CTC Global enters into JV in China
U.S.-based CTC Global announced that it has entered into a joint venture with a Chinese entity to create a new company, Jiangsu NARI CTC Composite Material Co., Ltd., that will begin commercial production of its highly-proven ACCC® conductor core exclusively for the Chinese market in early 2014.
A press release said that the JV partner is the NARI Group, a subsidiary of the State Grid Corporation of China, the world's largest electric utility company. The JV, it said, will produce ACCC core using CTC's internally built pultrusion machines and specialized tooling. CTC will manage the new venture and supply all of its proprietary raw materials and expertise for the ACCC core, which is intended for the Chinese market although some of the capacity "could be shipped globally should CTC's core production facility in Irvine, California be overbooked," it said.
"We are pleased that (our partner) recognizes the substantial value of the ACCC conductor, and together we look forward to producing the reliable and efficient conductor core in China," said Dr. Jason Huang, CEO of CTC Global and general manager of the new company.
The release observed that there is substantial potential for the venture. "China is the world's most populous country and largest energy consumer. China's annual economic growth rate has averaged 10% every year since 2000, which has spurred increased demand for electricity. ACCC conductor, which was invented, developed and internationally patented by CTC Global, offers us the most advanced and well-proven conductor technology that will help us reach our transmission and growth objectives," said Yang Yingjian, chief technology officer with NARI of State Grid Corporation of China.