Shanghai Electrical-SPX Engineering & Technologies Co., Ltd., a joint venture between Shanghai Electric and SPX Corporation, was officially open for operation on 8 February 2012.
The joint venture had announced the incorporation a month ago. Its official launch for operation marks an important milestone in the cooperation between Shanghai Electric and US-based SPX Corporation. The joint venture will focus on the development of air cooling systems by applying cutting-edge technologies in the industry and contribute unremitting efforts to correspond the development strategies of the Central Government's Twelfth Five-Year Plan for the development of energy economy in China.
At present, China has introduced the industrial policies which specified that only large-scale air cooling systems must be used in the new thermal power units within the drought and water-scare regions in North Eastern, North and North Western China. According to current statistics regarding domestic thermal power market in China, the demand trend of air cooling units was constantly increased year by year, reaching almost 40% market share at the moment. The introduction of the industrial policies fully secured the market development and the prospects of the Joint Venture.