Xantrex and Shanghai Electric Supply China Renewable Energy Market

Xantrex Technology Inc. will form a joint venture with Shanghai Power Transmission & Distribution Co., Ltd. (SPTD) to design, manufacture and sell solar and wind power electronics products exclusively for the renewable energy market in China from a facility to be built in Shanghai, China.

“The renewable energy market in China, which has the potential to be very large, is integral to our long-term growth plans,” said Mossadiq Umedaly, Xantrex Chairman. The joint venture, to be owned 49% by Xantrex and 51% by SPTD, will be known as Shanghai Electric Xantrex Power Electronics Co., Ltd. The total initial investment will be US$20 million and the new entity will have a registered capital of US$10 million. The joint venture is expected to receive final approval from the Chinese government in the next few weeks. China’s new Renewable Energy law has made one of the largest state-sponsored commitments toward renewable energy by requiring 15 percent of the country’s energy mix to be from renewable energy sources by the year 2020. “Based on technology licensed from Xantrex, the joint venture will develop a power electronics and control product line as well as manufacturing and service capability to meet the requirements for the rapidly growing solar and wind market in China,” concluded Liang Feng, President of SPTD.
Previous articleNorth Country Sees Economic Boon in Wood-to-Biofuel Plan
Next articleVenture Capitalists Explore Replacing Crude Oil with Algae

No posts to display