(Yicai Global) July 6 -- Shares in Jiangsu Amer New Material advanced by as much as 3 percent today after the Chinese manufacturer of fiberglass products said that wind turbine maker Jiangyin Envision Investment and its affiliates are buying CNY800 million (USD111 million) worth of wind turbine blades this year.

Amer New Material’s share price [SHE:002201] closed up 1.7 percent at CNY9.74 (USD1.34) today. Earlier in the day it hit CNY9.86.

Amer New Material has signed a long-term supply contract with Jiangyin Envision, which is part of green energy giant Envision Group, the Shenzhen-listed company said yesterday.

The contract will have a positive influence on Amer New Material's performance this year and in the coming years. The procurement amounts for future years were not given.

Amer New Material, which counts wind energy giants such as Xinjiang Goldwind Science & Technology, Sany Heavy Energy and Dongfang Electric among its clients, logged revenue of CNY1.4 billion (USD199.1 million) last year, 61 percent of which came from its fiberglass products, according to its 2022 financial report. The amount generated by the sale of wind turbine blades was not stated.

Amer New Material began producing wind turbine blades in 2007. The company has a production capacity of 600 sets a year, with each unit able to generate over a megawatt of power, according to its website.

Editor: Kim Taylor