07 Nov 2022
TPI Composites, Inc., (TPI) (Nasdaq: TPIC), a global company focused on innovative and sustainable solutions to decarbonize and electrify the world, announced that it signed an agreement with GE Renewable Energy that enabled TPI to secure a ten-year lease extension of its manufacturing facility in Newton, Iowa. Under the agreement, GE and TPI plan to develop competitive blade manufacturing options to best serve GE’s commitments in the US market with production expected to start in 2024.
“We are pleased to announce our unique partnering approach with GE to secure the long-term availability of our Newton, Iowa facility for GE’s future blade production needs. This agreement is possible in part due to the support provided by the Inflation Reduction Act of 2022 for critical American industries serving the domestic renewable energy sector. We look forward to working with GE to take advantage of this opportunity to relaunch the Iowafacility and thank GE for their confidence in TPI’s team to implement this strategy,” said Bill Siwek, President and CEO of TPI.
”GE is proud to continue our partnership with TPI in Iowa,” said GE Renewable Energy’s CEO of Onshore Wind, Vic Abate. “TPI has a strong history manufacturing blades for GE’s onshore wind turbines, and they have played a key role in helping us to deliver and install our installed base across North America. We look forward to working together with them in Iowa to create jobs and manufacture equipment that produces clean, reliable, sustainable energy for our customers.”
TPI manufactured wind blades for GE in Iowa from 2008 to 2021 and has manufactured wind blades for GE in Mexico since 2014.
TPI Composites | https://www.tpicomposites.com/