A-Power Energy Generation Systems Ltd. Reports Unaudited Financial Results for Second Quarter of 2009
Release Date: 2009-08-27
SHENYANG, China, Aug. 27 /PRNewswire-Asia-FirstCall/ -- A-Power Energy Generation Systems, Ltd. (Nasdaq: APWR) ("A-Power" or "the Company"), a leading provider of distributed power generation ("DG") systems in China and a fast-growing manufacturer of wind turbines, today reported its unaudited financial results for the second quarter ended June 30, 2009."During the second quarter, we made key strategic steps and forward- looking efforts to build a foundation for significant future growth," said Mr. Jinxiang Lu, A-Power's Chairman and CEO. "We devoted more time to upgrading our DG engineering service by creating additional value-added customized designs for biomass-powered micro grid systems, which we believe will be beneficial for building our track record in the fast-growing biomass power sector. On the new business front, we successfully signed several large-scale, 30MW-plus DG contracts that boosted our customer deposits and paved the way for significant growth in the near future. We entered into an MOU to construct a large offshore LNG complex and hope to sign definitive documents before the end of this year. We are also continuing to negotiate with Advance Agro Public Co. of Thailand to expand the PP9 and PP10 DG projects that we started in July of this year. And with Shenyang government's avowed support for our majority- owned DG industry alliance, Shenyang Power Group, we are well positioned to win high-profile contracts for DG systems and micro power grids both in China and overseas."
Mr. Lu continued, "As for our wind energy business, we are pleased that we have finished the assembly of the first two units of the 2.7MW wind turbines, and are now waiting for government review and approval of the Daxinglong Mountain wind farm in Liaoning Province, with installation expected to begin by early September. We have also secured customers for all of our first 30 units of the 2.7MW wind turbines, a substantial portion of which we anticipate will be shipped by the end of this year. In addition, by August of next year, our JV with GE Drivetrain is expected to commence trial production, followed by commercial production to supply to our wind turbine facilities, located just 10 minutes away in the Hunnan New District of Shenyang City, next year. Lastly, we anticipate our newly acquired proprietary technology for the 1.5MW wind turbines, and our newly established JVs with Jiangsu Miracle to produce low-cost wind turbine components such as blades, hubs and nacelle covers, could start adding to our competitive advantages to become a foreign-partner- supported, low-cost, vertically integrated 750KW to 2.7MW wind turbine supplier in China's hyper-growth wind power market."
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