American Electric Technologies Inc. (AETI) and Wiscom Systems Company Ltd. have signed a memorandum of understanding to form a joint venture in China to develop and market power converters and inverters for the Chinese wind and solar markets, with the potential of expanding to other markets.
The joint venture will focus on leveraging AETI's utility-scale wind converter and solar inverter technologies to create power conversion products specifically for the Chinese utility market. The joint venture will also manufacture, market and sell the products to Chinese utilities.
AETI will have a 40% interest in the joint venture, while Wiscom will hold 60%. The primary focus will be China, but other international markets could be considered. Joint venture operations are expected to commence in the first quarter of 2011.