[photopress:zone_Gaoke.jpg,full,alignright]A-Power Energy Generation Systems has just announced its financial results. In its report it averts to the fact that it was known as Chardan China Acquisition before becoming A-Power. It acquired Head Dragon Holdings although this was not finalized until the beginning of this year. Head Dragon Holdings was initially formed to act as a holding company to hold the equity interests in GaoKe.
GaoKe is one of the leading Chinese companies that designs, constructs, and installs distributed power generation and micro power grids.
GaoKe is the only private company authorized to develop, construct, install and test distributed power generation and micro power grids in China.
For 2007, Head Dragon’s revenue (think of it as the total revenue for the group) was $152.5 million, an increase of 54.5% from $98.7 million in 2006. The increase was due to continued growth in the Company’s core distributed power generation business.
Jinxiang Lu, A-Power’s Chairman and CEO, said, ‘2007 was a monumental year for A-Power’s subsidiaries, both strategically and operationally. Power supply shortages in China were more apparent than ever as widespread blackouts and brownouts occurred more frequently throughout the country.
‘Furthermore, the PRC government continued with its plans to encourage new development zones in China, most of which are far removed from the existing national grid.
‘These drivers, among others, accelerated our distributed power generation business in 2007 and are expected to further drive the growing market opportunity for A-Power’s distributed power generation systems in the coming years.’
‘In 2007 we also made it a priority to become a full-scale producer of high quality wind turbines to capitalize on China’s surging wind energy demand.’
‘A-Power Energy Generation Systems, formerly Chardan, through its PRC operating subsidiaries, is the largest provider of distributed power generation systems in China and will enter into China’s wind energy market in 2008.
‘The company will focus on supplying power to new industrial zones.’
The Company is also focused on developing and commercializing additional renewable energy technologies and has strategic relationships with both Tsinghua University and the China Sciences Academy in Guangzhou.