A-Power Signs Second Wind Turbine Deal, Enters Exclusive Agreement with Norwin A/S to Manufacture and Sell 750 kW and 225 kW Win
2008年1月29日 - 11:45PM
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A-Power Energy Generation Systems, Ltd.
(NASDAQ:APWR)(NASDAQ:APWRW)(NASDAQ:APWRU) ("A-Power") announced
today that its Chinese operating subsidiary, Liaoning GaoKe Energy
Group (�GaoKe�), has entered into an agreement with Norwin A/S of
Denmark (�Norwin�) that gives GaoKe the exclusive right to produce
and sell Norwin�s 750 kW and 225 kW wind turbines in China. Mr.
Jinxing Lu, A-Power's Chairman and CEO, commented, �We are excited
to become the exclusive partner of Norwin in China and this
agreement marks a significant step in our strategic plan to become
the leading clean energy solutions company in Asia. As a natural
adjunct to our rapidly expanding distributed power generation
business, we are adding this leading wind technology to our
repertoire of potential energy sources. The market demand for
renewable energy in Asia is surging. China�s wind energy market
alone is expected to grow to over 50 GW of output by 2020, up from
just 1.2 GW in 2005. We look forward to playing a major role in
that growth.� As part of the agreement with Norwin, a joint venture
company will be established in Shenyang, China that is 80% owned by
GaoKe. This JV will begin selling the 750 kW and 225 kW wind
turbines later in 2008, after construction is completed on the
first phase of GaoKe�s new wind turbine production facility. GaoKe
and Norwin will also establish a joint research and development
facility in Shenyang to develop new wind turbine technology for
both the China and the international markets. To secure these
rights, GaoKe has agreed to pay Norwin a license fee of $3.5
million. The sales price of the 225 kW wind turbine has not yet
been determined, but the 750 kW wind turbine is expected to sell
for RMB 3.4 to 3.7 million ($0.46 to $0.51 million) with
approximately 8 to 12% gross margins. GaoKe will have the capacity
to produce a maximum of 420 units of 750 kW wind turbines and 400
units of 225 kW wind turbines on an annual basis after the first
phase of its wind production facility is completed later this year.
This product will complement the 2.5 MW wind turbines that GaoKe
has also acquired rights to from Germany-based Fuhrlander AG and,
when combined, will create a wind turbine portfolio that will give
GaoKe the ability to accommodate the varying wind conditions across
China. About A-Power A-Power Energy Generation Systems, Ltd.,
formerly Chardan South China Acquisition Corp., through its PRC
operating subsidiary, Liaoning GaoKe Energy Group Co., Ltd., is the
largest provider of distributed power generation systems in China
and will enter into China�s wind energy market in 2008. The Company
is also focused on developing and commercializing additional
renewable energy technologies and has strategic relationships with
both, Tsinghua University and the China Sciences Academy in
Guangzhou. This press release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, about A-Power and GaoKe. Forward-looking
statements are statements that are not historical facts. Such
forward-looking statements, based upon the current beliefs and
expectations of A-Power�s and GaoKe�s management, are subject to
risks and uncertainties, which could cause actual results to differ
from the forward looking statements. The following factors, among
others, could cause actual results to differ from those set forth
in the forward-looking statements: business conditions in China;
continued compliance with government regulations; legislation or
regulatory environments, requirements or changes adversely
affecting the businesses in which GaoKe is engaged; cessation or
changes in government incentive programs: potential trade barriers
affecting international expansion; fluctuations in customer demand;
management of rapid growth and transitions to new markets;
intensity of competition from or introduction of new and superior
products by other providers of distributed power generation and
other energy generation technology; timing, approval and market
acceptance of new product introductions; general economic
conditions; geopolitical events and regulatory changes, as well as
other relevant risks detailed in A-Power�s filings with the
Securities and Exchange Commission. The information set forth
herein should be read in light of such risks. Neither A-Power nor
GaoKe assumes any obligation to update the information contained in
this press release.
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