Irvine, Calif.-based Composite Technology Corp. (CTC), a developer of electrical transmission and renewable energy generation products, has announced that Credit Suisse Securities Ltd. has exercised its option to invest an additional $40 million in CTC. Prior to this investment, Credit Suisse owned 9.3% of the outstanding shares of CTC.
After this investment, Credit Suisse owns approximately 23.7% of the outstanding shares of the company. Further details will be filed in a form 8-K report with the Securities and Exchange Commission.
‘This is a strong endorsement of CTC's market position and the technological advantages that ACCC conductors and DeWind D8.2 turbines have when compared to competing products,’ says Benton Wilcoxon, chairman and CEO of CTC. ‘We are well-positioned for growth, and this investment should facilitate the negotiation and completion of significant DeWind D8.2 orders as well as expand the growth in ACCC conductor business worldwide.’
SOURCE: Composite Technology Corp.