Nordex SE

Elsewhere at the conference, I mean, we've seen some big news come from the turbine OEMs.

Both Vestas and Nordex have launched new models with giant routers for the European market.

We've seen some of the Chinese OEMs also launch turbines.

I mean, particularly from the European OEMs, they're the first variants we've seen in quite a while from them after many years where they've probably clipped their wings a little bit due to financial headwinds.

Yeah, there's quite a few Vestas and there's some Goldwind.

There was some Nordex maybe?

Nordex is making big moves.

But yeah, not so many GE, which is interesting because there are plenty of GE turbines in the ground already, but yeah, not so many sales recently.

But yeah, I'm not sure.

We saw towers follow.

And then we saw those companies, Vestas, GE, Siemens, Nordex, bring along a lot of their supply chain and establish a lot of that activity in the US.

So I don't have a figure on how many of those 10,000 components we can make here in the US, but it is a surprisingly large share of those widgets that can be manufactured here in the US now.

So it's been cool to see that evolution, and it's exactly what we want to see.

But it's not something that a lot of the European manufacturers have pursued a lot and as far as selling to them.

One has right now, Nordex.

Yeah.

I think Nordex would be just competing with Symbion for a lot of countries in South America in particular.

Very strange, right?

Yeah, I think they can very well just pick up the play that Nordex has been doing in the United States, right? So Nordex has kind of-

Yeah

... looked at where the other OEMs have been lagging behind, um, in their sales or where maybe their customers aren't super, super, super happy and picking up a lot of the contracts.

That's quite a few.

Uh, but behind those numbers, there's another story that is unfolding, which is Nordex, the German turbine maker, is closing in on Vestas, the Danish wind tub- turbine maker, in the onshore market.

Uh, in August, Nordex booked more than twice the megawatts that Vestas did.

Uh, a Danske Bank analyst says Nordex has been quicker on its feet, picking up market share that left behind b- by Siemens Gamesa and GE Vernova.

Uh, although Vestas is still way out in front in, in terms of total gigawatts that they're gonna produce.

This is an interesting shift, right? I mean, we've been li- seeing this the last, ooh, year or so, where Nordex is picking up clients that were formerly GE Vernova or are even, like, massively dedicated to GE Vernova or Siemens Gamesa.

Uh, it, it does seem like there's an opening there, and so far, at, at least people we've talked to, uh, from the Weather Guard side, l- literally like Nordex.

They like the response to problems and questions and things that maybe they hadn't seen out of other suppliers.

Okay, so that's on Novartis.

Next is Nordex.

Who are they, and what's driving the move?

Yeah, so Nordex is a wind turbine, uh, company-

Oh

... and it got upgraded by Bank of America today.

There was also a growth in orders from the US and a stable supply chain, which all, all of these are positive for the company.

Um, they also said that the recent underperformance in the shares has been excessive, uh, and that the prospects are not reflected in the valuation.