SHENYANG, China, July 26 /PRNewswire-Asia/ -- A-Power Energy Generation Systems, Ltd. (Nasdaq: APWR) ("A-Power" or "the Company"), a leading provider of distributed power generation systems in China and a fast-growing manufacturer of wind turbines, today announced that its subsidiary, Shenyang (Ruixiang) Lucky Wind Power Equipments Co., Ltd. ("Ruixiang") has entered into a strategic partnership with Baoding Huide Wind Power Engineering Co. Ltd ("Baoding Huide").
The partnership will align A-Power's brands, marketing initiatives and developing presence in the U.S. with the production and technology of Baoding Huide's assets. The two parties also expect to work closely on a broader range of initiatives, including research and development, joint ventures, resource sharing and new business opportunities.
Baoding Huide, an affiliate of China Aviation Industry Corporation, is a renewable energy company primarily focused on the development, manufacturing, and sales MW wind turbines and various design parts of wind power equipments. Headquartered in Baoding National High-tech Zone in Hebei province, Baoding Huide has a total annual production capacity of more than 500 wind turbine units (1000 MW) from its two manufacturing facilities in Tianjin and Inner Mongolia. It is also engaged in after-sale service support and the import/export of wind power equipment.
"We are very excited to partner with Baoding Huide as we continue to enhance our efforts in renewable energy development," Mr. Jinxiang Lu, Chairman and Chief Executive Officer of A-Power, commented. "This partnership is reflective of an ongoing movement towards a cleaner, no-emission and more energy efficient environment in China, the US and worldwide. The partnership will enhance A-Power's wind business with Baoding Huide's assembling facility of wind turbine equipment. We look forward to capitalizing on the opportunities available in China, the United States and elsewhere to meet the growing demand for wind power."
Mr. Bin Wang, Chairman of Baoding Huide said, "We believe this new partnership brings exciting opportunities for both companies. A-Power's solid experience of overseas expansion together with Baoding Huide's proven advantages in development and production create a team with great synergies and the ability to maximize product opportunities."
About A-Power
A-Power Energy Generation Systems, Ltd. ("A-Power") is an engineering, procurement and construction ("EPC") services company. Through its China-based operating subsidiaries, it is the largest provider of distributed power generation systems in China and is expanding into the production of alternative power generation systems. Focusing on energy-efficient and environmentally friendly projects of 25MW to 400MW, A-Power operates one of the largest wind turbine manufacturing facilities in China and in March 2009, entered into an agreement to establish a joint venture partnership with GE Drivetrain Technologies to produce wind turbine gearboxes in Shenyang, Liaoning Province. It also acquired Evatech, a designer and manufacturer of industrial equipment for amorphous-silicon (a-Si) photovoltaic (PV) panels, in 2010.
In addition to the establishment of strategic relationships with the world's leading wind energy design and engineering companies, A-Power has formed joint research programs with Tsinghua University and the China Academy of Sciences to develop and commercialize other renewable energy technologies. For more information, please visit http://www.apowerenergy.com .
Safe Harbor Statement
This press release may contain forward-looking statements. Any such statement is made within the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may", "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and other similar statements. Statements that are not historical facts, including statements relating to anticipated future earnings, margins, and other operating results, future growth, construction plans and anticipated capacities, production schedules and entry into expanded markets are forward-looking statements. Such forward-looking statements, based upon the current beliefs and expectations of our management, are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements, including but not limited to, the risk that: inclement weather conditions could adversely affect our operating results in particular quarters and/or fiscal years; we may experience construction, manufacturing and development delays on our projects which could adversely affect our financial condition and operating results; our limited operating history and recent entrance into new jurisdictional markets may make it difficult for you to evaluate our business and future prospects; we may not be able to successfully develop our business in new jurisdictional markets, which would have a negative impact on the results of our operations derived from such new jurisdictional markets; our customers may not be able to obtain the financing required for these projects, and thus, we may not be able to derive revenues from such agreements, as well as other relevant risks detailed in our filings with the Securities and Exchange Commission, including those set forth in our annual report filed on Form 20-F for the fiscal year ended December 31, 2009. The information set forth herein should be read in light of such risks. We assume no obligation to update the information contained in this press release, except as required under applicable law.
For more information, please contact:
A-Power Energy Generation Systems
John S. Lin
Chief Operating Officer
Email: john@apowerenergy.com
ICR, LLC.
Mr. Bill Zima
Tel: +1-203-682-8200
Email: Bill.zima@icrinc.com
