GCHT -- started with a small starter position (5k shares @ $1.40)
Top tier China windpower stock.
It's a new reverse merger effective about a week ago.
Currently, GC Nordic is executing three contracts of 50 units each with the following entities: Daqing Longjiang Wind Power Co., Ltd., Wuhan Kaidi Electric Engineering Co., Ltd., and Kelipu Wind Power Co., Ltd.
The company has been in operation since 2006 and uses patented Swiss technology- that will now be produced in China.
More info here:
CENTERVILLE, MA -- (Marketwire) -- 10/06/09 -- GC China Turbine Corp. (OTCBB: GCHT) (the "Company") wishes to provide notice of a filing with the Securities and Exchange Commission (SEC) this week, outlining a Material Definitive Share Exchange Agreement (the "Agreement") with Wuhan Guoce Nordic New Energy Co. Ltd., a People's Republic of China Company ("GC Nordic"), as a requirement of the previously announced voluntary share exchange transaction.
GC Nordic is the only manufacturer of 2-bladed wind turbine systems in China. The company is located in a modern 36,000 square meter facility in Wuhan City, Hubei Province, China. The Company's flagship product is a 1.0 MW utility scale turbine with R&D underway for the development of 2.0 MW and 3.0 MW turbines specifically targeting large wind farms both on and offshore including remote or extreme condition locations. Initial sales efforts have been rewarded with contracts of approximately US $128 million.
GC Nordic was founded as an offshoot of Guoce New Technology Co., a leading technology provider to the Chinese utility industry with a long history as a preferred provider to the utilities industry in China. It is a producer of hydraulic systems and electronic control systems that enjoy a dominant market share of approximately 40% of the indigenous hydro-electric generation industry.
GC Nordic's technology is based on a 10 year, US $75 million research and development investment by the government of Sweden. The development project that created the technology has been operating for 10 years with 98% output availability during this period.
The 2-bladed wind turbine is manufactured utilizing a number of complementary technologies incorporating engineering innovations such as independent blade and tower flexibility delivering revolutionary overall load damping characteristics, a highly compact and lightweight transmission system and proprietary real-time, reactive monitoring technologies. These key elements combine to reduce vibration and overheating, lower installation and transportation costs, improve service life and extend the generated output lifecycle of the product. The resulting benefits improve turbine quality along with lowering manufacturing, installation and maintenance costs.
The wind power industry in China is booming. Chinese government guidelines mandate that 30,000 MW of wind power be installed by 2020. Moreover, the Chinese government has mandated that 70% of wind components be sourced domestically by 2010. In the past, imported wind turbines dominated the market, but this is changing rapidly as the growing market and clear policy direction have encouraged domestic production.
Currently, GC Nordic is executing three contracts of 50 units each with the following entities: Daqing Longjiang Wind Power Co., Ltd., Wuhan Kaidi Electric Engineering Co., Ltd., and Kelipu Wind Power Co., Ltd."
These GCHT wind turbines are HUGE. Click the top left video -- cool stuff:
http://www.gcchinaturbine.com/products/operations.aspx
