South Korean Shipping Company Acquires Wind Turbine Manufacturer

Daewoo Shipbuilding and Marine Engineering announced intentions to undertake the development of new wind power turbines in the United States. Daewoo, based out of South Korea, bought out U.S. wind turbine manufacturer DeWind as an investment in the wind energy industry. The company purchased DeWind for $50 million.

DeWind was previously a subset of larger electricity company Composite Technology located in California. The deal has been finalised and should be confirmed in the next month.

Daewoo Shipbuilding and Marine Engineering is the second largest of its kind in the world. The company was founded in 1973 in South Gyeongsang province as a shipyard called Okpo.

The company will invest $70 million into DeWind to develop new wind turbine technology and establish factories for manufacturing turbines inside the U.S. The company aspires to be third ranking in the world in wind energy by 2020 and retain 15% of the market share.

Composite Technology signed the deal with the aim to focus on their high performing electrical transmission technology. Daewoo will place DeWind on an accelerated path to growth in production and products. Currently DeWind designs and engineers 2 MW wind turbines. To date, however, DeWind has distributed over 550 wind turbines with a total yield of over 500 MW of generated electricity.