American Electric Technologies Inc. (AETI) and Wiscom Systems Co. Ltd. have signed a memorandum of understanding (MOU) to form a joint venture in China to develop and market power converters and inverters for the Chinese solar and wind markets, with the potential of expanding to other markets.
The joint venture will focus on utilizing AETI's utility-scale solar inverter and wind converter technologies to create power-conversion products specifically for the Chinese utility market. The joint venture will also manufacture, market and sell the products to Chinese utilities.
AETI will have a 40% interest in the joint venture, and Wiscom will hold a 60% interest. The primary focus will be China, but the agreement also includes provisions for other international markets. Joint-venture operations are expected to commence in the first quarter of 2011.
SOURCE: American Electric Technologies Inc.
