Composite Technology Corporation (CTC) (OTC BB:CPTC.OB) announced that Credit Suisse Securities (Europe) Limited has exercised its option to invest a further $40 million. Prior to this investment, Credit Suisse owned 9.3% of the outstanding shares of CTC. This sale resulted in net proceeds to CTC of $40 million.
After this investment, Credit Suisse owns approximately 23.7% of the outstanding shares of the company.
Benton Wilcoxon, Chairman and CEO of Composite Technology, stated, "This is a strong endorsement of CTC’s market position and the technological advantages of ACCC conductors and DeWind D8.2 turbines have when compared to competing products. We are well positioned for growth and this investment should facilitate the negotiation and completion of significant DeWind D8.2 orders as well as expand the growth in ACCC conductor business worldwide."
About CTC
Composite Technology Corporation, based in Irvine, California, USA, develops, manufactures and sells electrical transmission and renewable energy generation products through its subsidiaries:
— CTC Cable Corporation produces composite rod for use in its patented ACCC (Aluminum Conductor Composite Core) conductors, which are "high efficiency conductors" for use in electrical transmission grid systems. ACCC conductors demonstrate less electricity line losses when compared with conventional conductors and when deployed in place of conventional conductors on existing systems, the higher efficiency of ACCC conductors enables power generators to reduce the amount of power they must generate while still delivering the same power to the customers. They have also
demonstrated significant savings in upgrade capital costs and operating expenses when substituted in grid systems for other conductors. ACCC conductors enable grid operators to reduce blackouts and brownouts, providing a ‘reserve electrical capacity’ by operating at higher temperatures without significant thermal sag of the lines. ACCC conductors are an innovative economical solution for reconductoring power lines, constructing new lines and crossing large spans. ACCC composite core is delivered to qualified conductor manufacturers worldwide for local ACCC conductor production and resale into local markets.
— DeWind Inc. designs, produces, and sells the DeWind series of wind energy turbines, including the new 2 megawatt (MW) D8.2 model available in both 60Hz and 50Hz; the 2MW D8 model in 50Hz; and the 1.25MW D6 model in 50Hz. The new D8.2 has been operating since early 2007 at Cuxhaven, Germany, and utilizes the advanced WinDrive® hydrodynamic torque converter developed by Voith AG in combination with a synchronous AC generator with high voltage output that is connected directly to the grid without the use of power conversion electronics. The first 60Hz D8.2 is now operating at Sweetwater, Texas, where it will initially be used for demonstration to North American customers. DeWind D8.2 turbines are now being assembled at TECO Westinghouse Motor Co., in Texas for our North and South American customers.
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