TPI Composites

What TPI Composites does

TPI Composites, Inc. is a Scottsdale, Arizona-based manufacturer of composite wind turbine blades (30 to over 80 meters in length) serving major wind turbine OEMs including Vestas, Siemens Gamesa, and GE Vernova. Founded in 1968 as Tillotson Pearson Inc. and pivoting to wind blade manufacturing in 2001, TPI operated an asset-light production model across facilities in the US, Mexico, and India (with stated annual capacity of 18-20 GW and 27% global onshore wind blade market share excluding China in 2024). The company manufactured over 100,000 blades since 2001 using fiberglass, carbon fiber, and advanced composite materials, applying a proprietary Model-Based Manufacturing approach that extracts production models directly from OEM design data.

The company's product portfolio centered on wind blades as the core offering, supported by precision molding and assembly systems, advanced quality inspection technologies (3D laser scanning, thermographic imaging, ultrasonic), global field services, and R&D collaboration with national labs on thermoplastic blade technology, 3D-printed tooling, and recycling initiatives. Revenue was generated through long-term supply agreements with a concentrated base of major wind turbine OEMs.

TPI is in severe financial distress: the company filed for voluntary Chapter 11 bankruptcy on August 11, 2025, in the U.S. Bankruptcy Court for the Southern District of Texas, secured up to $82.5 million in DIP financing from Oaktree Capital Management, and is now executing a wind-down strategy with assets sold to GE Vernova and Vestas at fire sale prices. Stock, once listed on Nasdaq as TPIC, now trades OTC as TPICQ at approximately $0.01 per share with market capitalization under $350,000, reflecting effective equity wipeout for public shareholders.

Name

TPI Composites

Legal name

TPI Composites, Inc.

Website

https://tpicomposites.com

Company type

Public

Founded year

1968

Operating status

Closed

Headcount range

1,001–5,000 employees

Short description

TPI Composites is a Scottsdale-based pure-play manufacturer of composite wind turbine blades (30-80+ meters) for major OEMs including Vestas, Siemens Gamesa, and GE Vernova, with global production capacity in the US, Mexico, and India. The company filed Chapter 11 bankruptcy in August 2025 and is in active wind-down with assets being sold to its customers.

Ownership category

akta.pro rank

Product category

Wind Turbine Blade Manufacturing

akta.pro primary industry

Wind Blades, Towers & Foundations Manufacturing (EUAMACAD)

akta.pro secondary industries

Wind Component Service, Repair & Refurbishment (Blades, Gearboxes, Bearings) (EUAMACAI), Advanced Wind Technology R&D (Floating Offshore, Airborne Wind, New Rotor/Blade Concepts) (EUAMAOAB), Wind Turbine Blade Recycling & Repurposing (Composite Processing) (EUAMALAC)

Keywords

• Composite wind blades
• Wind turbine manufacturing
• Blade field services
• Precision molding systems
• Composite materials solutions

Headquarters

HQ city

Scottsdale

HQ country

United States

HQ region

North America

Offices11 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Infrastructure

Revenue model

1. Wind Blade Manufacturing: TPI Composites generates revenue through the manufacture and sale of composite wind blades for utility-scale wind turbines. The company operates manufacturing facilities and sells blades directly to major wind turbine OEMs under long-term supply agreements. Revenue is generated from product sales with concentrated customer base of major manufacturers including Vestas, Siemens Gamesa, and GE Vernova.
2. Field Services: Global field services including engineering, preventative services, inspection, non-destructive testing, repair, and improvements for wind blades. Services provided by experienced technicians across global operations.
3. Precision Molding Systems: Design and fabrication of precision molding and assembly systems for wind blades, ranging from 30 meters to over 80 meters in length. Solutions include precision wind blade patterns, molding systems, component handling and quality assurance tools.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

TPI Composites designs and manufactures large-scale composite wind turbine blades (30 to over 80 meters in length) for utility-scale onshore wind applications, producing under long-term supply agreements with major wind turbine OEMs including Vestas, Siemens Gamesa, and GE Vernova. The company also provides global field services covering engineering, inspection, non-destructive testing, repair, and preventative maintenance for installed wind blades. Supporting offerings include precision molding and assembly system fabrication, composite material solutions, and Model-Based Manufacturing tooling engineering.

Product overview

TPI Composites is a pure-play manufacturer of composite wind turbine blades operating an asset-light production model. The company produces advanced wind blades (30-80+ meters) for major OEMs including Vestas, Siemens Gamesa, and GE Vernova at manufacturing facilities in the US and Mexico. The product portfolio centers on wind turbine blade manufacturing as the core product, supported by complementary services including global field services (inspection, repair, maintenance), composite materials solutions, precision molding and assembly systems, advanced quality inspection using ultrasonic and laser scanning technologies, and R&D capabilities for manufacturing process innovation including 3D printed tooling and thermoplastic blade development. The company recently introduced BladeAssure™ technology program for manufacturing validation. With over 100,000 blades manufactured since 2001 and approximately 27% global onshore wind blade market share (excluding China), TPI operates as the only independent manufacturer of utility-scale wind turbine blades with a global footprint.

