Energy Business

Chinese Wind Power Firm Opens US R&D Facility (MY, XJNGF, VWDRY)

China Ming Yang Wind Power Group Ltd. (NYSE: MY) has opened a US research and development facility at North Carolina State University’s Centennial Campus. The new R&D center will focus its research on offshore wind turbines “to further enhance energy output and lower the cost of electricity.”

China Ming Yang is one of China’s newer and smaller wind power companies, with a market cap of around $242 million. Xinjiang Goldwind Science and Technology Co. Ltd. (OTC: XJNGF.PK) is the largest of the Chinese wind companies with a market cap of around $1.7 billion. Shanghai- listed Sinovel Wind Group Co. Ltd. is the other large Chinese wind firm.

Measured by installed capacity in 2011, China Ming Yang is the 10th largest wind turbine company in the world, claiming 3.6% of global megawatts installed last year. Denmark’s Vestas A/S (OTC: VWDRY.PK) was the market share leader in 2011, with 12% of installed megawatts. Sinovel and Goldwind claimed 9% and 8.7%, respectively.

Shares of China Ming Yang are trading down about -1% at $2.18 in a 52-week range of $1.18-$10.73.