IRVINE, California, June 28, 2011 /PRNewswire/ --
- ACCC® Conductor Chosen by National Grid UK
Composite Technology Corporation (CTC) (OTC Bulletin Board: CPTCQ) is pleased to announce that its subsidiary, CTC Cable Corporation, has received an order for 45 kilometers of ACCC® London conductor to be installed on the high voltage transmission network in the UK. Following an extensive and rigorous program of testing undertaken by Electricity Alliance West, the ACCC® London conductor has been awarded type registration by National Grid, the owner and operator of the high voltage transmission network in England and Wales, for this conductor to be installed on two lines in National Grid's network. This is the second line using ACCC conductor in the UK.
The first line, of approximately one kilometer, was successfully installed with twin bundle conductors near Sheffield, England, in mid-March. The first line is not energized since the installation was undertaken to allow the National Grid linesmen to become familiar with the conductor and how to install it. The second line, for approximately seven kilometers of twin bundle conductor, is the order that has now been received and is expected to be installed and energized on National Grid's 400kV network later this year.
Stewart Ramsay, President of CTC Cable Corporation commented, "We are very pleased to have successfully completed the rigorous testing program required by National Grid for new conductor types and for ACCC® London conductor to have become the first composite core conductor to be installed on the National Grid UK network. We are grateful for the hard work and professionalism shown by the personnel from Electricity Alliance West throughout the testing program and will continue to work with both National Grid and Electricity Alliance West to ensure the successful installation of these lines and to meet the needs of the National Grid network for higher capacity and greater efficiency in the future."
About National Grid:
National Grid is an international electricity and gas company and one of the largest investor-owned energy companies in the world. We play a vital role in delivering gas and electricity to millions of people across Great Britain and northeastern US in an efficient, reliable and safe manner. We believe the power of action can play a major role in safeguarding our global environment for future generations and tackling the effects of climate change, providing all our customers with the highest standards of service through network investment and through our talented, diverse workforce. National Grid owns the high-voltage electricity transmission network in England and Wales and operates the system across Great Britain. It also owns and operates the high pressure gas transmission system in Britain and its distribution business delivers gas to 11 million homes and businesses.
About Electricity Alliance West:
Brought together in October 2006, the Electricity West Alliance is a partnership between National Grid, AMEC, Babcock Networks and Mott MacDonald. The Alliance was formed to deliver a major investment programme to update and develop the high-voltage transmission network in order to maintain safe, secure and reliable electricity supplies across England and Wales and the Electricity Alliance West is undertaking a programme of construction works to ensure the safe and reliable replacement of overhead lines and cables; including the design and delivery of new and future schemes.
Composite Technology Corporation's patented ACCC® conductor technology enables superior performance of high voltage transmission and distribution electrical grids. ACCC® conductors use CTC's proven carbon fiber core which is produced by its subsidiary, CTC Cable Corporation, at its Irvine, California headquarters and delivered to qualified conductor manufacturers who produce and distribute ACCC® conductors to operators of electrical grids worldwide. CTC's conductor technology significantly reduces thermal line sag and can replace similar diameter and weight traditional conductors with its higher capacity and more energy efficient ACCC® conductor. It is an ideal conductor for both upgrading existing power lines as well as building new lines since the technology allows for the reduction of the number of support structures and/or a reduction of their height. Since its commercial introduction in 2005, ACCC® conductor has been selected for over 10,000 kilometers (6,214 miles) of projects in all environmental and operating conditions, including severe heat and ice environments, long span applications and high capacity corridors for the modern grid. ACCC® is a registered trademark of CTC Cable Corporation.
For further information, visit our website: http://www.compositetechcorp.com or contact Investor Relations: James Carswell, +1-949-428-8500.
This press release may contain forward-looking statements, as defined in the Securities Reform Act of 1995 (the "Reform Act"). The safe harbor for forward-looking statements provided to companies by the Reform Act does not apply to Composite Technology Corporation (the "Company"). However, actual events or results may differ from the Company's expectations on a negative or positive basis and are subject to a number of known and unknown risks and uncertainties including, but not limited to, resolution of pending and threatened litigation matters involving CTC or its subsidiaries, resolution of disputes with CTC's or subsidiaries' creditors competition with larger companies, development of and demand for a new technology, general economic conditions, the availability of funds for capital expenditure and financing in general by us and our customers, availability of timely financing, cash flow, securing sufficient quantities of essential raw materials, timely delivery by suppliers, ability to maintain quality control, collection-related and currency risks from international transactions, the successful outcome of joint venture negotiations, or the Company's ability to manage growth. Other risk factors attributable to the Company's business may affect the actual results achieved by the Company, including those that are found in the Company's Annual Report filed with the SEC on Form 10-K for fiscal year ended September 30, 2010 and subsequent Quarterly Reports on Form 10-Q and subsequent Current Reports filed on Form 8-K that will be included with or prior to the filing of the Company's next Quarterly or Annual Report.
SOURCE Composite Technology Corp.