Broadwind Raises $100 Million in Equity Financing

April 28, 2008 – Vol.13 No.6

Broadwind Raises $100 Million in Equity Financing.

The company has also agreed to acquire Badger Transport to help reduce turbine installation costs. Badger transports oversized and overweight loads throughout the United States and Canada, including wind towers, wind turbine blades and other oversized equipment for large industrial applications. It also has expertise with shipments that require specialized equipment.

Ownership of the transport company will reduce the cost of turbine shipment which can be 25 percent of the total cost of installing a turbine.

With the funds from the equity financing Broadwind will accelerate its current expansion plans, invest in working capital to accommodate production growth expectations and finance potential acquisitions.

The financing of approximately $100 million was through the direct sale of common stock to investment funds managed by Tontine Associates, LLC. In addition to the stock sale, Broadwind has entered into non-binding letter of intent with a strategic partner for additional financing. The agreement will be announced if and when a definitive financing agreement is completed.

In the stock transaction, Broadwind will sell approximately 12.5 million shares. The financing is subject to regulatory approval and is expected to close in the second quarter of 2008.

Broadwind intends to take several steps to further accelerate its renewables growth strategy:

– Invest in additional regional operations and maintenance centers in a “hub and spoke” strategy to service the growing wind energy market.

– Expand gear and tower production capacities at current locations and through “greenfield” facilities strategically located throughout North America.

– Hire additional employees at the corporate and platform levels

– Continue to acquire businesses that complement Broadwind’s growth strategy.

Broadwind Energy, of Naperville, Illinois, owns, supports and strategically positions companies that manufacture, install and maintain components for energy and infrastructure-related industries with a primary emphasis on the wind energy sector. The company’s operational platforms include wind tower manufacturing, other heavy steel manufacturing, service and construction, precision gear manufacturing and now wind turbine transport. (4/28/08)

Links:

Broadwind Energy
http://www.broadwindenergy.com

Disclaimer, Forward-Looking or Safe Harbor Statement on original press release: Yes