we HAVE SOMETHING!!!
Composite Technology Lands Chinese ACCC Conductor Order
Tuesday January 24, 8:00 am ET
ACCC Seen as Breakthrough Solution for China's Soaring Electricity Transmission Needs
IRVINE, Calif., Jan. 24 /PRNewswire-FirstCall/ -- Composite Technology Corporation (CTC) (OTC Bulletin Board: CPTC - News) announces the placing of an order for 60 kilometers of its proprietary ACCC (Aluminum Conductor Composite Core) conductor and certain related hardware by one of China's leading cable manufacturers, Jiangsu Far East Group Limited, for installation in Fujian Province. The purchase order value is approximately $1.1 million. Project construction is expected to begin on March 15th, 2006, and be operational by April.
ADVERTISEMENT
The order placed by Jiangsu Far East Group for delivery to Xiamen and Fuzhou Power Bureaus comprised 30 kilometers of CTC's 1020 kcmil ACCC Drake conductor and 30 kilometers of CTC's 816 kcmil ACCC Grosbeak conductor along with certain related hardware. This order will be used in two regional high voltage transmission projects: one of the conductors will be deployed for a new transmission line; and the other will be used as a replacement and ampacity upgrade to an existing line. Upon successful completion of these first installments, Fujian Province has indicated that it intends to purchase ACCC for both new transmission corridors as well as reconductor replacements in the province, according to Mr. Jiang Xi Pei, Chairman and CEO of Jiangsu Far East Group Limited. Using its strength in strategic planning Jiangsu Far East's forward thinking management was quick to recognize that CTC's ACCC transmission line product could quickly and cost effectively solve the congestion problem in China's rapidly expanding grid structure. Mr. Jiang is particularly excited about the two Power Bureaus' interest in purchasing CTC products for new construction projects because it demonstrates confidence in ACCC as an excellent solution for the huge new construction market.
It is reported that during the 2006-2010 period, State Grid Corporation of China (SGCC), which controls the transmission of electricity in 22 provinces, plans to invest heavily in power grid construction, basically eliminating the bottleneck of power supply and building a flexible and efficient state network by 2010. In the coming five years, SGCC will give priority to grid development including the construction of super high-voltage networks, interregional networks and raising interregional transmission capacity. Last year SGCC estimated that it could spend as much as 107 billion Yuan ($13 Billion U. S. Dollars) building and repairing power lines in 2005. Additionally, China Southern Power Grid Co., the smaller of the two state electricity distributors, estimated that it could spend 30.5 billion Yuan ($3.7 billion U.S. Dollars) in 2005 building and repairing grids.
"We are delighted that our ACCC conductor was chosen for these projects. Our ACCC conductor provides the most cost-effective solution for the challenges confronting the Chinese grid. We are proud to be able to contribute to China's economic expansion by providing today's best transmission solution," said Benton Wilcoxon, CEO of Composite Technology Corporation. "This order is an important breakthrough in China and, we anticipate that licensing agreements for aluminum wire stranding of our ACCC cable in China will soon occur." |
