Attached files
file | filename |
---|---|
8-K - 6D Global Technologies, Inc | v208558_8k.htm |
CleanTech
Innovations, Inc. Receives $11 Million In Initial Wind Tower Supply Contracts
From China’s Largest Energy Company
NEW YORK,
January 21, 2011 /PRNewswire-FirstCall/ — CleanTech Innovations, Inc.
(Nasdaq:CTEK -
News), a U.S.
company and a market leader in China's clean technology solutions in the wind
energy industry, announced today that CleanTech has signed two initial wind
tower supply contracts totaling US$11 million (RMB 72,732,000, including VAT
tax) with a subsidiary of China HuaNeng Group, the largest energy company in
China. CleanTech will supply these wind towers to HuaNeng in 2011. HuaNeng has
been a long-standing customer of CleanTech. China HuaNeng Group posted US$35
billion in revenue for 2010 and had total assets of US$99 billion.
The
completion of the $20 million in bridge financing with institutional investors
on December 13, 2010, made it possible for CleanTech 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 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.
CleanTech’s management team is also the founders of our company. As CleanTech
has already disclosed publicly, our entire management and insider holdings are
locked up and prohibited from any share sales for at least 3 years through
December 2013. CleanTech management’s vested interest is completely aligned with
those of our public shareholders. We look forward to delivering another year of
record earnings growth in 2011.”
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.
About
CleanTech Innovations, Inc.
CleanTech
Innovations, Inc. (Nasdaq:CTEK - News) is a U.S.
public company with its primary operations in China. CleanTech designs and
manufactures high performance clean technology products that promote renewable
energy generation, energy savings and pollution reduction. 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. CleanTech's
longstanding customers include China Guodian, HuaNeng Energy, Sinosteel and
other industrial companies.
Safe
Harbor Statement
All
statements in this press release that are not historical are forward-looking
statements made pursuant to the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. There can be no assurance that actual
results will not differ from the company's expectations. You are cautioned not
to place undue reliance on any forward-looking statements in this press release
as they reflect CleanTech's current expectations with respect to future events
and are subject to risks and uncertainties that may cause actual results to
differ materially from those contemplated. Potential risks and uncertainties
include, but are not limited to, the risks described in CleanTech's filings with
the Securities and Exchange Commission.
Corporate
Contact
Mr. Jason
Li
Corporate
Communications
CleanTech
Innovations, Inc.
Tel:
011-86- 157-1403-7180
Email:
investors@ctiproduct.com
Website:
www.ctiproduct.com