EX-10.1
2
v054784_ex10-1.htm
Patent
License Agreement
AGREEMENT
made this 6th day of October, 2006 by and between GE Infrastructure Technology
LLC, GE Infrastructure Technology International Inc., (hereinafter collectively
called “LICENSOR”), a limited liability company and a corporation both organized
and existing under the laws of Delaware, USA, and EU
Energy
Inc.,
(hereinafter called “LICENSEE”), a company organized and existing under the laws
of
Nevada,
USA.
RECITALS
| 1. |
LICENSOR
is a wholly owned AFFILIATE, as defined below, of the General Electric
Company (GE), and GE has transferred to LICENSOR the responsibility
to
safeguard intellectual property relating to wind turbines manufactured
and
sold by the GE Wind Energy GmbH and GE Wind Energy LLC AFFILIATES
of its
GE Energy business including the rights to license such intellectual
property to third parties.
|
| 2. |
LICENSOR
is the sole and exclusive owner of, or has the right to license,
the
LICENSOR PATENTS (defined below)
and the counterparts thereof in other
countries.
|
| 3. |
LICENSEE
has advised LICENSOR that it desires to obtain certain licenses under
LICENSOR PATENTS, for
the consideration as provided
below.
|
| 4. |
LICENSOR
desires to
grant such license
all on the terms and subject to the conditions contained
herein.
|
NOW,
THEREFORE, in consideration of the promises and the mutual covenants hereinafter
contained, the parties hereto agree as follows:
AGREEMENT
ARTICLE
1
DEFINITIONS
|
1.1
|
“LICENSOR
PATENTS” means the
patents and applications listed in Attachment 1.
|
|
1.2
|
“LICENSED
TERRITORY” means the countries where LICENSOR PATENTS listed in Attachment
1 have issued.
|
|
1.3
|
“AFFILIATE”
means any corporation, partnership, joint venture, limited liability
company, or other entity or person
which directly or indirectly controls, is controlled by, or is under
common control with LICENSOR or LICENSEE, respectively, or any of
their
respective Affiliates on the date
of
this Agreement or at any time during the term
of
this Agreement, but only for so long as such relationship exists,
but
excluding any such entity acquired by LICENSEE after the effective
date of
this Agreement that is a direct competitor of LICENSOR’s GE Wind Energy
business in the manufacture and sale of wind turbines, including
the
entities in Attachment 3. As
used herein, the term “control” shall mean the ability to direct the
business of a company and shall be presumed in the case of ownership,
directly or indirectly, of shares of stock having more than fifty
percent
(50%) of the voting power entitled to vote for the election of directors
in the case of a corporation, and more than fifty percent (50%) of
the
voting power and interest in profits in the case of a business entity
other than a corporation.
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|
1.4
|
“LICENSED
PRODUCTS” means the D6 and D8 wind turbines and
components and systems thereof and hardware and software used
therein
described in Attachments 4 and 5 respectively, and
reasonable improvements and variations thereof, subject
to LICENSOR’s approval, which approval shall not be unreasonably
withheld,
where the sale or manufacture thereof in the LICENSED TERRITORY would
infringe at least one issued and valid claim of LICENSOR
PATENTS.
|
| 1.5 |
“MW”
means megawatts rated power.
|
ARTICLE
2
PATENT
LICENSE
|
2.1
|
LICENSOR
hereby grants and agrees to grant to LICENSEE and LICENSEE’s AFFILIATES, a
nonexclusive license, right and privilege under LICENSOR PATENTS,
to make,
have made, use, sell, service or otherwise dispose of LICENSED PRODUCTS,
and to have made components for use in LICENSEE’s LICENSED PRODUCTS, in
the LICENSED TERRITORY, including units of LICENSED PRODUCTS which
are in
the process of manufacture on the date of termination or expiration
of
this Agreement. [**]
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2.2
|
LICENSOR
makes
no
representation to
the LICENSEE that
exercise of the licenses granted herein will not infringe patents
of third
parties, and LICENSOR,
shall
not be liable, either directly or as an indemnitor or otherwise,
to the
other or
any third party as a consequence of any infringement of third party
patents.
