The customer is DongFang Turbine Co., Inc., which will begin receiving shipments in the third quarter of 2011.
"I am delighted that the acquisition of MDC Tech is already beginning to pay significant dividends and has put us in the 'sweet spot' of approximately $300 billion (€217.8 billion) in Smart Grid spending in the next five years,” said Jeffrey Kang, CEO of Cogo.
“This far reaching contract gives me increased confidence that we will reach the guidance for $15-20 million (€10.8 million to €14.5 million) in revenue in the first 12 months after the closing of the MDC acquisition on 30 January 2011," Kang said.
Cogo, based in Shenzen, China, will provide design, logistical and engineering services and technical support over the life of the contract, utilizing key components and technology from an unnamed European technology solution supplier for clean-tech technologies.
“This contract with DongFang Turbine Co. is moving Cogo upstream to encompass design, logistics and engineering services and the relatively large size of the contract will improve the visibility of our overall order book,” Kqang said. “We are confident that we will see many more contracts in the field of energy production and expect to quickly add new customers and new clean-tech energy businesses beyond wind very soon."
"I believe that we will soon begin to see further benefits of MDC Tech as we leverage these new assets across our 1,600-strong customer base,” Kang continued.
This contract, along with other wind turbine contracts signed by MDC with DongFang over the last twelve months, will be included in this year's revenue, according to a statement released by the firm.
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