January 13 - Hiap Tong, a Singapore-based hydraulic mobile crane specialist, says it has established an equity joint venture co-operation in China in a bid to target the renewable energy sector.
Hiap Tong has invested USD 4m for an 80take in the new business, named Inner Mongolia Wulanchabu An Da Heavy Lift and Transport Co Ltd, which will provide heavy lifting and haulage services in the northern of the country.
The firm's high lifting capacity cranes will be utilised in the installation of windmills in China.
Explaining the move, Ong Teck Meng, Hiap Tong's executive chairman and chief executive officer, said: "Wind power is the fastest growing renewable energy technology in the world. With strong support from the PRC government, China was ranked fourth in the world in 2008 in terms of wind power capacity.
"The installation of a typical windmill requires cranes with lifting capacities exceeding 500 tonnes. With the current limited supply of cranes in the PRC, we believe there will be huge opportunities for us to provide specialised hydraulic lifting and haulage services to the market."