|
|
2.3
|
LICENSOR
shall
not be held responsible by LICENSEE
for the validity of LICENSOR PATENTS should
such validity be contested by third parties or should any LICENSOR
PATENTS
not
be issued or be prematurely terminated for any cause whatsoever.
|
|
2.4
|
Both
Parties shall hold
the conditions of this Agreement in confidence, and shall not disclose
the
conditions of this Agreement except to its financial and legal
representatives, without the
other
Party’s prior
written consent.
|
|
2.5
|
LICENSOR
and LICENSEE each represent and warrant that they are duly authorized
to
execute, deliver and perform this
Agreement.
|
ARTICLE
3
COMPENSATION
|
3.1
|
LICENSEE
shall pay to LICENSOR
as royalties the
fees provided in Attachment 2.
|
[**]
This material has been omitted pursuant to a
request for confidential treatment and filed separately with the Securities
and
Exchange Commissions.
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2
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|
3.2
|
LICENSEE
agrees to make a written report to LICENSOR semi-annually during
the term
of this Agreement by May 15th and November 15th
by
email or fascimile to the addresses provided in Article 6 Notices.
Each
report shall state the quantity of LICENSED PRODUCTS in the respective
LICENSED TERRITORY sold or otherwise disposed of by LICENSEE for
the prior
six (6) months. LICENSEE further agrees to make a written report
to
LICENSOR within thirty (30) days after the date of expiration or
any
termination of this Agreement stating the quantity of LICENSED PRODUCTS
in
the respective LICENSED TERRITORY sold or otherwise disposed of by
LICENSEE prior to the date of expiration or termination and not previously
reported to LICENSOR. LICENSED PRODUCTS sold or otherwise disposed
of
prior to the expiration or termination of this Agreement shall include
units of LICENSED PRODUCTS which are in the process of manufacture
or for
which the components have been ordered. Each report shall include
a
computation of the royalty due to LICENSOR under Paragraph 3.1. Each
report shall be made whether or not sales or other dispositions have
been
made during such period. LICENSOR shall invoice LICENSEE for royalties
due, and LICENSEE shall pay to LICENSOR the royalty then accrued
under
said Paragraph 3.1 within 30 days after receipt of such invoice.
It is
also provided that, upon expiration or termination of this Agreement,
all
LICENSED PRODUCTS which LICENSEE has manufactured prior to the date
of any
such termination or expiration, and which LICENSEE has not previously
sold
or otherwise disposed of prior thereto, shall be considered as having
been
otherwise disposed of during the term of this Agreement, and accordingly
shall be subject to the payment of the royalty provided for in Paragraph
3.1.
|
|
3.3
|
LICENSEE
agrees to keep records showing the quantity of LICENSED PRODUCTS
sold or
otherwise disposed of during the term of this Agreement and other
related
records in sufficient detail to enable the royalty payable hereunder
by
LICENSEE to be determined. LICENSEE further agrees to permit its
applicable records to be examined from time to time upon reasonable
prior
notice, but not more often than once a year, to the extent necessary
to
verify the accuracy and completeness of the reports provided for
in
Paragraph 3.2 and the royalty due and payable hereunder. Such examination
shall be made at the expense of LICENSOR by an auditor appointed
by
LICENSOR.
|
| |
3.4.1
|
All
payments to be made to LICENSOR by LICENSEE under this Agreement
shall be
made in United States Dollars by telegraphic transfer to LICENSOR
to
|
[*
*]
| |
3.4.2
|
In
the event, however, that any government (other than United States
federal,
state and local governments) imposes any income tax on payments by
LICENSEE to LICENSOR and requests LICENSEE to withhold such tax from
such
payments, LICENSEE may deduct such tax from such payments up to the
rate
of the United States corporation income tax then payable by LICENSOR
on
such payments. LICENSEE
agrees to furnish LICENSOR with certified statements, receipts and
other
supporting data as may be required by United States Tax Authorities
to
establish that such tax has been
deducted.
|
[**]
This material has been omitted pursuant to a
request for confidential treatment and filed separately with the Securities
and
Exchange Commission.
