Press Release Source: Composite Technology Corporation
Composite Technology and TECO-Westinghouse Expand Manufacturing Agreement
Monday June 2, 8:00 am ET
Long Term Agreement Defines Turn-Key Production
IRVINE, CA and ROUND ROCK, TX--(MARKET WIRE)--Jun 2, 2008 -- Composite Technology Corporation (CTC) (OTC BB:CPTC.OB - News) and TECO-Westinghouse Motor Company (TWMC) are pleased to announce the execution of an expanded Commercial Manufacturing Agreement between the two companies. The definitive Agreement signed with CTC's DeWind subsidiary extends the manufacturing relationship between CTC and TWMC for ten years and sets the guidelines for production, supply chain management and commercial terms or turn-key manufacturing of DeWind turbines. CTC and TWMC signed a Strategic Alliance Agreement in November 2006 that defined the intentions of the companies in the areas of manufacture, research and development, and future service and maintenance activities within North America.
"The turn-key manufacturing agreement provides stability and security for DeWind customers. With long term manufacturing established, including supply chain management by TWMC, DeWind can proceed with extended turbine supply contracts contemplated with utilities and developers around the world," commented Marvin Sepe, President of DeWind and COO of CTC. "The strength of TWMC and the quality of their manufacturing capabilities is also an important component of the comprehensive warranty program that DeWind offers to its customers," Mr. Sepe added. The agreement covers the manufacture of DeWind D8.2 and D8.0 two megawatt turbines as well as advanced turbines under development.
"This important agreement reinforces the commitment that CTC and TWMC have made to the wind turbine market and specifically to the manufacturing of utility scale wind turbines in Texas," stated Dr. H. C. Meng, President of TECO-Westinghouse Motor Company. The manufacturing line is established in the TWMC facility located in Round Rock, Texas, and is currently designed for a capacity of 400 turbines per year. The line can be expanded as needed to meet market demand. DeWind is committed to the Texas wind industry and operates its D8.2 turbine test site in Sweetwater, Texas.
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