A-Power Energy is the largest provider of distributed power generation systems in China, focusing on energy-efficient and environmentally friendly projects of 25MW to 400MW. In 2008, A-Power entered the wind energy market and has built China's largest wind turbine manufacturing facility, located in Shenyang, Liaoning Province, with technologies licensed from German FUHRLÄNDER AG and Denmark-based Norwin, and a total annual production capacity of 1,125MW. In March 2009, A-Power entered into an agreement to establish a Joint Venture partnership with GE Drivetrain Technologies to produce wind turbine gearboxes in Shenyang. Through acquisition of Japan's EVATECH, A-Power plans to make and distribute thin film PV products in China. A-Power also has strategic relationships with Tsinghua University in Beijing and the China Academy of Sciences in Guangzhou to develop and commercialize other renewable energy technologies.
Where is A-Power based?
A-Power is based in Shenyang City, the capital of Liaoning Province, in Northeast China.
How many employees does A-Power have?
As of December 31, 2009, A-Power had approximately 250 employees, around 100 of them were engineers.
When did A-Power go public and on what exchange does A-Power trade?
A-Power became public through a reverse merger (RTO). On January 22, 2008, A-Power began trading on the NASDAQ Capital Market and on June 2, 2008, A-Power began trading on the NASDAQ Global Select Market. Ticker symbol is APWR.
Can I purchase A-Power stock directly from the Company?
No, investors must purchase A-Power stock through a licensed brokerage firm in the public market.
When does A-Power's fiscal year end?
December 31.
How do I obtain a copy of A-Power's SEC filings?
You can view and print a copy of our filings with the SEC under the Investor Relations -> SEC Filings section on this Website.
Will A-Power pay dividends?
Since our incorporation, we have never declared or paid any dividends. We may declare and pay cash dividends on our ordinary shares in the future. Our board of directors has complete discretion on whether to pay dividends. Even if our board of directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions, shareholders' interests and other factors that our board of directors may deem relevant.
Will A-Power buy back stock?
From time to time, we consider repurchasing Company shares when we deem the stock is undervalued. We are discussing the opportunity to repurchase stock with our lawyers. We will make an announcement if and when a stock repurchase program is implemented.
What is A-Power's guidance for FY 2010?
$380 million for revenue and $45 million for net income. These targets are based on the Company's current views on the operating and market conditions, which are subject to change.
How many common shares are outstanding and how many shares are in the float?
34 million diluted shares outstanding as of December 31, 2009.
When are quarterly earnings announced?
A-Power will make an announcement regarding the date of its earnings release and earnings conference call at least two weeks in advance.
What is in your DG contract?
As of June 16, 2009, we had 18 projects in firm contracts. and we have received down payments from customers and they make periodical payments according to construction schedules. We are no longer providing backlog information, same way as we do not announce LOIs, MOUs and so on.
In addition, we will make announcements to update our investors and analysts with new contracts incremental to our current annual guidance.
As we do not provide quarterly guidance, our analysts will need to project our numbers by their own research and other channel checking. We do not comment on the accuracy of their models.
What is the status of wind turbine orders?
We have delivered ten wind turbines as of December 31, 2009. Other outstanding orders include the 50 2.7 MW turbines order with China National Automation Control System Corp., which we first announced in October 2008. Per Company policy, we no longer provide backlog information on wind turbines. We will make announcements when we have material contracts and receive deposits from our customers.
What is Shenyang Power Group?
Shenyang Power Group ("Shenyang Power") is a local DG industry alliance 60% owned by A-Power and supported by the Shenyang Municipal Government (which owns 20% of the alliance) in the forms of seed capital, investments and loan guarantees. Shenyang Power was established in June 2009 and has as its CEO Mr. Jinxiang Lu, Chairman and CEO of A-Power. In addition to A-Power, the founding members include Northern Heavy Industry Group (comprising Shenyang Mining Machinery Co. and Shenyang Heavy Machinery Co.), Shenyang Blower Group, Shenyang Boiler Manufacturing Co., Ltd., Liaoning Electricity Design & Planning Institute, Liaoning Construction & Installation Group Co., Ltd., Liaoning International Construction Engineering Group and three major power system manufacturers in Harbin. The ultimate goal for Shenyang Power is to aggregate the potentials of local power industry companies, talented individuals as well as natural resources so that it will have the capability to pursue large-scale, technologically advanced and managerially sophisticated electricity-generation systems both within China and overseas.
What is the status of the natural gas project in Macau?
This project is pending approval from China's NDRC's (National Development and Reform Commission). We do not have a detailed timeline on the timing of the approval.
Can you give us an update on your JV with GE to produce gearboxes?
The JV, which is 25% owned by us and 75% owned by GE, has received approval from local government authorities and an existing plant, about 10 minutes' drive from A-Power's existing wind turbine assembly facilities in Hunnan New District in Shenyang, has been selected and remodeled to house the JV's gearbox production lines. It is currently in the equipment testing stage and we anticipate that commercial production is estimated to begin in the fourth quarter of 2010 and the designed annual capacity will be 1,200 units.
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