GC China Turbine Corp (OTCBB: GCHT) has announced that a framework agreement for the establishment of a joint venture design and research institute to be located in Sweden has been signed with Wuhan Guoce Nordic New Energy Co. Ltd. The institute will be lead by the company's Chief Engineer, Mr. Tomas Lyrner.
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The institute will focus on the development of twin blade, 2.5-3.0 MW utility scale turbines. Initial funding of $1.75 million will be provided by GC China Turbine Corp. after completion of the voluntary share exchange with GC Nordic. Operating expenses which are invested will be administered by a Board of Directors, with Mr. Lyrner as both a Director and as Chief Technical Officer (CTO) of the proposed institute.
About GC China Turbine Corp.
GC China Turbine Corp. is a manufacturer of state-of-the-art 2-bladed wind turbines headquartered in Wuhan of Hubei Province, China. The Company was founded in 2006 as an offshoot of leading technology supplier to the Chinese Utility Industry, Guoce New Technology Co. The Company has licensed a groundbreaking technology in the wind turbine manufacturing sector that meets rigorous requirements for low-cost and high reliability.
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