China-based metal valve manufacturer China Valves Technology has secured a $15 million order for pumped storage ball valves and hydraulic turbine pumped storage inlet valves from Chinese power station contractor Dongfang Electric, media reports indicate.
The company's subsidiary China Valve Technology Changsha signed a strategic co-operative framework agreement earlier in 2010 to establish a research and development center for valve development to capture the hydropower market, which will produce the devices for order alongside Zhengzhou Zhengdie Valve, reports indicate.
In other news, Zhengzhou Zhengdie Valve Co., Ltd has received the National High-Tech Enterprise status from the Chinese government, as recognized by the Ministry of Science and Technology of China, the Ministry of Finance and the State Administration of Taxation.
As a result, the subsidiary is entitled to a preferential tax rate of 15 percent instead of the statutory income tax rate of 25 percent.
The High-Tech Enterprise status and the eligibility for the preferential tax rate are reviewed by the government authorities every three years.
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