北美可替代能源专家会议：分布式风力发电要点

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1、ABGlobalResearch1April2019NorthAmericaAlternativeEnergyExpertCall:Distributedwindpower;slidedeck&transcriptWehostedacallwithAmericanWindWehostedacallwithRobertYost,FounderandPresidentandDanYost,VPofMarketingatAmericanWind.Onthecallwediscussedthemarketforsmall-scalehigh-effi

2、ciencywindturbinesincludingAmericanWind'sMicroCubeturbinewhichcangenerateelectricityatwindspeedsofjust1-2mph.ThecallwaspartofourongoingUBSExpertSeriesconferencecallswhichaimtodeepenclientsunderstandingofanindustryortopicthroughpresentationsbyandQ&Awithindustryexperts.Keytake

3、awaysfromthepresentationTheviewsexpressedbelowarethoseofthespeakeranddonotnecessarilyreflectthoseofUBS.§AmericanWindisadeveloperofsmallscalewindturbinesdesignedtooperateatlowwindspeeds.AmericanWind'sMicroCubeturbineis~9inchescubedwitha1kwmaxpoweroutput.MultipleMicroCubescanb

4、echainedtogethertoachievedesiredcapacity.Thecompanyhascompleteditsinitialproductdeploymentsandcurrentlyhasa$42mnorderbacklog.§Becauseofthemodulardesign,AmericanWindestimatesthat19MWofMicroCubeturbinescouldbedeployedon1acreofland.Thescalabilityoftheproductallowsforinstallatio

5、nsnearpointofdemand,reducingtransmissionlossesandintegrationcosts.§AmericanWindisfocusedonservingthecommercialbuildingstargetmarket.Forexample,thecompanyiscurrentlyworkingtopartnerwithhospitalstointegrateturbinesintoHVACductingtoutilizewasteair.§AmericanWindestimatesaleveliz

6、edcostof1.5-2centsperkwhovera30yearlife,with90%uptime.Capitalcostis$0.30/watt.Theductedturbinedesignallowsforlowerbackpressureandhigherpoweroutputatrelativelyslowerwindspeedscomparedtotraditionalwindturbines.SlidedeckandtranscriptenclosedInthisnotewerepublishtheslidedeckfrom

7、thecall,courtesyofAmericanWind.Atranscriptfromourcallfollowstheslidedeck.UtilitiesNorthAmericaEquitiesJonWindham,CFAAnalystjon.windham@ubs.com+1-617-478-4711DanielFord,CFAAnalystdan.ford@ubs.com+1-212-713-2224WilliamGrippin,CFAAnalystwilliam.grippin@ubs.com+1-617-4784740www

8、.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesLLC.ANAL