 |
15 February 2006
Not for release, publication
or distribution in the United States
Tersus Energy plc completes US$2m investment
in Chinese wind power business
Tersus Energy (“Tersus
Energy” or “the Company”) has announced
the completion of a US$2 million investment in leading
Chinese wind blade manufacturer ZhongHang (Baoding)
Huiteng Wind Power Equipment Co., Ltd (“HT Blade”).
This follows the Company’s successful fundraising
of approximately £4 million through a placing
on 23 December 2005.
HT develops, manufactures and
sells 600kW to 1.5MW rated wind blades and related glass
reinforced plastic parts and components to domestic
and international customers in China, and intends to
expand sales to other selected Asian markets.
At the end of 2004 China had
approximately 764MW of installed wind capacity and this
increased by approximately 330MW in 2005 so that China
currently has some 1.1 GW of installed windpower. The
country’s target for end 2006 is 2.2 GW and by
2020 the target is 30 GW. The Board of Tersus considers
HT Blade to be one of the leading domestic wind blade
manufacturers in China. It was founded in 2001 as a
Sino-overseas co-operative joint venture by two government
controlled enterprises, China Aviation Industry Baoding
Huiyang Propeller Factory, and China Aviation Industry
Gas-Turbine Power (Group) Company, together with Tang
Wind Energy LP (“TWELP”), a Texas limited
partnership based in Dallas and in Beijing. HT Blade’s
business has grown substantially since it was established
and it now has a workforce of approximately 200 people.
HT recorded post-tax profits in 2004 and 2005 and further
growth is anticipated. HT Blade’s Board is planning
to float HT Blade on a public market at an appropriate
point in the future.
Tersus’ US$2m investment
has been made through TWELP as a convertible loan and
is conditional upon the completion of certain partnership
formalities (expected to be completed in the next 10
days).TWELP was established with the single purpose
of holding its interest in HT Blade. Upon conversion,
Tersus will have a stake of approximately 12.1% of TWELP.
As announced at the time of the December placing, Tersus
has two further options to invest in TWELP/HT Blade.
Tersus expects to work with
the management of TWELP and of HT Blade in its strategic
development and planned initial public offering.
Tersus continues to work with
a second Texas limited partnership, Tang Group Ltd,
in which Tersus invested US$ 500k last September, in
relation to the development and financing of Tang Groups’
wind farm and clean coal opportunities in China and
the Philippines.
The Company continues to make
progress in relation to the other investments referred
to in the announcement of 23 December 2005 and expects
to make further announcements in this regard.
Steve Levine, Tersus’
Chief Executive, commented: ‘We are delighted
to have completed this investment in a high quality
business involved in a key sector of the Chinese economy.
Recent interest in alternative and renewable sources
of energy in China has been heightened by increased
growth predictions for the Chinese renewable sector
and by recent legislation supporting ambitious renewable
targets We believe Tersus’ Asian Renewables business
is perfectly placed to build shareholder value through
its participation in a variety of opportunities in this
growing sector.’
Enquiries:
Tersus Energy plc
Steven Levine, Chief Executive Officer
David Wilson, Finance Director
Tel: 020 7408 5420
M Communications
Patrick d'Ancona
Nick Fox
Tel: 020 7153 1540
Notes to Editors
About Tersus Energy
plc
Tersus Energy, which floated on AIM
in February 2005, is building three operating businesses:
- Tersus Energy Controls.
Formed to exploit the opportunity presented by the
increasing focus on energy efficiency and management
of electricity consumption, Tersus Energy is focusing
on mobile applications (eg. electric vehicles, Automatic
Guided Vehicles, fork lifts, fuel cells, hybrids)
and stationary applications (eg. building controls,
energy management information). Its first investment
was to acquire 100% of the business of Navitas Technologies
a canadian supplier to the north American electric
vehicles controls market.
- Tersus BioEnergy.
Formed to exploit the accelerating demand for alternative
fuel based supplies of energy, Tersus BioEnergy is
focusing on biofuels (bioethanol and biodiesel) and
electricity produced from forest, agricultural, municipal
and industrial waste. It intends to develop, manage
and invest into a stream of projects with chosen Joint
Venture partners, growing in scale over time. Its
first strategic relationship is with Dynamotive Energy
Systems Corporation. DynaMotive's technology economically
converts biomass into a renewable, environmentally
friendly fuel. DynaMotive has successfully demonstrated
conversion of these residues into fuel known as BioOil.
- Tersus Asian Renewables.
Formed to exploit the demand for renewable energy
in Asia, Tersus Asian Renewables is focusing on wind,
biomass and clean coal, principally in China and India.
It intends to acquire interests in businesses well
placed to benefit from growth in asian renewable generation
and to develop, manage and invest into the project
streams of chosen Joint Venture partners.
Tersus Energy intends to build three
independently sustainable businesses on these three
platforms which it considers to be among the most attractive
available in the renewable and alternative energy sector.
|
 |