May 11 2010
Composite Technology Corporation (CTC) (OTCBB: CPTC) is pleased to announce it has been selected by the Department of Commerce to accompany Commerce Secretary Gary Locke on the upcoming Clean Energy Trade Mission to China. The Clean Energy Trade Mission is President Obama's first Cabinet Level trade mission.
Secretary Locke will lead American companies on this clean energy mission to advance their export opportunities and support American jobs. The delegation will make stops in Hong Kong, Shanghai, and Beijing, China. The mission aims to promote exports of leading U.S. technologies related to clean energy; energy efficiency; and electric energy storage, transmission, and distribution.
Only twenty-four companies were selected to join the Mission. A total of forty-six senior executives representing some of the most highly respected companies in the U.S. will make the journey to China including top executives from General Electric, Duke Energy, the Boeing Company, Peabody Energy and AES. CTC will be represented by Marvin Sepe, its Chief Operating Officer. The full text of the Department of Commerce release on the Clean Energy Trade Mission, including the list of companies and executives is available at: www.commerce.gov/NewsRoom/PressReleases_FactSheets/PROD01_009210
China's rapid economic growth has been accompanied by a huge increase in demand for energy and a dramatic jump in greenhouse gas emissions. In response to these challenges, China's central government has made clean energy and energy efficiency strategic priorities and is implementing programs with new regulations designed to reduce emissions of major pollutants and greenhouse gases. These new requirements offer U.S. companies an important opportunity to provide a wide range of clean energy technologies to China's growing market. The mission will help U.S. companies already doing business in China to grow by increasing their exports, and will assist experienced U.S. exporters looking to enter the Chinese market for the first time -- all in support of the creation of green jobs in the United States.
Because exports directly and indirectly support millions of American jobs, they are an increasingly important part of the economy and a key component of the Obama Administration's efforts to create jobs through aggressive trade promotion strategies. In March, President Obama issued the executive order creating the National Export Initiative, which sets a goal of doubling U.S. exports during the next five years in support of 2 million U.S. jobs.
CTC's subsidiary CTC Cable has a long history of selling its high efficiency ACCC® conductor in China to improve the capacity and efficiency of the Chinese power grid. The efficiency of ACCC® conductor and the potential for reducing greenhouse gas emissions through reduced generation have been recognized by the Chinese State Grid who has designated it to be a "green product" for use on the grid.
"We are very pleased to be selected to join this important Trade Mission to China. We are in the company of some of the finest U.S. companies who all see the potential of export to the Chinese market. China has a huge appetite for advanced technology, especially in the field of clean energy. China has made clean and efficient energy production and transmission a national priority.
This is an excellent opportunity to bring the advanced technologies of our nation to China to collaborate with key Chinese entities for the benefit of all parties. For CTC it is an opportunity to once again showcase our highly efficient conductor technology and work directly with policy makers and high level users of electrical conductor for China's expanding electrical grid," said Marvin Sepe, who will join the Trade Mission at the first stop in Hong Kong and then continue with the delegation through the end of the China sessions. The Trade Mission will continue on to Indonesia.