Composite Technology Announces Orders for ACCC Conductors
2008-08-19 07:05:00
Composite Technology Announces Orders for ACCC Conductors
New ACCC Conductor Order for Regional and State Grid Projects in China
IRVINE, CA–(EMWNews – August 19, 2008) – Composite Technology Corporation (CTC) (
subsidiary CTC Cable. The order issued by Far East Composite Technology
Company, a subsidiary of Jiangsu New Far East Cable Corporation (Far East),
is made up of two core sizes with associated hardware for 230 kilometers to
be used on transmission projects for State Grid in China as well as
provincial power bureau projects. This is a continuation of the flow of
orders from China, where the use of ACCC* conductor has been widely
adopted.
The order is valued at approximately $1.729 million and is composed of 230
kilometers of ACCC core and associated hardware. The core will be stranded
by Far East in China under terms of the established Manufacturing and
Distribution Agreement. Far East has worked very hard to spread the use of
ACCC conductor in China and has established an excellent reputation as a
supplier to the State Grid.
“We are very happy to see the continuing expansion of the use of ACCC
conductor in China. The adoption of ACCC conductor is growing globally and
we now have thousands of kilometers of conductor in operation, with years
of operating experience. We believe these numbers will continue to grow as
more power grids embrace the efficiency that ACCC conductor provides,”
stated Marv Sepe, COO of CTC and President of CTC Cable.
About Jiangsu New Far East Cable Corporation:
Jiangsu New Far East Cable Corporation and its subsidiary, Far East
Composite Technology Company, are located in Yixing City, Jiangsu, China.
Jiangsu New Far East is one of China’s leading manufacturers of electrical
transmission and distribution cable, which it sells to China’s regional
power grids through 200 local distributors.
About CTC:
Composite Technology Corporation, based in Irvine, California, USA,
develops, manufactures and sells innovative high performance electrical
transmission and renewable energy generation wind turbines through its
subsidiaries:
-- CTC Cable Corporation produces composite rod for use in its patented ACCC* (Aluminum Conductor Composite Core) conductors, which are "high efficiency conductors" for use in electrical transmission grid systems. ACCC conductors demonstrate less electricity line losses when compared with conventional conductors and when deployed in place of conventional conductors on existing systems, the higher efficiency of ACCC conductors enables power generators to reduce the amount of power they must generate while still delivering the same power to the customers. They have also demonstrated significant savings in upgrade capital costs and operating expenses when substituted in grid systems for other conductors. ACCC conductors enable grid operators to reduce blackouts and brownouts, providing a 'reserve electrical capacity' by operating at higher temperatures without significant thermal sag of the lines. ACCC conductors are an innovative economical solution for reconductoring power lines, constructing new lines and crossing large spans. ACCC composite core is delivered to qualified conductor manufacturers worldwide for local ACCC conductor production and resale into local markets. -- DeWind Inc. designs, produces, and sells the DeWind series of wind energy turbines, including the new 2 megawatt (MW) D8.2 model available in both 60Hz and 50Hz; the 2MW D8 model in 50Hz; and the 1.25MW D6 model in 50Hz. The new D8.2 has been operating since early 2007 at Cuxhaven, Germany, and utilizes the advanced WinDrive® hydrodynamic torque converter developed by Voith AG in combination with a synchronous AC generator with high voltage output that is connected directly to the grid without the use of power conversion electronics. The first 60Hz D8.2 is now operating at Sweetwater, Texas, where it will initially be used for demonstration to North American customers. DeWind D8.2 turbines are now being assembled at TECO Westinghouse Motor Co., in Texas for our North and South American customers.
*ACCC is a trademark of CTC Cable Corporation
For further information visit our website: www.compositetechcorp.com.
This press release may contain forward-looking statements, as defined in
the Securities Reform Act of 1995 (the “Reform Act”). The safe harbor for
forward-looking statements provided to companies by the Reform Act does not
apply to Composite Technology Corporation (the “Company”). However, actual
events or results may differ from the Company’s expectations on a negative
or positive basis and are subject to a number of known and unknown risks
and uncertainties including, but not limited to, competition with larger
companies, development of and demand for a new technology, risks associated
with a startup company, the ability of the company to convert quotations
and framework agreements into firm orders, our customers’ fulfillment of
payment obligations under the respective supply agreement, our ability to
deliver reliable turbines on a timely basis, general economic conditions,
the availability of funds for capital expenditure by customers,
availability of timely financing, cash flow, securing sufficient quantities
of essential raw materials, timely delivery by suppliers, ability to
produce the turbines and acquire their components, ability to maintain
quality control, collection-related and currency risks from international
transactions, the successful outcome of joint venture negotiations, or the
Company’s ability to manage growth. Other risk factors attributable to the
Company’s business may affect the actual results achieved by the Company,
including those that are found in the Company’s Annual Report filed with
the SEC on Form 10-K for fiscal year ended September 30, 2007 and
subsequent Quarterly Reports on Form 10-Q and subsequent Current Reports
filed on Form 8-K that will be included with or prior to the filing of the
Company’s next Quarterly or Annual Report.
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