Sunpower gets contract from Asia's largest textile enterprise
Sunpower Group Ltd is pleased to announce that its wholly-owned subsidiary, Jiangsu Sunpower Technology Co Ltd has signed a RMB149.5 million (S$28.8 million) contract with Heng Li Petrochemical (Da Lian) Ltd, a subsidiary of Heng Li Group, one of Asia's largest textile enterprises.
Under the contract, Sunpower Technology will supply energy efficient core equipment made up of titanium and titanium alloy, for phase one of Heng Li Petrochemical's Purified Terephthalic Acid (PTA) project. With a PTA production capacity of 1.2 million tons per annum, Heng Li Petrochemical aims to build a world class environmental plant that integrates energy efficient technology. This latest deal adds to the list of major PTA contracts that the Group has successfully secured with Zhejiang Shaoxing Yuandong Petro-chemcial Co. Ltd, Jiaxing Petroleum Co. Ltd, BP Belgium, etc.
Using Sunpower's highly advanced technological expertise; the pressure vessels will be made up of Titanium and Titanium alloy, a non-ferrous metal, which is considered a high-end product in the industry. Expected to be delivered in FY2011 and FY2012, the contract will positively impact the Group performance over the next 2 years.
The industry outlook remains bright for the Group as it expects to be a direct beneficiary from the Chinese government's continuing efforts in advocating energy efficiency, energy conservation and environmental protection.
Professor Guo Hong Xin, Executive Chairman of Sunpower, comments on the outlook of Sunpower: “The series of contracts clinched highlights our Group's proven expertise in the PTA equipment manufacturing industry. This has further strengthened our reputation and track record as a reliable energy efficient solution provider for our PTA clients. In fact, we secured this major contract through a previous collaboration with another subsidiary of the Heng Li Group, Jiangsu Heng Li Chemical Fiber Co., Ltd. Moving forward, in line with China's environmental drive, we believe that there will be more business opportunities for us to expand and grow.”
PRC-based Sunpower Group Ltd. Specializes in the design, R&D and manufacture of customized energy saving and environmental protection products using heat-transfer technologies. Its products range from heat exchangers and pressure vessels, heat pipes and heat-pipe exchangers, pipe supports, and energy-saving and environmental protection systems. They are used in various industries such as petrochemical, steel, transportation, chemicals, metallurgy, solar energy etc, particularly in energy projects that benefit from the products' energy-saving and energy-efficiency features.
Sunpower has a strong customer base and is a member of both China Petroleum and Chemical Corporation (SINOPEC) materials supply network and China National Petroleum Corporation (CNPC) first-tier network. These memberships pre-qualify the Group to supply products to companies in the SINOPEC and CNPC groups. To date, the Group has 65 patents registered in China to its proprietary heat technologies.
Sunpower Group Ltd