Wind Energy

CleanTech Innovations receives $11 million In initial wind power supply contracts from China’s largest energy company

CleanTech Innovations, Inc. (Nasdaq: CTEK), a U.S. company and a market leader in China’s clean technology solutions in the wind energy industry, announced today that CleanTech has signed two initial wind tower supply contracts totaling US$11 million(RMB 72,732,000, including VAT tax) with a subsidiary of China HuaNeng Group, the largest energy company in China. CleanTech will supply these wind towers to HuaNeng in 2011. HuaNeng has been a long-standing customer of CleanTech. China HuaNeng Group posted US$35 billion in revenue for 2010 and had total assets of US$99 billion.

The completion of the $20 million in bridge financing with institutional investors on December 13, 2010, made it possible for CleanTech to submit contract bids to HuaNeng before the December 18, 2010 bidding deadline.

CleanTech has submitted other contract bids to HuaNeng and other large energy companies in China. CleanTech anticipates winning additional wind tower supply contracts throughout 2011.

Bei Lu, Chairman & CEO of CleanTech commented: "These two recent contracts represent approximately 50% of our entire 2010 revenues. The new contracts are critical to meeting our 2011 revenue targets in a favorable market environment. CleanTech’s management team is also the founders of our company. As CleanTech has already disclosed publicly, our entire management and insider holdings are locked up and prohibited from any share sales for at least 3 years through December 2013. CleanTech management’s vested interest is completely aligned with those of our public shareholders. We look forward to delivering another year of record earnings growth in 2011."

Large state-owned energy companies such as HuaNeng are the final customers and integrators of the wind energy industry in China. Topping the five major power producers in China, HuaNeng accounts for 11.9% of domestic power capacity, and 17% of China’s clean energy capacity. In 2010, HuaNeng accounted for 12.8% of China’s total power generation.

cleantech.com/