CleanTech Innovations (CTEK) Secures Two New Contracts Worth $11M

QualityStocks would like to highlight CleanTech Innovations Inc. (NASDAQ: CTEK), a U.S. company with primary operations in China. The company designs and manufactures high-performance clean technology products that promote renewable energy generation, energy savings and pollution reduction.

In the company’s news Friday,

CleanTech Innovations announced it has signed two initial wind tower supply contracts worth an aggregate $11 million with a subsidiary of China HuaNeng Group, the largest energy company in China.

CleanTech said the contracts are integral to achieving its financial goals for the upcoming year, and noted that the company’s management and founders are prohibited from selling any shares in the next few years.

“These two recent contracts represent approximately 50 percent of our entire 2010 revenues. The new contracts are critical to meeting our 2011 revenue targets in a favorable market environment. CleanTech’s management team is also the founders of our company. As CleanTech has already disclosed publicly, our entire management and insider holdings are locked up and prohibited from any share sales for at least three years through December 2013. CleanTech management’s vested interest is completely aligned with those of our public shareholders. We look forward to delivering another year of record earnings growth in 2011,” Bei Lu, chairman and CEO of CleanTech stated in the press release.

Per the agreement, CleanTech will supply these wind towers to HuaNeng in 2011. Prior to submitting bids by HuaNeng’s December 18, 2010, bidding deadline, CleanTech completed $20 million in bridge financing with institutional investors.

CleanTech has submitted other contract bids to HuaNeng, as well as to other large energy companies in China. CleanTech said it anticipates winning additional wind tower supply contracts throughout 2011.

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