Washington State Company to Join Commerce Secretary Gary Locke on Business Development Trade Mission

Seattle, WA (USA), May 17, 2010 – Principle Power is pleased to announce that Ms. Alla Weinstein, CEO, will be joining U.S. Commerce Secretary Gary Locke as one of twenty four U.S. business leaders on the first cabinet-level trade mission of the Obama Administration. The delegation will make stops in Hong Kong, Shanghai, and Beijing to explore opportunities to meet China’s growing demand for clean energy technologies. The mission will take place May 15-21.

”The opportunity for US renewable technologies and their applicability to the Chinese market is immense,” said Alla Weinstein. “We look forward to the organized delegation meetings and the subsequent discussions pertinent to our WindFloat technology.”

Principle Power is a technology developer focused on the offshore wind energy market. Principle Power’s enabling product, a floating wind turbine support structure called WindFloat, provides for siting of offshore wind turbines in water depths greater than 50m, thus exploiting the world’s highest capacity wind resources. Offshore wind installations in these water depths have not, to date, been feasible due to economic and technological limitations.

China’s rapid economic growth has been accompanied by a dramatic increase in both demand for energy and greenhouse gas emissions. In response to these challenges, China’s central government has made clean energy and energy efficiency strategic priorities, implementing programs and new regulations designed to reduce emissions of major pollutants and greenhouse gases. These new requirements offer U.S. companies an important opportunity to provide a wide range of clean energy technologies to China's growing market. The mission will help U.S. companies already doing business in China to grow by increasing their exports, and will assist experienced U.S. exporters looking to enter the Chinese market for the first time – all in support of the creation of green jobs in the United States. 

Because exports directly and indirectly support millions of American jobs, they are an increasingly important part of the economy and a key component of the Obama Administration’s efforts to create jobs through aggressive trade promotion strategies. In March, President Obama issued the executive order creating the National Export Initiative, which sets a goal of doubling U.S. exports during the next five years in support of 2 million U.S. jobs.