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Sinovel pays American Superconductor final $25M settlement in trade secret case

Chinese wind turbine company Sinovel Wind Group Co. Ltd. paid the final settlement installment of $25 million to American Superconductor Corp. for stealing trade secrets.

The Massachusetts-based clean technology company, its Chinese subsidiary Suzhou AMSC Superconductor Co. Ltd., AMSC Austria GMBH and Sinovel entered a settlement agreement July 3 to resolve all existing commercial disputes between the parties.

Sinovel had agreed to pay AMSC $57.5 million in two installments; it paid the first installment of $32.5 million to AMSC China on July 4.