BEIJING, Dec. 13, 2010 /PRNewswire-Asia-FirstCall/ -- 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 the signing of a RMB 110million (approximately US$16.4million) engineering, procurement, and construction contract with Handan Fengfeng Pengtong Coking Co. ("Handan Fengfeng") for a power generation project.
Mr. Jinxiang Lu, A-Power's Chairman and CEO commented, "We are very pleased to have been selected for this project which is our third project for Handan Fengfeng. We view this not only as recognition of our capabilities but also of the quality of our work on earlier projects."
The project includes a 75 metric ton coke oven gas boiler, and a 15MW condensing steam turbine generator driven by the coke oven gas boiler. Work on the project started in December 2010 and is expected to last 10 months.
Handan Fengfeng Pengtong Coking Co. was founded in 2004. The new project on coke oven gas is the further development of Pengtong Coking's two on-going projects with annual capacity of 650,000 metric tons of coke, 5,000 metric tons of crude benzene, and 12,000 metric tons of coal tars. The first project was completed and started operation in Dec.2009, the second one is under construction.
A-Power Energy Generation Systems, Ltd. ("A-Power"),through its China-based operating subsidiaries, is a leading 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 DG projects of 25MW to 400MW, A-Power also operates one of the largest wind turbine manufacturing facilities in China and in March 2009, entered into an agreement to establish a partnership with W2E Wind To Energy GmbH 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 news 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 "anticipates," "believes," "expects," "estimates," "future," "intends," "may," "plans," "will," 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 lines of business and 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 law.
For more information, please contact:
A-Power Energy Generation Systems, Ltd.
John S. Lin
Chief Operating Officer
Mr. Tom Myers
Ms. Patty Bruner
SOURCE A-Power Energy Generation Systems, Ltd.