Justice Sirikah

Vestas Wind Systems (OTC: VWSYF) to Co-operate With Boeing Company (NYSE: BA) On Green-tech Research Projects

by Justice Sirikah March 13, 2009


  Vestas Wind Systems (OTC: VWSYF), a Danish force in the realms of global wind energy, and The Boeing company (NYSE: BA), a reputable  American aircraft manufacturer, said they intend to identify overlapping areas of proficiency as a starting point to mutual research projects in pursuit of advanced eco-friendly aeromechanics. Confirmed at the just ended International Scientific Congress on Climate Change hosted in Copenhagen, Denmark, the plan also seeks to explore the possibility of combined studies in structural health monitoring, and composite material fabrication, processes, design and analysis.
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  The start date of the collaboration was not defined, but Vestas and Boeing, through its Boeing Research and Technology organisation said it will be in the current year that researchers from both firms should start determining the projects. While this is expected to bring about a reduction of energy use, carbon dioxide discharges and waste material, Vestas would probably benefit from its partner’s high-ranking expertise in materials science and engineering which could come in handy in enhancing the power capacity of its wind turbines. On the other hand Boeing expects to incorporate the research findings in its quest to build “environmentally progressive” and fuel efficient aircrafts.

  “There’s a strong correlation between new technologies needed in the aerospace industry and new technologies needed in the wind energy business, and by pooling our research and development efforts on specific projects both Boeing and Vestas will benefit, as well as the environment that we live in”, reiterated Jan Narlinge, President of Boeing in Northern Europe.

  In December of last year, Vestas said it would add on to its entity if it were to benefit sufficiently from the wind power incentives of President Obama’s Recovery and Reinvestment Plan. The company that is well established in Denmark, Singapore, India and the UK, said it planned to spend approximately a quarter of a billion dollars on a new headquarters in Portland, U.S, and by 2011 add almost 850 white collar jobs to Portland’s current headcount of 350.

  Such a positive outlook focussed on long-term growth in a country where victims of economic recession are commonplace could help push up Vestas stock on the bourse. According to some market analysts, half of the wind energy projects scheduled to complete this year might end up being abandoned if the economy does not get any better soon, and that means some more job deprivations.

  Recent official data says 8.1 percent people are already out of employment in U.S, with a total of 4.4 million people having lost their jobs discourtesy of the ongoing economic turbulence. 651, 000 represents casualties of February alone. As a result, production has reached the brink of collapse, and a considerable number of people are inevitably facing foreclosures. In particular, Clean energy companies have been on a laying-off spree as the installation costs of almost all renewable energy systems continued to soar at the back of limited government intervention.

  On March 12, Vestas stock closed down at 1.19 percent up to $42.50 from $$42.00 the day before. Boeing stock continued with its week-long rally to close at $33.63, from the preceding trading session’s close of $33.27. 
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Resources:

1. http://www.vestas.com/
2. http://www.boeing.com/

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