Ok we're having a good day... another of our names is flying - that's 3 of them @ 15%+. Again iz.yahoo.com/bw/080709/20080709005415.html?.v=1">this is not NEW news to blog readers and this stock was beaten to a pulp in this panic - I actually added a touch first thing this morning to take A-Power Energy Generation (APWR) to a 3.1% stake. This is a good company WITHOUT the wind business, but with the birth of this new line, it's going to be a lot more than good in my opinion. [Jun 27: New Position in A-Power Energy Generation Systems to Create Alternative Energy Mini Basket]
- A-Power Energy Generation Systems, Ltd. (NASDAQ:APWR - News) ("A-Power"), announced today that it has completed the construction of the first phase of its wind turbine production facility in Shenyang, China. The first phase is a 310,000 square foot production facility with an annual capacity to produce 300 2.5MW wind turbines and 420 750kW wind turbines.
- “We are excited to announce the on-time completion of the first phase of our wind turbine production facility which we believe is the largest wind turbine production facility in China. This marks a significant event for A-Power as we anticipate that the wind business will quickly become a significant contributor to our revenue and earnings. We are presently in the process of finalizing agreements with component suppliers in both China and Europe. Once this is completed and exact delivery dates are established, we expect to turn our previously announced LOIs for the 2.5MW units into contracts and obtain additional orders for both our 2.5MW and 750kW wind turbines.
- "Based on ongoing discussions with potential customers, we expect that orders will quickly exceed the capacity of our new facility. As a result, we have already laid the foundation for phase 2 of our wind turbine production facility, which, when completed, will increase A-Power’s wind turbine production capacity by another 30%. It is estimated that construction on phase 2 will commence in Q4 2009 and will be completed in about 4 months at a cost of approximately US$10 million. After phase 2 is completed, A-Power will have the capacity to produce 400 2.5MW wind turbines and 550 750kW wind turbines each year.
- "Production of our wind turbines is expected to begin later this quarter and we expect it will become a significant revenue contributor beginning in 2009.”
Long APWR in fund and personal account
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