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3
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|
3.5
|
In
the event that any royalty payable under
this Agreement is not paid by the date payment is due, LICENSEE shall
also
pay interest on such royalty for the period from the due date to
the date
payment is actually made at a per annum rate equal to two percent
plus the
prime rate quoted by the Chase Manhattan Bank of New York, N.Y. on
the
date payment was due.
|
|
3.6
|
For
the purposes of this Agreement, LICENSED PRODUCTS shall be considered
“sold” when shipped by LICENSEE to customer or customers designated site,
and LICENSED PRODUCTS shall be considered “otherwise disposed of” when
LICENSED PRODUCT is transferred for value to a party other than LICENSEE,
or put into commercial use by
LICENSEE.
|
ARTICLE
4
TERM
AND TERMINATION
|
4.1
|
This
Agreement shall become effective upon its execution by both
parties.
|
|
4.2
|
Unless
it is terminated earlier in accordance with Paragraph 4.3 or 4.4,
this
Agreement and the licenses granted hereunder shall continue in full
force
and effect until the date of expiration or final determination of
invalidity by a court of competent jurisdiction of
the last-to-expire of LICENSOR PATENTS, and shall thereupon
expire.
|
|
4.3
|
In
the event LICENSEE fails
or becomes unable to substantially perform the obligations or undertakings
to be performed by it under this Agreement and such default or inability
is not cured within thirty (30) days after notice from LICENSOR
specifying
the nature of the default, then LICENSOR shall
have the right to terminate this Agreement and the license granted
hereunder by giving ten (10) days written
notice. Notwithstanding the terms of this paragraph 4.3, under any
and all
circumstances, LICENSOR shall give to LICENSEE the full benefit of
any
payments made by LICENSEE in accordance with Table 1 of Attachment
2
herein. For example, for each Installment payment made for the Initial
Fee
in Table 1 of Attachment 2, the license and rights granted herein
shall
apply to a respective one third of the Initial MW and Installed MW’s in
Attachment 2.
|
|
4.4
|
In
the event there is a substantial direct or indirect change in ownership
or
operation of LICENSEE, as a result of merger, acquisition, consolidation
or otherwise, LICENSEE shall notify LICENSOR.
|
|
4.4
|
Upon
termination of this Agreement under Paragraph 4.3 or 4.4, or expiration
thereof as provided herein, all rights granted and obligations undertaken
hereunder shall terminate forthwith except:
|
4.4.1 LICENSEE’s
obligation to make payments, submit reports and permit auditing of its records
in accordance with the provisions of Article 3; provided, however, that the
provisions of Paragraph 3.3 shall continue in effect only for a period of two
years from the date of such termination or expiration.
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4
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4.4.2 The
provisions of Article 5 and of Paragraphs 2.2, 2.3, 2.4 and 2.5 of Article
2.
ARTICLE
5
TRADEMARKS
AND TRADE NAMES
In
using,
selling, or otherwise disposing of, or promoting the use, sale, or other
disposition of LICENSED PRODUCTS licensed hereby under LICENSOR PATENTS,
LICENSEE shall not, without the prior written consent of LICENSOR, directly
or
indirectly, use or refer to the trademarks or trade name of LICENSOR or its
AFFILIATES or to trademarks or trade names similar thereto; provided, however,
LICENSEE shall be permitted to inform by direct communication to customers
and
potential customers that LICENSEE is afforded the rights and privileges set
forth in this Agreement, but in any event excluding advertising or other
publications. Any press releases shall be in accordance with either version
of
press release presented in Attachment 7.
ARTICLE
6
NOTICES
Any
notices and other communications required or permitted to be given hereunder
shall be in writing, and in the case of LICENSEE shall be addressed
to:
EU
Energy, Inc.
Attention:
Xxxxxxx
Xxxxxx
0000
XxXxx Xxxxxx
Xxxxxx,
Xxxxxxxxxx 00000
Fax:
(000)
000-0000
Email: xxxxxxx.xxxxxx@xxxxx.xxx
and
in
the case of LICENSOR
(specifically including reports to be submitted by LICENSEE to LICENSOR pursuant
to Paragraph 3.2)
shall be
addressed
to:
GE
Energy
Attention:
Xxxx
Xxxxxx, President GE Infrastructure Technology
000
Xxxxxxxxxx Xxxx, XX 000 X
Xxxxxxxxxx,
XX 00000-0000
Fax:
000-000-0000
Email:
xxxx.xxxxxx@xx.xxx
or
to
such other address or addresses as either of these companies may from time
to
time designate as its address by notice in writing to the other. Such
notices or other communications may be personally delivered to an officer of
the
party at such address or may be transmitted by facsimile to the facsimile
number, or email to the email address as set forth in this Article provided
that
the sender shall retain a record of its transmittal. In
the
event that a party despite diligent efforts shall be unable to transmit a notice
or other communication via facsimile or email it may transmit such notice or
other communication by courier to the address of the other party as prescribed
in this Article, which notices or other communication shall be
effective
upon
receipt.
