SHENYANG, China, April 29, 2011 /PRNewswire-Asia-FirstCall/ -- A-Power Energy Generation Systems, Ltd. ("A-Power," Nasdaq: APWR), a leading provider of distributed power generation systems in China and a manufacturer of wind turbines, today announced that Mr. Jinxiang Lu, A-Power's Chairman and Chief Executive Officer, attended a meeting between a delegation of government officials and businessmen from the city of Shenyang and U.S. Senate Majority Leader Harry Reid (D- Nevada) on April 22, 2011. Senator Reid was leading a senior U.S. congressional delegation in Beijing. Mr. Lu took this opportunity to update Senator Reid on A-Power's progress in establishing a wind turbine assembly facility planned for Nevada. A-Power plans to construct its first US turbine assembly facility, which is expected to be located in Nevada. A-Power is currently leasing a 36,000 square foot temporary facility in Henderson, Nevada. A-Power is seeking to assemble wind turbines in the United States that are intended to supply Spinning Star Energy LLC's ("Spinning Star") proposed wind energy power plant in west Texas and to other future customers in North and South America. A-Power presently expects that it will need to secure external financing for the wind turbine assembly facility. The availability of such external financing is not assured. Spinning Star is the joint venture enterprise owned by United States Renewable Energy Group Wind Partners I, LLC and Shenyang Power Group that was founded to develop and operate a wind power generation project of approximately 615 megawatt of capacity in west Texas. This wind project is currently under development and requires additional external financing for completion. The availability of such financing is not assured. About A-Power A-Power Energy Generation Systems, Ltd. ("A-Power"), through its China-based operating subsidiaries, is a leading provider of distributed power generation systems in China and is expanding into the production of alternative power generation systems. Focusing on energy-efficient and environmentally friendly distributed power generation projects of 25 to 400 megawatts, A-Power also operates one of the largest wind turbine manufacturing facilities in China. A-Power acquired Evatech Co. Ltd., a designer and manufacturer of industrial equipment for amorphous-silicon photovoltaic panels, in January 2010, and acquired Hallys Corporation in May 2010. In addition to the establishment of strategic relationships with some of the world's leading wind energy design and engineering companies, A-Power has formed joint research programs with Tsinghua University and the China Academy of Sciences to develop and commercialize other renewable energy technologies.
A-Power Energy Generation Systems (Nasdaq:APWR) hit a new 52-week low Monday as it is currently trading at $4.35, below its previous 52-week high of $11.15 with 4,406 shares traded as of 9:30 a.m. ET. Average volume has been 569,500 shares over the past 30 days.