QualityStocks would like to highlight A-Power Energy Generation Systems, Ltd. (NASDAQ: APWR). The company, through its PRC operating subsidiary, Liaoning GaoKe Energy Group Co., Ltd., is the largest provider of distributed power generation systems in China and entered China's wind energy market in 2008. The Company is also focused on developing and commercializing additional renewable energy technologies and has strategic relationships with both Tsinghua University in Beijing and the China Academy of Sciences in Guangzhou.
In the company’s news yesterday,
GE Drivetrain Technologies, a unit of GE Transportation, and A-Power Energy Generation Systems announced that they have inked two Letters of Intent (LOI). One dictates GE Drivetrain Technologies will supply A-Power with 2.7 megawatt (MW) wind turbine gearboxes, while the other establishes a Joint Venture partnership for a wind turbine gearbox assembly plant.
As terms of the agreement, GE Drivetrain Technologies will supply A-Power with 900+ 2.7 MW gearboxes beginning next year. ”We’re excited about the opportunity to serve A-Power,” commented Prescott Logan, Business Leader GE Drivetrain Technologies. ”The speed and focus that A-Power has brought to building its wind turbine business, combined with the highly reliable design of its Fuhrlander 2.7 MW turbine, position A-Power well for long-term success in China and the broader global market.”
Mr. Logan added, “Our agreement with A-Power is part of our larger strategy to build our customer base through key strategic partnerships, expand into new geographies, and develop innovative drive train systems that leverage GE Drivetrain Technologies’ more than 100 years of designing and manufacturing electromechanical drives.”
A-Power believes establishing a joint venture is consistent with GE Transportation’s approach to the global market. ”GE’s successful history of conducting business in China is based on our belief that we must operate as a local company,” stated Tim Schweikert, President of GE Technology Infrastructure in China. ”We appreciate the value of a local perspective as we bring advanced wind drive train technology to the forefront in China.”
“Our gearbox supply agreement and JV partnership with GE Drivetrain Technologies represent another significant building block in the foundation of our wind turbine business,” said John S. Lin, Senior Vice President, Director, Chief Strategy Officer and acting Chief Financial Officer of A-Power. “We are pleased to partner with a company such as GE that brings global quality standards, renowned engineering expertise, proven design, and a commitment to a local supply chain.”
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