Shares of Composite Technology Corporation (OTCBB: CPTC) closed up strong yesterday evening after news of an order for one of its D8 wind turbines was announced.CPTC announced that its DeWind subsidiary has received an order from Sia Lenkas Energo, for one 2 megawatt (MW) DeWind D8 wind turbine for delivery to one of their projects in Latvia. The turbine is scheduled for delivery in mid 2008.
Just like me, you must be wondering what one of these wind turbines costs … D.J. Majendie, V.P. of Legal & Business Development for CPTC, told Market News First that the average going rate for one of his company’s wind turbines is $1.2 million per MW. This translates to $2.4 million in revenue for CPTC.
It looks like the company has been filling quite a few orders this year from glancing at its latest 10Q. For the three months ended March 31, 2007, CPTC reported revenues of $8.2 million, compared to $1.03 million for the year ago period. This represents a monstrous jump of 552 percent.
DeWind has received an initial down payment and bank guarantees for this order. The turbine will be erected in Liepaja, Latvia in a Wind Zone II location and utilize a standard 80 meter rotor and 80 meter tower.
Benton Wilcoxon, CEO of CPTC, said in a statement, “This first turbine for Latvia is an important entry into the Baltic states for DeWind. The region holds great promise for many more turbine sales as its economy expanded by almost 12 percent last year. We see continuing demand for our D8 turbine in the European marketplace as this sale illustrates.”
CPTC, through its subsidiaries, engages in the development, manufacture, and marketing of renewable and energy efficient electrical products for the electric utility industry primarily in the U.S., Europe and China. It has two segments, CTC Cable and DeWind. The CTC Cable segment offers Aluminum Conductor Composite Core (ACCC) conductors cables, an overhead electrical transmission conductor for electric transmission and distribution lines; and composite core components of the ACCC conductor and related accessories. The DeWind segment manufactures wind generation turbines under the brand name DeWind.