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Mingchuang, a developer of several types of wind turbine products, saidMonday it has agreed to begin negotiating a joint venture partnership withNavajo Wind Energy Corp. to manufacture and distribute wind turbines on aninternational level. In regards to the turbine supply and purchasecontract, Mingchuang expects to have all 80 turbines delivered to theXinjiang site before February 23, 2010. The Company’s strategicrelationship with Mingchuang is unique, as Navajo will take possession ofall 80 turbines without having to endure the 2-3 year delivery time facingthe majority of existing wind farm developers.
“We are ecstatic to not only announce that we intend to have all 80turbines delivered to our Xinjiang project before the end of first quarterof 2010, but we are also very appreciative to be involved in negotiating ajoint venture partnership for a stake in the turbine manufacturing sector.These developments move Navajo several steps closer to an exclusive levelin the alternative energy marketplace. Not only would the operating jointventure allow us to assist in supplying turbines to an increasing marketdemand; the equipment purchase contract gives the Company first priority ingetting our projects expedited at an unprecedented pace,” says Mr. BarryDoyle, CEO of Navajo Wind Energy.
With explosive growth for wind power globally, the industry is seeing anever growing waiting list for the delivery of wind turbines. Many believethat Chinese turbine companies may be a significant part of the solution asChina increases production to meet the export demand. The world’s windpower industry continues to thrive with the vigorous demand for turbinesupply brought on by increasing oil prices, stricter emission laws and thegrowing concerns over climate change.
The stock closed yesterday at around Three cents a share.
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Oil News: Light, sweet crude for April delivery rose $1.91 to settle at$45.52 Friday on the New York Mercantile Exchange. It was the second timecrude settled above $45 in one week, which hasn’t happened since the firstweek of the year.
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