A-Power Receives RMB 68 million (US$ 10.2 million) Government Subsidy for Its Acquisition of Evatech
SHENYANG, China, Jan. 19, 2011 /PRNewswire-Asia-FirstCall/ — A-Power Energy Generation Systems, Ltd. (Nasdaq: APWR) (“A-Power” or the “Company”), a leading provider of distributed power generation systems in China and a manufacturer of wind turbines, today announced that it received a RMB 68.17 million (approximately US$ 10.2 million) cash subsidy on January 6, 2011 from the Liaoning Provincial Government in support for the Company’s acquisition in January 2010 of Evatech Co. Ltd. (“Evatech”), a designer and manufacturer of industrial equipment for liquid crystal displays, plasma display panels, and amorphous-silicon photovoltaic panels. Evatech is based in Japan.
A-Power’s acquisition of Evatech qualified the Company for certain subsidies that the Liaoning Provincial Government makes available for the acquisition of non-Chinese enterprises that have important technologies and patents. The subsidy is equivalent to approximately 20% of the total cost of the acquisition. The acquisition, completed in January 2010, was valued at US$ 49.9 million and was paid for with cash.
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.
For more information, please visit http://www.apowerenergy.com .
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For more information, please contact: A-Power Energy Generation Systems, Ltd. Ben Ruan Tel: +1-626-898-2088 Email: email@example.com Christensen Patty Bruner Mobile: +1-480-332-6397 Email: pbruner@ChristensenIR.com Tom Myers Mobile: +86-139-1141-3520 in Beijing Email: tmyers@ChristensenIR.com
SOURCE A-Power Energy Generation Systems, Ltd.