SOURCE: Composite Technology Corporation

Composite Technology Corporation

January 06, 2011 08:05 ET

Composite Technology Wins First ACCC® Conductor Order in California

Order Marks Continued Market Penetration in the United States

IRVINE, CA--(Marketwire - January 6, 2011) - Composite Technology Corporation (CTC) (OTCBB: CPTC) is pleased to announce the first conductor order placed in California, for its subsidiary, CTC Cable Corporation. The order, issued by the City of Riverside Public Utilities (RPU), California, is comprised of ACCC® 1183 kcmil conductor and associated hardware to be used for reconductoring a 69kV, one mile portion of a 120 MVA transmission line for RPU. Installation is scheduled for early Spring 2011.

RPU considered upgrading its existing 654 kcmil ACSR conductor to achieve higher capacity and lower losses at the same clearances. They investigated the use of advanced conductors on their system and selected ACCC® conductor. 

Stephen H. Badgett, RPU's Deputy General Manager, approved the use of ACCC® conductor based on its lowest total lifecycle cost. According to Stephen, "The ACCC® conductor provides RPU some unique opportunities to minimize impacts to overhead construction, including using longer spans and fewer structures as well as its lower power losses, which will help reduce our carbon footprint."

"Riverside Public Utilities' selection of ACCC® conductor for this project marks another milestone toward CTC Cable's goals of providing high capacity, low sag (HCLS) efficient conductors to upgrade and increase the reliability of transmission and distribution grids worldwide. Riverside has a history of combining innovation and practical decision making. We are pleased and proud to add RPU to our growing list of customers," stated Stewart Ramsay, President of CTC Cable Corporation.

CTC Cable is the major global supplier of composite core conductor with over 6,100 miles (9,900 kilometers) of ACCC® conductor selected for 156 commercial deployments on transmission and distribution lines.

About Riverside Public Utilities:
Established in 1895, RPU employs over 550 people. It is a municipal utility, owned by the customers they serve. They provide high quality, reliable services to over 106,000 customers. RPU is committed to increased use of renewable energy resources and sustainable living practices that help reduce environmental impacts within the City of Riverside and the state of California.

About CTC:
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 6,100 miles (over 9,900 kilometers) 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: 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.

Contact Information

  • Investor Relations:
    James Carswell
    +1-949-428-8500