WI Harper Leads Round for Chinese Glass Fiber Fabric Co

Jiangsu Chuangzhou CTC Technical Fabrics, a Chinese maker of glass fiber fabrics, has raised an undisclosed amount of first-round funding. WI Harper Group led the deal, and was joined by Shenzhen Capital Group Co., Changzhou Wujin Hongtu Venture Capital Co. and Changzhou Hongtu Venture Capital Co.

PRESS RELEASE

Jiangsu Chuangzhou CTC Technical Fabrics, Co., LTD., today announced WI Harper Group 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 leading domestic 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.

CTC supplies wind turbine blade manufacturers with low-cost, high-quality 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% of Asia’s wind production facilities are located in China, and the country is positioned to replace Germany as the world leader in wind production in 2010. 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% 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.”

ABOUT CTC

Founded in 2008 and based in Changzhou, CTC supplies wind blade manufacturers with low-cost, high-quality glass fiber reinforcement fabrics. CTC demonstrated solid financial performance in 2008 and increases revenue over 10X year-over-year in 2009.

ABOUT WI HARPER GROUP

Founded in 1993, WI Harper Group is a venture capital firm that invests in early and expansion stage companies with significant operations in China and aspirations to become global leaders. We are an active partner with a track record of over 100 investments in the technology, clean technology and health care sectors. The firm manages over $400 million in invested capital from our offices in Beijing, Taipei and San Francisco. www.wiharper.com