Composite Technology Agrees to a Strategic Relationship to Expand Its Wind Turbine Service Business
Thursday August 17, 8:05 am ET
IRVINE, Calif., Aug. 17 /PRNewswire-FirstCall/ -- Composite Technology Corporation ("CTC") (OTC Bulletin Board: CPTC - News) is pleased to announce the signature of a Term Sheet Agreement ("TSA") to increase the share capital of its German based wind turbine service subsidiary, EU Energy Service and Maintenance GmbH ("EU Energy Service") by introducing ENERTRAG AG, an independent German alternative energy company ("ENERTRAG") into EU Energy Service as a new shareholder and partner in the service operations. EU Energy Service would then include the existing service business of ENERTRAG Energiedienst GmbH and the name of EU Energy Service will be changed to E Energy Service GmbH ("E Energy").
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In accordance with the terms of the TSA, a final agreement should be completed such that joint operations may begin on October 1, 2006. E Energy will have approximately 850 wind turbines under service contracts and about 126 employees. E Energy will become one of the largest independent wind turbine service companies in the world, with experienced teams for new installations, service and maintenance of several well known models of multi-megawatt class turbines such as GE, Vestas, Nordex, REpower, including EU Energy's DeWind D6 and D8 models. ENERTRAG also brings experienced operating teams that have operated some of the most successful wind farms in Germany and France.
Jorg Moller, CEO and the main shareholder of ENERTRAG, commented, "We are sure that the development and service know-how of EU Energy Service together with ENERTRAG's experience in windfarm operation will benefit E Energy's service objectives. We have been very satisfied with the 51 DeWind turbines that we have installed and operated over 5 years and we intend to include the DeWind D8 turbine in ENERTRAG's continuing expansion plans."
Michael Porter, President of CTC and head of the EU Energy Group stated: "We are extremely pleased with this development. This combination of two excellent service and maintenance groups will in our view create the best as well as one of the largest independent service companies in the world. The service level agreement that EU Energy will be able to offer through E Energy will provide a robust platform for the introduction of our turbines to North America and in other parts of the world where our DeWind turbines are installed."
About ENERTRAG AG:
ENERTRAG AG, an independent energy company based in Dauerthal, Germany, generates electricity only from renewable sources and is today one of the world's largest wind power producers operating over 300 wind turbines with a nominal load of 550 megawatts and an annual yield of more than 1 billion kWh of electricity -- this is sufficient supply for the household needs of 1 million people. ENERTRAG has operations in Germany, France and the United Kingdom and has an annual growth of approximately 25%. For further information visit our website: www.enertrag.com |
