CleanTech Innovations, Inc announced today that it has signed two initial wind tower supply contracts totaling $11 million with a subsidiary of China HuaNeng Group, the largest energy company in China. The wind towers will be supplied to HuaNeng later this year.
"These two recent contracts represent approximately 50% of our entire 2010 revenues,” said Bei Lu, chairman & CEO of CleanTech. “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 percent of domestic power capacity, and 17 percent of China's clean energy capacity. In 2010, HuaNeng accounted for 12.8 percent of China's total power generation.
CleanTech Innovations is a US public company listed on Nasdaq, but with its primary operations in China. The company designs and manufactures high performance clean technology products that promote renewable energy generation, energy savings and pollution reduction.
Its products include wind turbine towers, bellows expansion joints and pressure vessels, which are used in the wind power, steel, coking, petrochemical, high voltage electricity transmission and thermoelectric industries.
HuaNeng has been a long-standing customer of CleanTech, whose customers also include China Guodian, Sinosteel and other industrial companies.
