Composite Technology Signs Turbine Deal for Minnesota
Composite Technology Corporation (CTC) (OTCBB: CPTC) is pleased to announce that its DeWind subsidiary has signed an agreement for the sale of two D8.2 two megawatt wind turbines to Willmar Municipal Utilities (WMU) in Willmar Minnesota. The DeWind D8.2 synchronous power turbine was chosen by the utility after a lengthy evaluation process and a series of city approvals. The contract is valued in excess of $6 million with scheduled delivery of the turbines set for May 2009. DeWind will provide nacelles, blade sets and towers.
The State of Minnesota is one of the leading proponents of wind power in the United States and possesses some of the best wind resources for the efficient generation of clean wind power. Per the American Wind Energy Association (AWEA), Minnesota trails only Texas and California in the amount of installed wind generation, with over 1299 megawatts of installed capacity as of the end of 2007.
“We are very pleased to place additional turbines in Minnesota and we are very happy to serve the needs of the Willmar Municipal Utilities. This order can serve as a model for other municipal and regional utilities to take advantage of the abundant wind resources of Minnesota and the unique features of the D 8.2 turbine,” commented Marv Sepe, President of DeWind and Chief Operating Officer of CTC.
“This contract to provide DeWind turbines will provide clean, renewable energy to the citizens of Willmar. It is another example of WMU proactively investing in green generation that will help stabilize costs and reduce our environmental impact in the future,” stated Bruce Gomm, General Manager of Willmar Municipal Utilities.
About Willmar Municipal Utilities:
Willmar Municipal Utilities is the electricity, water, and heating utility for the City of Willmar, Minnesota, population 19,000. WMU has served the city for over 115 years. WMU has continually generated power locally since the first dynamo was introduced in 1896. WMU owns and operates 210 miles of distribution lines, 37 miles of transmission lines and 36 megawatts of coal, natural gas and diesel fired generation. WMU has a consistent history of procuring the best and latest technologies to serve its customers in the most efficient and reliable manner possible.
Composite Technology Corporation, based in Irvine, California, USA, develops, manufactures and sells innovative high performance electrical transmission and renewable energy generation wind turbines through its subsidiaries:
— DeWind Inc. designs, produces, and sells the DeWind series of wind energy turbines, including the new 2 megawatt (MW) D8.2 model available in both 60Hz and 50Hz; the 2MW D8 model in 50Hz; and the 1.25MW D6 model in 50Hz. The new D8.2 has been operating since early 2007 at Cuxhaven, Germany, and utilizes the advanced WinDrive(R) hydrodynamic torque converter developed by Voith AG in combination with a synchronous AC generator with high voltage output that is connected directly to the grid without the use of power conversion electronics. The first 60Hz D8.2 is now operating at Sweetwater, Texas, where it will initially be used for demonstration to North American customers. DeWind D8.2 turbines are now being assembled at TECO Westinghouse Motor Co., in Texas for our North and South American customers. — CTC Cable Corporation produces composite rod for use in its patented ACCC* (Aluminum Conductor Composite Core) conductors, which are “high efficiency conductors” for use in electrical transmission grid systems. ACCC conductors demonstrate less electricity line losses when compared with conventional conductors and when deployed in place of conventional conductors on existing systems, the higher efficiency of ACCC conductors enables power generators to reduce the amount of power they must generate while still delivering the same power to the customers. They have also demonstrated significant savings in upgrade capital costs and operating expenses when substituted in grid systems for other conductors. ACCC conductors enable grid operators to reduce blackouts and brownouts, providing a ‘reserve electrical capacity’ by operating at higher temperatures without significant thermal sag of the lines. ACCC conductors are an innovative economical solution for reconductoring power lines, constructing new lines and crossing large spans. ACCC composite core is delivered to qualified conductor manufacturers worldwide for local ACCC conductor production and resale into local markets.
*ACCC is a trademark of CTC Cable Corporation
For further information visit our website: www.compositetechcorp.com.
This press release may contain forward-looking statements, as defined in the Securities Reform Act of 1995 (the “Reform Act”). The safe harbor for forward-looking statements provided to companies by the Reform Act does not apply to Composite Technology Corporation (the “Company”). However, actual events or results may differ from the Company’s expectations on a negative or positive basis and are subject to a number of known and unknown risks and uncertainties including, but not limited to, competition with larger companies, development of and demand for a new technology, risks associated with a startup company, the ability of the company to convert quotations and framework agreements into firm orders, our customers’ fulfillment of payment obligations under the respective supply agreement, our ability to deliver reliable turbines on a timely basis, general economic conditions, the availability of funds for capital expenditure by customers, availability of timely financing, cash flow, securing sufficient quantities of essential raw materials, timely delivery by suppliers, ability to produce the turbines and acquire their components, ability to maintain quality control, collection-related and currency risks from international transactions, the successful outcome of joint venture negotiations, or the Company’s ability to manage growth. Other risk factors attributable to the Company’s business may affect the actual results achieved by the Company, including those that are found in the Company’s Annual Report filed with the SEC on Form 10-K for fiscal year ended September 30, 2007 and subsequent Quarterly Reports on Form 10-Q and subsequent Current Reports filed on Form 8-K that will be included with or prior to the filing of the Company’s next Quarterly or Annual Report.
Investor Relations Contact: James Carswell +1-949-428-8500.
SOURCE: Composite Technology Corporation