Cleantech gets $1.7M in motor shaft forging orders
NEW YORK (AP) — Cleantech Solutions International Inc., which makes components and assemblies for the solar and wind power industries, said Tuesday that it received $1.7 million in orders for motor shaft forgings from Nanjing Turbine & Electric Machinery Changfeng Alternative Energy Co.
The news sent the Chinese company's U.S. shares up more than 45 percent in midday trading.
Cleantech, based in Wuxi, China, said the orders call for it to deliver 800 units of motor shaft forgings to Nanjing Turbine by the end of 2012. The company said it has received advance payments of about $300,000.
Cleantech shares rose $1.10, or 45.3 percent, to $3.53 in midday dealings after peaking at $3.92 earlier in the session. Over the past 52 weeks, the company's shares have traded between $1.65 and $21.60.
