AETI (American Electric Technologies Inc.) and Wiscom Systems Company Ltd, revealed the signing of a memorandum of understanding to develop and market power inverters and converters to be deployed in the Chinese solar and wind markets at the Los Angeles Solar Power International Conference.
This joint venture based in Nanjing, would concentrate on utilizing AETI’s wind converter and solar inverter technologies to develop customized power conversion systems, manufacture them, and market the products in the utility market in China.
The head of the National Energy Administration in China in a recent report, the 21st Century Business Herald, made it clear that China’s budget for alternative energy in the year 2020, may reach $748 billion. Furthermore, he stated that China’s growth in Photovoltaic solar power would be from 2000MW in 2011 to 20,000MW in 2020, and wind power would grow from 35,000MW to 150,000MW in 2020.
Wiscom with a 40 % market share of power generation control systems in the top-five for distribution substation control systems is now focussing on renewable power systems. According to Mr Ning Ge, Chairman and President of Wiscom, the company was eagerly waiting to team with AETI, a well-known leading light in utility scale power conversion technologies, to bring the highly efficient and reliable solar and wind technology, to the Chinese customers. Wiscom has been using their traditional market share to create new business opportunities with several wind and solar farms in China. This joint venture would widen their market penetrating capabilities, by providing both local and global customers with renewable energy related services.
AETI’s CEO, Charles Dauber, confirmed that the joint venture with Wiscom was one of the many strategies devised to place AETI in the top most ranks of the industry. He considered Wiscom to be a perfect partner for their second joint venture in the country of China. The nucleus would be China with of course provisions for other international markets. Wiscom has a 60% share while AETI has a share of 40% in the joint venture. Subject to the approval of both the company’s Board of Directors and the proper Chinese Officials, the memorandum and contract would be wrapped up, and joint venture operations would begin, by the first quarter of 2011.