SHENYANG, China, Sept. 13 /PRNewswire-Asia-FirstCall/ -- A-Power Energy Generation Systems, Ltd. ("A-Power" or "the Company"), a leading provider of distributed power generation systems in China and a fast-growing manufacturer of wind turbines, today announced a Joint Feasibility Study for a biomass fueled electric generation plant with Lincoln County Nevada.
A-Power Energy Generation Systems, Ltd. and The Board of Lincoln County Commissioners (Nevada) have entered into a Memorandum of Agreement to share the cost of evaluating the feasibility of constructing and operating up to a 10 MW electric generating facility to be fueled with biomass derived from landscape enhancement projects to undertaken by the Federal Bureau of Land Management (BLM) in Lincoln County. The BLM's Ely Resource Management Plan has identified in excess of 1 million acres of Pinyon-Juniper woodland in Lincoln County requiring landscape treatment to restore and enhance wildlife habitat, watersheds and to reduce the threat of catastrophic wildfire. Lincoln County has long sought to identify industrial users of Pinyon-Juniper biomass which might result from BLM landscape treatment projects.
A-Power Energy Generation Systems, Ltd ("A-Power") through its China-based operating subsidiaries is a leading private provider of distributed power generation systems in China and Southeast Asia. The Bureau of Land Management in Lincoln County plans to leverage A-Power's extensive knowledge and experience in distributed power generation for ascertaining the possibility of utilizing local resources in building environmentally friendly power sources. According to Mr. John Lin, A-Power's Chief Operating Officer, the Company is interested in the potential for Pinyon-Juniper biomass to help broaden its international exposure for its core DG business.
Senate Majority Leader Harry Reid sees the potential for employment from the project. "I congratulate Lincoln County and A-Power for their partnership," said Reid.
"The commitment of the county and the company to invest in clean energy development is important to the recovery of the local and state economy. It is my hope this study will lead to permanent, good-paying jobs for the residents of Lincoln County."
A key leader in Nevada's economic future also sees important employment and renewable energy benefits resulting from the public-private partnership. "This cooperative venture is a very welcome development, and A-Power continues to demonstrate its growing commitment to tap into the vast potential for renewable energy projects not only in Lincoln County, but throughout southern Nevada," stated Lt. Governor Brian Krolicki, who chairs the Nevada Commission on Economic Development (NCED). "I have had the opportunity to meet with the A-Power team, and I am highly impressed by their strong record of success and by the quality and vision of their management. The potential represented by this partnership is substantial, both in terms of future job creation and renewable energy production."
Lincoln County and A-Power anticipate completing the feasibility study in early 2011.
About A-Power
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 DG projects of 25MW to 400MW, A-Power also operates one of the largest wind turbine manufacturing facilities in China and in March 2009, entered into an agreement to establish a joint venture partnership with GE Drivetrain Technologies to produce wind turbine gearboxes in Shenyang, Liaoning Province. It also acquired Evatech, a designer and manufacturer of industrial equipment for amorphous-silicon (a-Si) photovoltaic (PV) panels, in 2010.
In addition to the establishment of strategic relationships with 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/ .
Safe Harbor Statement
This press release may contain forward-looking statements. Any such statement is made within the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may", "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and other similar statements. Statements that are not historical facts, including statements relating to anticipated future earnings, margins, and other operating results, future growth, construction plans and anticipated capacities, production schedules and entry into expanded markets are forward-looking statements. Such forward-looking statements, based upon the current beliefs and expectations of our management, are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements, including but not limited to, the risk that: inclement weather conditions could adversely affect our operating results in particular quarters and/or fiscal years; we may experience construction, manufacturing and development delays on our projects which could adversely affect our financial condition and operating results; our limited operating history and recent entrance into new lines of business and jurisdictional markets may make it difficult for you to evaluate our business and future prospects; we may not be able to successfully develop our business in new jurisdictional markets, which would have a negative impact on the results of our operations derived from such new jurisdictional markets; our customers may not be able to obtain the financing required for these projects, and thus, we may not be able to derive revenues from such agreements, as well as other relevant risks detailed in our filings with the Securities and Exchange Commission, including those set forth in our annual report filed on Form 20-F for the fiscal year ended December 31, 2009. The information set forth herein should be read in light of such risks. We assume no obligation to update the information contained in this press release, except as required under applicable law.
A-Power Energy Generation Systems, Ltd.
CONTACT: Mike Baughman, Ph.D., CecD, Contract Executive Director, Lincoln
County Regional Development Authority at +1-775-315-2544 or
mikebaughman@charter.net; A-Power Energy Generation Systems: John S. Lin,
Chief Operating Officer at john@apowerenergy.com; ICR, LLC.: Mr. Bill Zima at
+1-203-682-8200 or Bill.zima@icrinc.com
Web site: http://www.apowerenergy.com/
