American Electric Technologies And Wiscom Systems Announce China Renewable Power System Joint Venture
LOS ANGELES and NANJING, China, Oct. 13, 2010 (GLOBE NEWSWIRE) -- At the Solar Power International Conference today in Los Angeles, American Electric Technologies, Inc. (Nasdaq:AETI), the premium provider of power delivery solutions for the traditional and renewable energy industries, and Wiscom Systems Company, Ltd. (Shenzen Stock Exchange:WISCOM, code 002090) of Nanjing, China, announced the signing of a memorandum of understanding to form a joint venture in China to develop and market power converters and inverters for the Chinese wind and solar markets.
The newly announced joint venture will focus on leveraging AETI's utility-scale solar inverter and wind converter technologies to create power conversion products specifically for the Chinese utility market. Based in Nanjing, the joint venture will also manufacture, market and sell the products to Chinese utilities expanding their renewable generating capacity.
According to a recent report titled: 21 st Century Business Herald, the head of China's National Energy Administration said China may spend as much as $748 billion in alternative energy through the year 2020. In addition, Photovoltaic (PV) solar power in China is expected to grow from 2,000MW in 2011 to 20,000 MW deployed by 2020, while wind in the same period in China is expected to grow from 35,000MW to 150,000MW.Wiscom Systems is a leading Chinese provider of utility control systems for the power generation and distribution substation industries. With 40 percent of the power generation control system market share and top-five market share in China for distribution substation control systems, Wiscom is now building their presence in renewable power applications. "American Electric Technologies is a recognized leader in utility-scale power conversion technologies," said Mr. Ning Ge, President and Chairman of Wiscom Systems. "We look forward to working with AETI to bring this high efficiency and high reliability wind and solar technology to our utility customers in China as we move into renewable power generation."
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