Chinese glass fiber supplier wins investment support

Jiangsu Chuangzhou CTC Technical Fabrics Co. Ltd. has received investment support from venture capital firm WI Harper Group.

Jiangsu Chuangzhou CTC Technical Fabrics Co. Ltd. (Changzhou, China) on Jan. 25 announced that venture capital firm WI Harper Group (Beijing, China) has led their first institutional round of investment. Shenzhen Capital Group Co. Ltd., Changzhou Wujin Hongtu Venture Capital Co. Ltd. and Changzhou Hongtu Venture Capital Co. Ltd. also participated in this round as joint investors. CTC is a producer of glass fiber fabrics that are used primarily in the wind energy market and also in the building of trains, ships and sporting goods.

“We are excited to fuel the early expansion of fast-growing companies like CTC in China. With their experienced management and innovative technology, we see opportunities for dramatic growth.”

CTC supplies wind turbine blade manufacturers with glass fiber reinforcement fabrics critical to building wind blades and meeting the high demand for alternative power in China. According to the Global Wind Energy Council, today 30 percent of Asia’s wind production facilities are located in China. WI Harper Group and CTC will leverage the deep industry knowledge and experience of both firms to increase the performance of CTC’s products, reduce costs and provide timely, personalized customers service.

The president of CTC, Chen Meicheng said, “The use of wind power is growing rapidly worldwide, which brings opportunities as well as challenges to CTC. This funding will enable us to expand production capacity, as well as institutionalize corporate governance and bring new leaders to our world-class management team. Additionally, WI Harper’s international resources in the clean energy power field are exactly what we need to grow the company and enter new markets.”

“China plans to replace 40 percent of its traditional energy generation with clean renewable energy by 2050, and wind power plays a dominant role in this transition. WI Harper Group has a keen interest in investing in clean energy and low-carbon technologies,” commented managing director of WI Harper Group in Beijing, Sean Peng. “We are excited to fuel the early expansion of fast-growing companies like CTC in China. With their experienced management and innovative technology, we see opportunities for dramatic growth.”