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Greenbank Group secures breakthrough commercial agreements with China

World Coal,

Based in Derbyshire, UK, the Greenbank Group said it was honoured to be involved in David Cameron’s current trade mission to China. The trade visit led by the British prime minister has included ministers and business leaders from every sector.

Charles Conroy, managing director of the Greenbank Group, travelled with the prime minister’s delegation representing the power generation and energy industries. The group has profited significantly from the trip, and has announced it has secured two commercial agreements with leading Chinese power organizations Qingdao Sizhou Electric Equipment Co Ltd, as well as the Guodian Power Group. 

These agreements will increase Greenbank’s turnover by 20% over the next five years. The first of the two new deals was the signing of a memorandum of understanding (MOU) with Qingdao Sizhou, to work together on promoting a range of Greenbank’s products into China.

The aim of the agreement is to build closer ties between the two companies through a distribution and licensing agreement, which includes a reciprocal arrangement in the UK to allow Greenbank to draw upon the engineering expertise of Sizhou to supplement the range of services offered in the UK market.

The second agreement secured by Greenbank was a formal supply, distribution and licensing agreement between Greenbank and Beijing Huadian Tianred Electrical Power Control Technology Co Ltd (part of the large Guodian Power Group) for the sale into China of one of Greenbank’s range of boiler optimisation technologies. The agreement could be expanded to increase the number of Greenbank products on sale in the next few years.

Prime minister David Cameron commented: “I am delighted that Greenbank Group are joining me in the largest British business delegation to go to China this century. This Government’s priority is to secure the economic recovery and we are determined to [do] all we can to help British companies succeed in the global race.”

“I am firmly committed to playing my part, which is why I have taken more than 130 business delegates to China, including Greenbank Group. My aim is to open the door for them in this fast-growing market, creating opportunities for them to expand their business.”

Conroy added: “This visit has been a huge boost to our business in China. This significant vote of confidence in Greenbank technologies means the group can invest further into growing our operational presence in China. The five year agreements will at least double the company’s current annual export levels and return a sizeable portion of the company’s future turnover to export.”

Greenbank has had a presence in China for seven years and last year opened a wholly owned foreign enterprise in Beijing.

Adapted from press release by Sam Dodson

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