Shares of Cleantech Rally Sharply Following News the Co. Now a Certified Supplier to China's Sinopec, CNPC
Cleantech Solutions International, Inc. (NASDAQ: CLNT), a manufacturer of metal components and assemblies, primarily used in the wind power, solar and other clean technology industries and dyeing and finishing equipment to the textile industry, today announced that it has become a certified supplier of components to China Petroleum and Chemical Corporation (Sinopec) and China National Petroleum Corporation (CNPC).
In May 2013, the Company delivered protoypes to Sinopec and CNPC of forged flanges and pipes, which are components used in oil and natural gas onshore and offshore drilling and refinery equipment. The Company's subsidiary, Wuxi Fulland Wind Energy Equipment Co., Ltd., has also received the necessary third party certifications, stating that its flanges and pipes are in conformity with the applicable standards in regard to axis shape, circular shape, tubular shape and forging processing.
"China's oil and natural gas industry is a new end market for our Company with favorable prospects for growth. As a certified supplier, we are able to market our components to the subsidiary companies of Sinopec and CNPC throughout China," said Mr. Jianhua Wu, Chairman and CEO of Cleantech Solutions. "We are hopeful that our marketing efforts in this area will contribute to our financial results beginning in the third quarter of 2013."
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