Composite Technology’s DeWind Secures Rights to Develop 620 MW Wind Farm
Composite Technology Corporation (CTC) (OTCBB: CPTC) is pleased to announce that its DeWind subsidiary has entered into agreements with Higher Perpetual Energy LLC to form DeWind SWI Wind Farms, LLC, (SWI Wind Farms) to develop four wind farms in Texas totaling up to 620 megawatts of electrical energy capacity.
SWI Wind Farms plans to develop four wind energy projects in the Texas panhandle consisting of Little Pringle One (10 MW), Little Pringle Two (10 MW), Big Pringle (200 MW) and Palo Duro (400 MW). DeWind, Inc. intends to supply wind turbines to the projects at agreed upon prices, subject to cost escalators, and Higher Perpetual Energy is committing to perform further development services. The projects should generate in excess of 2 billion kilowatt-hours of clean energy per year when they are completed.
DeWind has begun discussions with certain investors that have expressed interest in participating in the wind farm projects in exchange for ownership positions, tax benefits, and income from the power sales. DeWind initially will be the 51% controlling member of SWI Wind Farms and SWI Wind Farms has made arrangements with contractors to begin construction of the first 10 MW farm.
“We are excited about this new opportunity to supply our DeWind turbines for 620 megawatts of wind farms and look forward to participation in the enhanced value of the projects as they progress through each stage of development,” commented Benton Wilcoxon, CEO of Composite Technology. “We see SWI Wind Farms as an opportunity to leverage our turbine supply and secure the opportunity to add value through development that should effectively increase the margin for each turbine produced and sold into the wind farms.”
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, and its partner to develop wind farms, our customers’ fulfillment of payment obligations under the respective supply agreement, our ability to deliver reliable turbines on a timely basis, general economic conditions, demand for electricity, the availability of funds for capital expenditure by investors, 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, competition from other electricity sources,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.
This press release does not constitute an offer to sell to, or a solicitation of an offer to buy, any of the securities of Composite Technology Corporation or any of its subsidiaries, including without limitation, DeWind SWI Wind Farms, LLC.
Investor Relations Contact: James Carswell +1-949-428-8500
SOURCE: Composite Technology Corporation