Jiangsu Chuangzhou CTC Technical Fabrics, Co., LTD., a Chinese 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, closed its first round of equity financing.
The round was led by WI Harper Group, with participation from Shenzhen Capital Group Co., Ltd., Changzhou Wujin Hongtu Venture Capital Co., Ltd. and Changzhou Hongtu Venture Capital Co., Ltd.
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.
As stated by the president of CTC, Chen Meicheng, this funding will enable the company to expand production capacity, as well as institutionalize corporate governance and bring new leaders to its management team.
“WI Harper’s international resources in the clean energy power field are exactly what we need to grow the company and enter new markets”, he added.
The company, which was founded in 2008, is based in Changzhou, China.