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5
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ARTICLE
7
EXTENSION
TO AFFILIATES AND SUBLICENSES
LICENSEE
may extend this Agreement to its AFFILIATES.
LICENSEE
will be responsible for identifying AFFILIATES and sublicensees to which this
Agreement is extended and include the same information for them as for LICENSEE
in the reports made to LICENSOR under Paragraph 3.3. LICENSEE will be
responsible for the payment of royalty fees accrued for its AFFILIATES and
sublicensees under Paragraph 3.2 concurrent with the making of said
reports.
ARTICLE
8
ASSIGNMENT
OF AGREEMENT
Except
as
provided in Article 7, LICENSEE shall not assign, extend or otherwise transfer
this Agreement or any right hereunder without the written consent of LICENSOR;
provided,
however, that LICENSEE shall have the right to assign this Agreement in its
entirety as a part of a disposition of that portion of the business as a whole
that is responsible for making, using and/or selling the LICENSED PRODUCT.
Neither this Agreement nor any rights granted herein shall
inure to the benefit of any trustee in bankruptcy, receiver or other successor
of LICENSEE whether
by operation of law or otherwise, without the written consent of
LICENSOR, and
any
assignment or transfer without such consent and approval shall be null and
void.
ARTICLE
9
APPLICABLE
LAW
|
9.1
|
This
Agreement shall be construed, and the legal relations between the
parties
hereto determined, in accordance with the law of the State of New
York,
U.S.A.
|
|
9.2
|
Anything
contained in this Agreement to the contrary notwithstanding, the
obligations of the parties under this Agreement shall be subject
to
compliance with all laws, both present and future, of any government
having jurisdiction over either party or this Agreement, and to orders,
regulations, directions or requests of any such government or any
department, agency, corporation or court
thereof.
|
ARTICLE
10
NEGOTIATIONS
AND ADR
|
10.1
|
Before
any Party to this Agreement commences any legal action or proceeding
anywhere in the world against the other Party to this Agreement with
respect to any dispute whatsoever pertaining to this Agreement, the
LICENSOR PATENTS or the LICENSEE PATENTS (a ‘Dispute’), the Parties agree
to follow the procedures set forth in this Article 10.
|
|
| 10.2.1 |
If
a party believes there is a Dispute, such Party will give the other
Party
notice in writing of such alleged
Dispute.
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6
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| 10.2.2 |
The
attorneys and technical and business persons of the Party claiming
the
Dispute will review the claim and will present their position to
the other
Party’s attorneys in writing within 60 Days of receipt of such notice.
|
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| 10.2.3 |
The
other Party’s attorneys will respond in writing within 30 Days of receipt
of such position.
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| 10.2.4 |
If
the issue has not been resolved, the other Party may provide to the
party
claiming the Dispute, a notice to meet, and the attorneys and technical
and business persons of both sides will meet and try to work out
a
resolution. Such resolution may include, but not be limited to, a
royalty-free license, a cross-license or a license with a royalty
rate
specific to a particular patent or product involved, provided, however,
that this provision shall not impose an obligation on any Party to
settle
a Dispute by means of licensing.
|
|
| 10.2.5 |
If
the attorneys and technical and business persons are unable to reach
a
solution within 60 Days of such meeting notice, the parties will
schedule
a meeting or other communication of their top executives. In such
a
meeting or other communication, the attorneys and technical and business
persons will explain their respective positions to the top executives
in
the presence of each other. The top executives of GE Wind Energy
LLC and
Composite Technology Corporation, respectively, will then meet or
otherwise communicate, either privately or with the assistance of
their
attorneys and/or technical and business persons, and attempt to devise
a
solution.
