CleanTech Innovations, Inc. (Nasdaq:CTEK), a US company involved in China’s clean energy industry, announced that it has signed two initial wind tower supply contracts totaling US$11 million with a subsidiary of China HuaNeng Group, the largest energy company in China. (China HuaNeng Group posted US$35 billion in revenue for 2010 and had total assets of US$99 billion.)
CleanTech will supply these wind towers to HuaNeng in 2011. HuaNeng has been a long-standing customer of CleanTech
CleanTech said the completion of the $20 million in bridge financing with institutional investors on December 13, 2010, made it possible for the company to submit contract bids to HuaNeng before the December 18, 2010 bidding deadline.
CleanTech has submitted other contract bids to HuaNeng and other large energy companies in China. CleanTech said it anticipates winning additional wind tower supply contracts throughout 2011.
Bei Lu, Chairman & CEO of CleanTech commented: "These two recent contracts represent approximately 50% of our entire 2010 revenues. The new contracts are critical to meeting our 2011 revenue targets in a favorable market environment."
Large state-owned energy companies such as HuaNeng are the final customers and integrators of the wind energy industry in China. Topping the five major power producers in China, HuaNeng accounts for 11.9% of domestic power capacity, and 17% of China’s clean energy capacity. In 2010, HuaNeng accounted for 12.8% of China’s total power generation.
CleanTech’s products include wind turbine towers, bellows expansion joints and pressure vessels, which are broadly used in the wind power, steel, coking, petrochemical, high voltage electricity transmission and thermoelectric industries.
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