. The wind energy company shot past its average daily trading volume during morning trading, with volume approaching 3 million shares, versus an average day's trading in Broadwind Energy shares of less than 2 million in volume. With today's rally of 29% for the volatile stock, Broadwind shares were back above the $3 mark for the first time since mid-May. The company is currently trading at $3.35, up $0.56 or 20.07%.

“Tower Tech specializes in the production of heavier and more complex wind towers, with which turbine manufactures like Gamesa seek to expand the geographic footprint of wind power,” said Jess Collins, group president at Broadwind Energy. “We are delighted to extend our long, successful supply relationship with Gamesa through this project.”