Vestas Wind Systems (OTCMKTS:VWDRY) stock is seeing some extra chatter online lately as President Joe Biden reveals plans for offshore wind farms.
The recent news from President Biden includes plans to set up seven plots for wind farms along the U.S. coast by 2025. This is just the start of a larger plan that would see wind farms stretch all along the U.S. coast.
Interior Secretary Deb Haaland said the following about the wind farms plans in a quote from The Week.
“This timetable provides two crucial ingredients for success: increased certainty and transparency. Together, we will meet our clean energy goals while addressing the needs of other ocean users and potentially impacted communities.”
While Vestas Wind Systems isn’t connected to these plans, it doesn’t change the fact that investors are taking an interest in wind farm stocks. With that in mind, here’s what traders need to know about VWDRY.
- Vestas Wind Systems is a global partner in sustainable energy solutions to the energy industry.
- The company manufactures, installs, and services wind turbines around the world.
- It currently has more than 140 GW of wind turbines in 85 countries.
- That accounts for more than 18% of the global installed base in the market.
- The company currently employs some 29,000 people.
- Vestas Wind Systems’ origins stretch way back to 1898 when it operated as a family-owned blacksmith.
- The company adopted the Vestas name in 1945 and focused on making household appliances at that time.
- It finally switched over to a wind energy company in 1999.
- Henrik Andersen serves as the president and CEO of the company.
- Vestas Wind Systems’ market capitalization is $38.29 billion.
VWDRY stock was down 1.4% as of Thursday morning.
There’s more stock market news to jump into below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.