Feb 3 2010
China Valves Technology, Inc. (Nasdaq: CVVT) ("China Valves" or the "Company"), a leading metal valve manufacturer with operations in the People's Republic of China ("China" or the "PRC"), today announced that the Company recently formally obtained a Qualified Supplier certificate from China Nuclear Power Engineering Corporation, Ltd. ("CNPEC").
The certificate authorizes the Company to provide valves for conventional islands of nuclear power plants commissioned by CNPEC, as defined by the Company's Special Equipment Manufacturing License issued by China's State Quality Supervision & Inspection Bureau. In addition, the Company is also qualified to supply valves for Balance of Plant (BOP), the supporting system in a nuclear power plant. Only a few out of several thousands of valve manufacturers have obtained this certification from CNPEC. In order to qualify as a supplier, manufacturers must meet a range of predefined standards, such as having the ability to produce valves for power plants with a generation capacity of at least 300MW.
The Company estimates that approximately 45% of all valves in a typical nuclear power plant are used in the conventional island, while 11% are used in the BOP.
State-owned CNPEC, China's largest company engaged in nuclear power research, development and operation, undertakes and has completed the most nuclear power engineering projects in China. Additionally, CNPEC has generated more than 300 nuclear power related industry standards and has a prominent role in the development and implementation of a plan for the nuclear power industry under China's Eleventh Five-Year Plan.
"This certificate is an indication of confidence in our ability to deliver high-quality valves for demanding applications in the emerging nuclear power industry," said Mr. Siping Fang, Chairman and Chief Executive Officer of China Valves. "China is aiming to become self-sufficient in nuclear power development, and is therefore increasingly relying on high-quality domestic suppliers. China Valves hopes to capitalize on this growing demand by actively developing our product offerings and improving quality."
China Valves is already certified to supply valves used in conventional islands for China's second largest nuclear power development company, Guangdong Nuclear Power Group ("GNPG"). It has yet to obtain the license to manufacture valves used in the core island of nuclear power plants.
Source: http://www.cvalve.com