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September 3, 2009 – Vol.14 No.24 Helix Wind to Purchase VENCO Power. Helix Wind, of San Diego, California, has announced that it has signed a definitive purchase agreement to acquire VENCO Power, a Bernterode, Germany-based producer of vertical axis small wind turbines. The acquisition will add three complementary small wind turbine products to Helix Wind’s existing portfolio. With the addition of VENCO Power’s products, Helix will offer vertical axis turbines that perform well at lower wind speeds, enable different price points and appeal to different aesthetic tastes. The VENCO turbines are also well suited for sailboats, charging batteries, remote field stations, off-grid installations and medium-sized commercial, agricultural, farm, and community wind sites supplying multiple homes from a single 50kW unit. “Filling out Helix Wind’s product portfolio with VENCO’s quality vertical axis units,” says Gardner, “enables us to be a single point source for world class solutions, service and financing to customers worldwide.” According to the terms of the agreement, Helix will purchase 100% of VENCO for 2.75 million Euros (nearly $3.9 million) consisting of cash and Helix Wind Corp. common stock. In addition to acquiring the assets and technology, VENCO’s personnel, including engineering staff, will be added to Helix's existing team. Closing is conditioned upon, among others, the receipt of audited financial statements of VENCO in accordance with SEC rules and the raise by Helix of at least $5 million.
"Acquiring VENCO allows us to expand our product line, address additional vertical markets, and enable our distributors to support a wider range of customer requirements and price points,” Gardner added. “We're also excited to bring German engineering talent and technology to the quest for alternative energy." The announcement of this purchase agreement follows closely on Helix Wind’s announcement two weeks ago of its plan to buy the assets of a pair of related Portland, Oregon-based small wind turbine companies, Abundant Renewable Energy LLC and Renewable Engineering LLC. Like the planned acquisition of VENCO Power, these acquisitions fill out Helix Wind’s product line of small wind turbines. VENCO Power is engaged in the design, manufacturing and sale of small wind vertical axis turbines designed to generate 0.3, 1.0 and 50.0 kW electric generating capacity. http://www.vencopower.com Helix Wind is engaged in the design, manufacturing and sale of small wind vertical axis turbine designed to generate 300W, 1kW, 2.0kW, 4.0kW, and 50kW electric generating capacity. (9/3/09)
Links: Helix Wind VENCO Power
Disclaimer, Forward-Looking or Safe Harbor Statement on original press release: Yes
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