|
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| 10.2.6 |
If
the top executives are unable to agree on a solution within 30 Days
of
their meeting, the parties agree to submit the matter to settlement
proceedings under the International Chamber of Commerce (“ICC”) ADR Rules
in force as of the Effective Date or as thereafter amended. If the
Dispute
has not been settled pursuant to the said ICC ADR Rules within six
months
following the filing of a Request for ADR, or within such other period
as
the Parties may agree in writing, such Dispute shall be finally settled
under the ICC Rules of Arbitration as provided in Paragraph 10.4
of this
Agreement. All negotiations pursuant to this Article 10 shall be
confidential and treated as compromise and settlement negotiations
for
purposes of the Federal Rules of Evidence and state rules of
evidence.
|
|
| 10.3.1 |
In
the event the parties have failed to resolve their Dispute in an
amicable
way according to the requirements and time limits set out in this
Article
10, such unresolved Dispute shall be finally settled, without any
recourse
to appeal, under the Rules of Arbitration of the ICC by 3 arbitrators
appointed in accordance with such
Rules.
|
|
| 10.3.2 |
The
Chairman of the Arbitral Tribunal shall be nominated by the
Party-appointed arbitrators, in consultation with the parties. If
the
Party-appointed arbitrators fail to agree on the nomination of the
Chairman of the Arbitral Tribunal within 30 Days after the appointment
of
the second arbitrator, the Chairman of the Arbitral Tribunal shall
be
appointed by the ICC International court of Arbitration in accordance
with
the Rules of Arbitration of the ICC.
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7
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| 10.3.4 |
The
arbitration shall be in the English
language.
|
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| 10.3.5 |
The
arbitrators shall render their award no later than 6 months following
the
commencement of the arbitration and such award shall be final and
binding
on the Parties. The Parties hereby waive any right of review or appeal
on
questions of law and on any other questions or matters. Judgment
upon any
award rendered by the arbitrators may be entered into by any court
of
competent jurisdiction. If any such enforcement action is brought,
neither
party shall seek to invalidate or modify the decisions of the arbitrators
or otherwise to invalidate or circumvent the procedures set forth
in this
Article 10 as the sole and exclusive means of setting or resolving
such
Dispute.
|
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| 10.3.6 |
The
fees of the arbitrators shall be borne by the non-prevailing
Party.
|
| |
10.3.7
|
The
Parties acknowledge and instruct the arbitrators to take into account
in
determining what remedies shall be granted to the party prevailing
in the
arbitration, that (i) the rights of the Parties described in this
Agreement and the license granted herein are unique and money damages
alone for breach of this Agreement may not constitute an adequate
remedy,
(ii) time and strict performance are of the essence in this Agreement,
and
(iii) any Party aggrieved by the provisions of this Agreement may
be
entitled to equitable relief, including specific performance, temporary
restraining orders and injunctive relief.
|
|
10.4
|
Oppositions,
reexamination and similar patent office proceedings and nullity actions
against patents of a Party
|
|
| 10.4.1 |
If
either Party intends to file an opposition under the European Patent
Convention and/or European Community Patent Regulation or in any
other
jurisdiction which provides for opposition of patent applications
or a
reexamination or similar patent office proceeding or a nullity action
against a patent of the other Party, such party will give the Patent
holder notice in writing.
|
|
| 10.4.2 |
The
patent holder will be given an opportunity to respond and present
their
position, including any proposed resolution. Such resolution may
include,
but not be limited to, a royalty-free license, a cross-license or
a
license with a royalty rate specific to a particular patent or product
involved, provided, however, that this provision shall not impose
an
obligation on any Party to reach a resolution by means of
licensing.
|
|
| 10.4.3 |
In
any event, if the Parties are unable to reach a solution within the
first
to occur of, 45 Days prior to the expiration of any period to file
an
opposition, or within 90 Days from the initial notice, the Parties
shall
be free to proceed with the opposition, reexamination or other patent
office proceeding, or nullity action. Such proceedings shall not
be
submitted to ICC, ADR, or ICC
arbitration.
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ARTICLE
11
ENTIRE
AGREEMENT AND AMENDMENTS
This Agreement
contains the entire and only agreements between the parties respecting the
subject matter hereof and supersedes and cancels all previous negotiations,
agreements, commitments and writings in respect thereto. This Agreement
may not be amended, supplemented, released, discharged, abandoned, changed
or
modified in any manner, orally, or otherwise, except by an instrument in writing
of concurrent or subsequent date signed by duly authorized officers or
representatives of the parties hereto.
