A-Power Energy Generation Systems Ltd. (NASDAQ: APWR), has announced they have signed a definitive contract to obtain 100% of EVATECH Co., Ltd. A-Power manufactures wind turbines and is a leading distributer of power generation systems throughout China. EVATECH designs and manufactures equipment used for LCD’s, plasma display panels and amorphous silicon photovoltaic panels.
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A-Power is purchasing EVATECH for $49.9 million in cash which is expected to go through by the end November. 55% of the transaction will be funded through the Company’s internal resources and the balance will be coming through foreign investment grants.
About A-Power
A-Power Energy Generation Systems Ltd. ("A-Power"), through its China-based operating subsidiaries, is the largest provider of distributed power generation systems in China, focusing on energy-efficient and environmentally friendly projects of 25MW to 400MW. In 2008, A-Power entered the wind energy market and has built China's largest wind turbine manufacturing facility, located in Shenyang, Liaoning Province, with technologies licensed from German FUHRL?NDER AG and Denmark-based Norwin, and a total annual production capacity of 1,125MW. In March 2009, A-Power entered into an agreement to establish a Joint Venture partnership with GE Drivetrain Technologies to produce wind turbine gearboxes in Shenyang. A-Power also has strategic relationships with Tsinghua University in Beijing and the China Academy of Sciences in Guangzhou to develop and commercialize other renewable energy technologies.
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