Differentiator

Problem solved

Functional benefit

Products and services

• Wind Turbine Blades Advanced composite wind turbine blades manufactured to customer specifications, ranging from 30 to over 80 meters in length, using fiberglass, carbon fiber, and other advanced composite materials for utility-scale onshore wind turbines. Sold to major wind turbine OEMs.
• Wind Blade Field Services Global field services offering engineering, preventative services, inspection and analysis using non-destructive methods, repair, improvements, and technician certifications for installed wind blades. Delivered to wind farm operators and OEMs by trained technicians worldwide.
• Precision Molding and Assembly Systems Design and fabrication of precision molding and assembly systems for wind blades ranging from 30 meters to over 80 meters in length, including precision wind blade patterns, molding systems, component handling, and quality assurance tools, delivered from the Warren, Rhode Island tooling technology center.
• BladeAssure™ A program that uses technology to control and validate the manufacturing of wind blades, designed to drive the industry's Gold Standard process in blade quality and consistency.

Quantifiable outcome

• 27% global onshore wind blade market share (excluding China)
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• GE VernovacoreChannel Partner/ Reseller/ Distributor · 5 March 2026Asset purchase agreements signed with Vestas entities to sell wind blade manufacturing operations in India ($10 million cash) and Mexico (100% reorganized equity for approximately $14 million plus assumption of liabilities). GE Vernova was acquiring assets through these transactions.
• Vestas Wind Systems A/ScoreChannel Partner/ Reseller/ Distributor · 16 December 2025Vestas expanding wind energy assets through acquisition of assets from bankrupt TPI Composites. Deal involved factories in Mexico and India. Also entered Vendor Advance Agreement to advance funds to third-party suppliers for blade manufacturing.
• WindSTAR (NSF Industry/University Collaborative Research Center)coreStrategic or Co-development PartnerFounding organization and industry leader for this Center of Excellence for wind energy research supported by National Science Foundation. Focuses on development of technologies that advance wind blade design, manufacturing and inspection.
• IACMI (Institute for Advanced Composite Manufacturing Innovation)coreStrategic or Co-development PartnerFounding member of this U.S. National Network of Manufacturing Institutes established to reduce manufactured cost of composite products for wind blades, automotive components and compressed natural gas storage systems.
• Oak Ridge National LaboratorycoreStrategic or Co-development PartnerPartnership to build world's first set of utility-scale wind turbine molds using 3D printing technology. Combined expertise in advanced manufacturing techniques.
• Sandia National LaboratoriescoreStrategic or Co-development PartnerFabricated multiple sets of blades for Sandia's National Rotor Testbed as part of 25+ year collaboration with U.S. Department of Energy and national laboratories.
• University of TennesseeminorStrategic or Co-development PartnerCollaboration on developing recycled fiberglass combined with synthetic fiberglass to create yarn materials scaled for use in composite applications. TPI funded pilot scale equipment.
• University of DelawareminorStrategic or Co-development PartnerPartnership on recovery of carbon fibers through pultrusion to be reused in wind turbine blades.
• RecycleWind ConsortiumminorStrategic or Co-development PartnerPublicly funded research consortium (2019-2022) aimed at developing resilient recycling networks for wind turbines and blades. Developed Environmental Product Declarations for TPI wind blades.
• U.S. Department of EnergycoreStrategic or Co-development Partner25+ year partnership focusing on expansion of clean wind energy through industry leading design, manufacturing and testing of wind blades. Multiple active projects including wind blade recycling and sustainable materials.

Scale indicators12 records

Recent moves11 records

Expansion highlights5 records

Broad incumbents

• ENERCON: German wind turbine OEM with long-standing in-house composite blade manufacturing expertise. Comparable to TPI's technology stack and market focus on utility-scale onshore wind in Europe.
• Vestas Wind Systems: Global #1 wind turbine OEM that both purchased TPI's India business and produces wind blades in-house. Comparable as both a customer of TPI and a vertically integrated manufacturer using the same composite molding processes.
• Siemens Energy (Gamesa): Major Western wind turbine OEM with substantial in-house blade manufacturing. Comparable to TPI's customer base and as a manufacturer of large composite blades for onshore and offshore wind.
• GE Vernova: Major Western wind OEM and acquirer of TPI's Mexico assets. Operates its own blade plants via LM Wind Power and competes with TPI on OEM supply, while also being the customer reopening TPI's Newton, Iowa factory.

Regional players

• Mingyang Smart Energy: Major Chinese offshore and onshore wind OEM with significant in-house blade manufacturing capacity. Comparable in producing large composite blades but predominantly serves the Chinese market.
• Sinoma Wind Power Blade: One of the largest Chinese wind blade manufacturers supplying domestic OEMs such as Goldwind and Mingyang. Comparable in core composite blade manufacturing, but primarily serves the China market that TPI excluded.
• Goldwind: Leading Chinese wind turbine OEM with integrated blade manufacturing. Operates in the same composite wind blade technology domain but primarily serves Asia-Pacific and competes with Western OEMs TPI supplies.
• Suzlon Energy: India's largest wind turbine OEM with in-house composite blade production. Comparable as an Asia-based vertically integrated blade and turbine manufacturer competing in the same utility-scale wind segment.

Direct peers

• LM Wind Power: LM Wind Power (a GE Vernova subsidiary) is the world's other major independent wind blade manufacturer with global factories serving the same set of Western OEMs that TPI supplied. Both compete head-to-head on utility-scale blade design and supply agreements.

Emerging players

• Aeris Energy: India-based wind blade manufacturer emerging as an alternative supplier in the Indian market where TPI had significant operations. Comparable in producing composite blades for utility-scale turbines and benefiting from TPI's distress.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/TPI_Composites
• YouTubeyoutube.com/channel/UCpw5IAzcycJ86RLS40ZL_kg
• Facebookfacebook.com/114429781907834
• LinkedInlinkedin.com/company/tpi-composites-inc-
• Instagraminstagram.com/tpi_composites

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds7 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TPI Composites