The
parties acknowledge and agree that nothing contained in this Agreement is an
admission by either party as to any specific fact, and therefore neither this
Agreement nor any part thereof can be used by either party as an admission,
representation, or estoppel in any action by one Party against the other.
This
Agreement may be executed in counterparts, each of which shall be deemed an
original and all of which shall be deemed one and the same agreement.
IN
WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be
executed in duplicate, as of the date first written above, by its duly
authorized officer or representative.
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LICENSEE
|
LICENSOR
|
|
By:
/s/ Xxxxxxx Xxxxxx
|
By:
/s/ Xxxx Xxxxxx
|
|
Name:
Xxxxxxx Xxxxxx
|
Name:
Xxxx Xxxxxx
|
|
Title:
President EU Energy, Inc.
|
Title:
President GE Infrastructure Technology
|
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Date:
|
Date:
|
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9
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Attachment
1
LICENSOR
PATENTS means the patents and applications listed below, including any
divisions, reissues, reexaminations, continuations, applications, and patents
issuing from such applications in any jurisdiction, that are counterparts of,
or
claim priority from, a common application for patent therefrom (the “Patent
Family”).
|
Number
|
Issued
/ Published
|
Expires
(Non-Priority)
|
Title
(GE
Docket)
|
Counterparts
Patents
|
Counterparts
Applications
|
|
5,083,039
|
1/21/92
|
2/1/11
(2012)
|
Variable
speed wind turbine (126903)
|
CA2100672C
EP569556B1
(CH, DE, DK, ES, FR, GB, IT, NL,
DE69233343C0
XX000000X0
(XX, XX, XX, XX, XX, XX, XX, IT, SE)
JP3435474B2
US5225712
| |
|
5225712
|
7/6/1993
| |
Variable
speed wind turbine with reduced power fluctuation and a static VAR
mode of
operation
| | |
|
6137187
|
10/24/2000
|
8/8/2017
(2018)
|
Variable
speed wind turbine generator
|
CN1120297C
AU0737762B2
AU0767961B2
EP1007844B1
(DE, DE, ES, FR, GB, IE)
DE69824965C0
ES2224426T3
US6847128
XX0000000,
US7095131
US6420795
US6600240
|
AR980103951
AU
81506/01
AU0000000000
BR9811873A
CA2300201AA
IN2326/Del/98
JP2001512804T2
KR20007001343
MX001375
NO20000626A,
PL0338639A1,
TR0000904T2
|
|
6420795
| | |
Variable
speed wind turbine generator
| | |
|
6600240
| | |
Variable
speed wind turbine generator
| | |
|
6847128
| | |
Variable
speed wind turbine generator
| | |
|
6856039
| | |
Variable
speed wind turbine generator
| | |
|
7095131
| | |
Variable
speed wind turbine generator
| | |
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10
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Attachment
2
LICENSEE
shall pay to LICENSOR as royalties the following fees:
[*
*]
[**]
This
material has been omitted pursuant to a request for confidential treatment
and
filed separately with the Securities and Exchange Commission.
-
11
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Attachment
3
Restricted
parties pursuant to Section 1.3
Vestas
(NEG Micon), Gamesa, Enercon, REpower, Nordex, Mitsubishi Heavy Industries
(MHI), Clipper Windpower, Siemens (Bonus), WinWind, Ecotecnia, Prokon Nord,
MTorres, Scanwind, Suzlon, Fuhrl’nder, Goldwind, Vensys, ABB, Acciona Windpower
(EHN).
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12
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Attachment
4
-
13
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14
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Attachment
5
-
15
-
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16
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17
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18
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19
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Attachment
6
[*
*]
[**]
This
material has been omitted pursuant to a request for confidential treatment
and
filed separately with the Securities and Exchange Commission.
-
20
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Attachment
7
Version
1
GE
ENTERS INTO PATENT LICENSE WITH EU ENERGY, INC.
ATLANTA,
GEORGIA - DATE XX, 2006 - GE Energy’s wind business has entered into patent
licenses with EU Energy, Inc. related to GE’s variable speed technology for wind
turbines.
