Composite Technology Corporation (CPTC.OB) Subsidiary Secures $23M Wind Turbine Contract to Power Canadian Energy Supply
Source: http://Blog.QualityStocks.net/?p=11693Posted on Tuesday, August 12th, 2008 | In Market Commentary, OTCBB Markets, Small & Micro Cap, Stocks to Watch
Composite Technology Corporation (OTCBB: CPTC) develops, manufactures and sells high-performance electrical transmission and wind turbines through its subsidiaries. The company today announced its DeWind Inc. subsidiary, which designs, produces and sells a series of wind turbines, has secured an agreement for the sale of 10 of its D9 2-megawatt wind turbines to Energy Farming Ontario LLC.
The approximately $23 million contract is set for delivery in 2009. The turbines to be deployed are the advanced version of DeWind’s D8.2 synchronous power turbine. Energy Farming Ontario will install the turbines in Ontario, Canada, as part of several of its current development products.
According to the U.S. Department of Energy, wind turbines could supply more than 20 percent of the United States’ power by 2030. But it’s not just the United States that is interested in wind power as an alternative energy source. Marv Sepe, president of DeWind and COO of CTC said Canada is an ideal place for wind turbines.
“We are very pleased to be selected by Energy Farming Ontario for this site. This region is very attractive for wind power and we believe our larger rotor turbine will be an excellent generator for the conditions in Ontario. The 90 meter rotor D9 turbine is in development at DeWind and will be ready for serial production in the second half of 2009. The D9 incorporates and optimizes all of the features of the groundbreaking D8.2 80 meter rotor turbine, including the unique Voith WinDrive,” Sepe stated.
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