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Hollysys Automation Technologies Announces Its Nuclear JV Was Granted A Contract Of Automation Control And Protection System For Two Units Of Yangjiang Nuclear Power Station

Stocks in this article: HOLI

BEIJING, Sept. 25, 2013 /PRNewswire-FirstCall/ -- Hollysys Automation Technologies, Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company"), a leading provider of automation and control technologies and applications in China, announced that its nuclear joint venture, China Techenergy Co., Ltd. ("CTEC"), established with China General Nuclear Power Corporation ("CGNPC"), was granted a new contract to commission automation control and reactor protection system for #5 and #6 units of Yangjiang Nuclear Power Station, of which including Hollysys' proprietary Distributed Control System ("HOLLiAS-N DCS") and CTEC's proprietary reactor protection system.

Hollysys' HOLLiAS-N DCS is one of the high-end DCS products Hollysys developed for 1GW level nuclear power plant; it is also named as the "nervous system" used for the nuclear power plant operation's automatic control and operational monitoring during its running process. It requires highly for its technology complexity and reliability. Hollysys' proprietary HOLLiAS-N DCS successfully passed a series of rigorous tests and was successfully installed and operated in #1 unit of Hongyanhe and #1 unit of Ningde Nuclear Power stations and it met all the parameters and delivered outstanding performance.

In the #5 and #6 units of Yangjiang Nuclear Power Station, CTEC's proprietary reactor protection system will be installed for the first time, which is a significant breakthrough for China's proprietary nuclear automation and control technology application.

The Yangjiang Nuclear Power Station in Guangdong province is funded and constructed by a consortium of power corporations led by China General Nuclear Power Corporation. The plant is built to have six one-gigawatt (GW) pressurized water units, #5, 6 units using CGNPC's proprietary ACPR-1000 technology which is promoted based on CPR-1000 technology which was applied to #1, 2, 3, 4 units.

Dr. Changli Wang, Chairman and CEO of Hollysys, commented, "We are pleased of the continuous order flow from CGNPC to our nuclear JV for control systems and reactor protection system products. As the only qualified local automation and control technology provider to the nuclear industry in China, Hollysys will leverage the strategic alliance with the largest nuclear builder and operator in China to further penetrate the nuclear automation and control market both in China and internationally, to create value for our shareholders."

CTEC's current order book is consisted of the following fourteen reactors: #2, 3, 4 units of Hongyanhe Nuclear Power Station, #2, 3, 4 units of Ningde Nuclear Power Station, #1, 2, 3, 4, 5, 6 units of Yangjiang Nuclear Power Station, and #1, 2 units of Fangchenggang Nuclear Power Station.

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