Both
companies will independently carry on with their respective businesses of
manufacturing and selling wind energy turbines, contributing to the development
of the wind energy sector.
GE
Energy’s wind business is actively engaged in licensing its key patents for wind
turbine control technologies to help suppliers and customers meet the rapidly
growing need for clean, efficient renewable wind energy.
Wind
energy is the fastest growing energy segment, and GE’s proven and patented
technologies continue to set the standard in the industry for reliability and
grid compatibility.
“GE
continues to demonstrate its technology leadership and commitment to introducing
leading-edge technologies into the marketplace,” said Xxxxxx Xxxxx, vice
president of renewable energy for GE Energy.
About
GE Energy
GE
Energy
(xxx.xx.xxx/xxxxxx)
is one
of the world’s leading suppliers of power generation and energy delivery
technologies, with 2005 revenue of $16.5 billion. Based in Atlanta, Georgia,
GE
Energy works in all areas of the energy industry including coal, oil, natural
gas and nuclear energy; renewable resources such as water, wind, solar and
biogas; and other alternative fuels. Numerous GE Energy products are certified
under ecomagination, GE’s corporate-wide initiative to aggressively bring to
market new technologies that will help customers meet pressing environmental
challenges.
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21
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With
wind
turbine design, manufacturing and assembly facilities in Germany, Spain and
the
United States, GE Energy is among the leading providers of wind energy products
and support services ranging from commercial wind turbines and grid integration
products to project development assistance and operation and maintenance. The
company's knowledge base includes the development and/or installation of more
than 8,500 wind turbines with a total rated output of 7,600
megawatts.
About
EU Energy, Inc.
EU
Energy Inc., and EU Energy Ltd.,
produce,
sell, and license the XxXxxx series of wind energy turbines including the 50Hz
D6 rated at 1.25 megawatts (MW) and the 50Hz D8 rated at 2MW, both noted for
their reliability. In 2007, the new 2MW D8.2 is planned to be delivered to
North
American customers from assembly operations in Lübeck, Germany. The D8.2
utilizes the advanced WinDrive® hydrodynamic torque converter developed by Voith
AG with a synchronous AC generator that is able to connect directly to the
grid
without the use of power conversion electronics. The XxXxxx 8.2 will be
available in both a 60Hz and 50Hz version. ……………………………………...
###
| For more information, contact: | |
| | |
|
Xxxxxx
Xxxxxx
GE
Energy
x0
000 000 0000
xxxxxx.xxxxxx@xx.xxx
|
Xxx Xxxxxxx or Xxxxxx Xxxxx
Xxxxx Public Relations
x0 000 000 0000
xxxxxxx.xxxxxxx@xx.xxx
xxxxxx.xxxxx@xx.xxx
|
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22
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Attachment
7
Version
2
For
Immediate Release
COMPOSITE
TECHNOLOGY’S EU ENERGY ENTERS INTO PATENT LICENSE WITH GE
Irvine,
CA
- Date
___, 2006 - Composite Technology Corporation (CTC) (OTC Bulletin Board: CPTC)
is
pleased to announce that
its
subsidiary, EU Energy Inc., (EU Energy), has licensed certain patents from
GE
Energy’s wind business (GE Energy). While EU Energy’s range of wind turbines
employ their own technology and designs, the license from GE Energy will permit
EU Energy to continue to sell its traditional
model XxXxxx D6 and D8 wind turbines incorporating the use of conventional
power
conversion electronics in markets where the GE patents are applicable. The
XxXxxx D6 is available in 50Hz and 60Hz worldwide and the XxXxxx D8 available
in
50Hz worldwide.
Both
companies will independently carry on with their respective businesses of
designing, manufacturing and selling wind energy turbines, and contributing
to
the development of the wind energy sector. EU Energy’s XxXxxx D8.2 and D8.1 wind
turbines use a unique hydrodynamic torque converter that allows a synchronous
generator to connect directly to the grid without the use of power electronics.
This license is not applicable to these particular models.
Xxxxxx
Xxxxx, vice president of renewable energy for GE Energy stated: “GE Energy’s
wind business is actively engaged in licensing its key patents for wind turbine
control technologies to help suppliers and customers meet the rapidly growing
need for clean, efficient renewable wind energy.”
