Power equipment supplier China Titans Energy Technology Group Co. Ltd. (02188.HK) secured up to 18 million yuan (US$2.9 million) in contracts in the first quarter to build vehicle charging equipment for State Grid Corp. of China, the Hong Kong Economic Journal reported Monday.
Of the total, Titans won 2 million yuan worth directly, with the rest coming from subcontracts or associated companies, company chairman Li Xinqing was quoted as saying. State Grid has put out 200 million worth of tenders so far this year.
Li said State Grid accounts for more than 90 percent of his company’s orders for charging equipment for electric vehicles. That share is expected to fall as the country opens up the power market to private investors.
Titans aims to surpass its 2012 sales total by bidding more aggressively for tenders later this year.
The company was 33.81 million yuan in the red last year and does not plan to expand its capacity because of the low cost of outsourcing non-core production, Li said.
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