USW Signs Landmark Agreements with Leading Power Generation Companies in China
To Advance Development of America's Clean Energy Manufacturing Supply Chain
PITTSBURGH, Aug. 6 /PRNewswire-USNewswire/ -- The United Steelworkers (USW) announced today it has signed agreements with A-Power Energy Generation Systems Ltd., (Nasdaq: APWR) and Shenyang Power Group ("SPG"), two of China's leading power generation companies. This agreement provides a strong foundation for a win-win relationship between Chinese renewable energy equipment manufacturers and U.S. workers as the USW will guide and work collaboratively on all aspects of the companies' U.S. market strategies including manufacturing, assembly, component sourcing, distribution and wind energy project development.
"We will work with A-Power and SPG to create long-term, good-paying, green American jobs," said USW International President Leo W. Gerard. "The USW is committed to building a strong domestic supply chain that will be key to the future of America's global renewable energy leadership." A-Power and SPG anticipate purchasing over time approximately 50,000 tons of steel to be manufactured in unionized American steel mills to supply the towers for a 615MW wind farm in Texas.
"It is an honor to team up with the Steelworkers for this historic partnership that will result in hundreds of American jobs and help create a clean energy future for the U.S." said Cappy McGarr, US-REG Managing Partner. "We look forward to working closely with the USW on further projects to help expand wind power and renewable energy in the U.S."
"Through our partnership with the U.S. Renewable Energy Group, we had the unique opportunity to meet President Gerard and understand his vision for win-win relationships between manufacturers and workers," said Mr. Jinxiang Lu, Shenyang Power Group Chairman and CEO. "We quickly discovered that our company's high standards at every level of the clean energy technology supply chain were the same as those of the USW. A-Power, SPG and USW know that the success of our organizations is dependent on developing the world's most sophisticated and skilled workforce."
"Our cooperation with USW will benefit the development of our projects, including the planning of a wind turbine assembly plant in Nevada and the ongoing development of the supply chain for the expected delivery of wind turbines to the 615MW wind farm under development in Texas," said John S. Lin, Chief Operating Officer of A-Power.
"This is obviously the first cooperative agreement between the USW and a company headquartered in China, and it is appropriate that we recognize the expertise and insight of Cappy McGarr and Ed Cunningham of the U.S. Renewable Energy Group who brought together this landmark cooperation," said Gerard.
About United Steelworkers
The USW is the largest industrial union in North America, representing 850,000 active workers employed in manufacturing, energy, public and the service sectors. It is the dominant union in metals, mining, pulp and paper, rubber, oil, chemicals, cement and glass, but also represents professional and technical workers, nurses, pharmacists, hospital and municipal employees. The USW is a founding organization of the Blue-Green Alliance. For more about the USW: www.usw.org/.
A-Power Energy Generation Systems Ltd. ("A-Power"), through its China-based operating subsidiaries, is the largest provider of distributed power generation systems in China, focusing on energy-efficient and environmentally friendly projects of 25MW to 400MW. In 2008, A-Power entered the wind energy market and has built China's largest wind turbine manufacturing facility, located in Shenyang, Liaoning Province, with a total annual production capacity of 1,125MW. In March 2009, A-Power entered into an agreement to establish a Joint Venture partnership with GE Drivetrain Technologies to produce wind turbine gearboxes in Shenyang. In addition to the establishment of strategic relationships with 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 .
About Shenyang Power Group (SPG):
SPG is a renewable energy industry alliance based in Shenyang, China. SPG's member companies range from power equipment makers to engineering service providers, including A-Power. The alliance was created to integrate local resources and leverage the manufacturing, engineering and government initiatives in the Shenyang area so that SPG can pursue large-scale, international projects in the alternative energy sector.
The United States Renewable Energy Group is a U.S.-based private equity firm that mobilizes and facilitates the participation of international financing and investment in large-scale renewable energy projects within the United States. US-REG's mission is to integrate renewable and environmentally sound energy technologies into the American marketplace, while generating tremendous returns with a range of smart and strategic investments in clean energy. US-REG is devoted to strengthening America's energy independence, environmental quality, and economic vitality through investments in utility-scale projects in wind, hydro, geothermal, solar, and bioenergy. US-REG mobilizes and facilitates the participation of international financing and investment in renewable energy projects within the United States. By facilitating the expansion and development of business strategies through managing risks and complexities associated with foreign financing and investment, US-REG provides American businesses with access to international investment options, fosters economic development of the U.S. renewable energy industries and generates new high paying jobs for Americans. To learn more about US-REG visit www.US-REG.com.
Safe Harbor Statement
This press release may contain forward-looking statements concerning A-Power and its subsidiaries. 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 "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: 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. A-Power assumes no obligation to update the information contained in this press release, except as required under applicable law.
SOURCE United Steelworkers (USW)