Xxxxxxx
Xxxxxx, President of CTC and EU Energy stated: “The signing of this license with
GE is important to fulfill terms of an Irrevocable Letter of Commitment to
purchase 400 megawatts of XxXxxx D6 turbines for delivery in the US commencing
no later than the first quarter of 2008. Developing the renewable wind energy
sector is vital to any developed economy and we are pleased to be able to offer
our traditional range of D6 and D8 turbines using certain of GE Energy’s power
electronics patent portfolio.”
About
GE Energy:
GE
Energy
(xxx.xx.xxx/xxxxxx)
is one
of the world’s leading suppliers of power generation and energy delivery
technologies, with 2005 revenue of $16.5 billion. Based in Atlanta, Georgia,
GE
Energy works in all areas of the energy industry including coal, oil, natural
gas and nuclear energy; renewable resources such as water, wind, solar and
biogas; and other alternative fuels. Numerous GE Energy products are certified
under ecomagination, GE’s corporate-wide initiative to aggressively bring to
market new technologies that will help customers meet pressing environmental
challenges.
With
wind
turbine design, manufacturing and assembly facilities in Germany, Spain and
the
United States, GE Energy is among the leading providers of wind energy products
and support services ranging from commercial wind turbines and grid integration
products to project development assistance and operation and maintenance. The
company's knowledge base includes the development and/or installation of more
than 8,500 wind turbines with a total rated output of 7,600
megawatts.
| For more information, contact: | |
| | |
|
Xxxxxx
Xxxxxx
GE
Energy
x0
000 000 0000
xxxxxx.xxxxxx@xx.xxx
|
Xxx Xxxxxxx or Xxxxxx Xxxxx
Xxxxx Public Relations
x0 000 000 0000
xxxxxxx.xxxxxxx@xx.xxx
xxxxxx.xxxxx@xx.xxx
|
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23
-
About
CTC:
Composite
Technology Corporation, based in Irvine, California, USA develops, manufactures
and sells high performance electrical transmission and renewable energy
generation products through its subsidiaries:
| |
·
|
EU
Energy Inc., and EU Energy Ltd.,
produce, sell, and license the XxXxxx series of wind energy turbines
including the 50Hz D6 rated at 1.25 megawatts (MW) and the 50Hz D8
rated
at 2MW, both noted for their reliability. In 2007, the new 2MW D8.2
is
planned to be delivered to North American customers from assembly
operations in Lübeck, Germany. The D8.2 utilizes the advanced WinDrive®
hydrodynamic torque converter developed by Voith AG with a synchronous
AC
generator that is able to connect directly to the grid without the
use of
power conversion electronics. The XxXxxx 8.2 will be available in
both a
60Hz and 50Hz version.
|
| |
·
|
CTC
Cable Corporation
produces composite rod for use in its proprietary ACCC aluminum conductor
composite core. ACCC conductors virtually eliminate the sag in power
lines
caused by high current and high line temperatures. ACCC conductors
also
reduce electricity line losses, and have demonstrated significant
savings
in capital and operating expenses when substituted for other conductors.
ACCC conductors enable grid operators to eliminate blackouts and
brownouts, providing a ‘reserve electrical capacity’ by operating at
higher temperatures. ACCC conductors are an innovative solution for
reconductoring power lines, constructing new lines and crossing large
spans. ACCC composite rod is delivered to qualified conductor
manufacturers worldwide for local ACCC conductor production and resale
into local markets.
|
For
further information visit our websites: xxx.xxxxxxxxxxxxxxxxx.xxx&
xxx.xxxxx.xxx
For
Investor Relations Contact: Xxxxx Xxxxxxxx, x0-000-000-0000
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 (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, competition with larger companies, development
of
and demand for a new technology, risks associated with a startup company, risks
associated with international transactions, general economic conditions,
availability of funds for capital expenditure by customers, availability of
timely financing, cash flow, timely delivery by suppliers, successful
integration of the EU Energy acquisition, ability to produce the turbines and
its components, ability to maintain quality control, collection-related risks
from international transactions, 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, 2005 and subsequent Quarterly Reports on Form 10-Q and subsequent Current
Reports filed on Form 8-K and including those pertaining to EU Energy that
will
be included with or prior to the filing of the Company’s next Quarterly or
Annual Report.
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