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Exel Composites provides an update on Wind Project and announces factory expansion in India

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EXEL COMPOSITES PLC          INVESTOR NEWS          10 JULY 2023 at 11:00 EET

Exel Composites announced a major development program focusing on the attractive wind power market in its first quarter 2023 Business review. Exel is pleased to provide this progress update on the said Wind Project.

 

Since publication of the Business Review the following milestones have been achieved:

  • Exel Composites has achieved APQP4Wind member company status for all its productions sites that produce composites for wind power market customers.

APQP4Wind quality standards have been created to align methods and procedures for the wind power industry suppliers. APQP4Wind quality standards are a common frame of reference to strengthen the cooperation between manufacturers and suppliers. More information about APQP4Wind can be found at APQP4Wind.org.

  • Exel Composites has progressed in ramp-up of production capability at its existing production site in India. Local test runs and qualifications for carbon and glass pultrusion products for wind power customers have begun well. 
  • Exel Composites, acting together with its joint venture partner, has decided to expand manufacturing operations in India. The parties have signed a contract to build a new facility optimized for serving wind power industry customers in India and globally. The new facility is expected to be ready for production during 2024.

The program is progressing according to plan and interactions with various large equipment manufacturers in the wind power market continue actively.

 

For further information, please contact:

Sanna Ahvenniemi, Head of Investor Relations

tel. +358 40 864 3000

sanna.ahvenniemi@exelcomposites.com

 

Exel Composites in brief

At Exel Composites, we use over 60 years’ experience to solve challenges and help customers save resources. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications from wind power and transportation to building and infrastructure.

 

Our collaborative approach and global footprint set us apart from our competition. We use our expertise to help customers reduce weight, improve performance and energy efficiency and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.

 

Headquartered in Finland, Exel Composites employs approximately 700 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visit www.exelcomposites.com.

 

 

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