Nordic Turbines moves full speed ahead with GC Nordic merger

Centerville, Mass.-based Nordic Turbines (OTC:NDTI) said today that its proposed merger with wind turbine manufacturer Wuhan, China-based GC Nordic is moving ahead as planned.

Nordic Turbines said it has secured a second loan for $2.5 million, bringing the total loan amount secured to $3.5 million, since the company announced plans to acquire GC Nordic in May. The loans are expected to be used for inventory acquisitions and completing and delivering a large turbine order that’s currently under contract.

Upon completion of the acquisition, GC Nordic shareholders are expected to become majority shareholders in Nordic Turbines.

GC Nordic is a wind turbine manufacturing venture of Wuhan Guoce Nordic New Energy, an affiliate of the Wuhan Guoce Group of Companies. The company holds a license for a wind turbine system first developed in Europe. Wuhan Guoce Nordic New Energy is a joint venture company founded by Chinese Wuhan Guoce Science & Technology and Swedish Deltawind.

China has the largest wind turbine manufacturing industry in the world, with more than 40 wind-component manufacturers including Goldwind, Sinovel Wind, Dongfang, Windey and Sewind (see China drives global market, supply for wind). China’s wind equipment market is worth about $8.59 billion annually.

Chinese manufacturers account for about 56 percent of wind equipment installed globally in 2007, according to a report from the Global Wind Energy Council. Domestic manufacturing capacity is about 8 gigawatts and is expected to reach 12 GW by 2010, the report said.

China is also a significant market for wind turbine manufacturers. The country had an installed capacity of 5.9 GW at the end of 2007, an increase of 145 percent over the previous year. China is expected to surpass Germany as the leading wind-energy country by the end of 2009, the report said (see China Wind ramps to meet gearbox shortfall).

Cleantech developments making news in the past 24 hours

• Air-to-water technology is still cost prohibitive
• Nexamp closes Series A round, brings on new CEO
• Water innovation beyond desal: the new opportunities?
• Areva to launch solar business with Ausra takeover

View the last week of cleantech developments here | Subscribe to full feed