WILSONVILLE, ORE., June 24, 2014 ─ XZERES Corp. (OTCQB: XPWR), a global clean energy solutions company, signed an exclusive worldwide license agreement to manufacture, market and sell Argosy Wind Power’s 50 kilowatt-rated (kW) wind turbine system. The turbine will join the XZERES range of wind turbine products—Skystream 2.4 and XZERES 10—and will be branded as the XZERES 50, further positioning the company as a leading provider of small wind turbine solutions in the market.
The new XZERES 50kW is based on the same advanced gearless technology and engineering used in leading edge wind turbine generators. The 50kW turbine option will now serve the larger power needs of XZERES customers in the commercial, municipal and agricultural markets worldwide. This particular 50kW turbine model has been successfully deployed in the UK and has a growing pipeline of projects in Europe, South America and Asia.
The 50kW turbine offering expands XZERES’ suite of small, wind powered, distributed energy systems. As the highest power generated kilowatt-rated system in the product line, it provides customers another choice to best suit their requirements and allows them to leverage the most optimum solution from the power spectrum for producing clean, quiet and reliable renewable energy. XZERES now supports a more diverse range of infrastructure solutions with this larger system and is pursuing multiple opportunities in its project pipeline.
“To compete effectively in the small wind market, companies must have all the key ingredients – quality product, distribution, support, and financial strength,” said Jeffrey B. Milbourn, president and CEO of Argosy Wind Power. “No other small wind player has the global reach XZERES does with systems deployed in more than 100 countries across seven continents. We partnered with XZERES to expand our quality 50kW system with its early and successful field deployments and benefit from that global distribution capability along with XZERES’ sales, service, and support infrastructure, and financial strength of its key investment partners.”
“The Argosy turbines have quickly reached a level of reliability due to our talented and dedicated group of engineers and service personnel,” continued Milbourn. “Now, with XZERES, we can demonstrate to potential customers that we can support their needs and deploy systems globally, which we believe greatly enhances the probability of turning Argosy’s more than $30 million in project pipeline into sales.”
As another important aspect to this transaction, XZERES anticipates that its key financing project partner, Gale Force Infrastructure Fund, LLC, will incorporate the larger turbine into its distributed wind investment portfolio plans for the UK and EU marketplace. There are a number of sites available where a larger system would be a great solution, providing XZERES with a near-term, significant sales opportunity.
The licensing transaction is supported by Renewable Power Resources (RPR), the company’s senior lender and strategic investment partner. RPR continues to add value and demonstrate its significant commitment and vision toward building XZERES into a major global renewable energy company that offers a range of solutions for distributed power generation.
Similar to the acquisition of Skystream, RPR recognizes the opportunities to capture additional performing assets, integrate them into the XZERES infrastructure, at nominal added costs, and drive synergistic performance. Furthermore, XZERES anticipates completing the development work on Argosy’s 20kW system over the next six to nine months, potentially adding another quality system to the XZERES range of turbines. XZERES retains the exclusive rights to purchase Argosy Corp. and its assets.
XZERES Corp. is a global clean energy technology company that provides an array of quality power solutions for a new energy landscape. The company designs and manufactures small wind power systems as well as power management and power efficiency solutions for commercial, light industrial and residential markets. XZERES’ products deliver significant energy cost savings while reducing its customer’s carbon footprint. Headquartered in Wilsonville, Oregon, XZERES’ international distribution network supports the deployment of its products in 110 countries across seven continents. For more information please visit www.xzeres.com
About XZERES Turbines
XZERES’ Skystream 2.4kW and XZERES 10kW wind turbines are the best-in-class small scale wind turbines in the market for residential, agricultural, small business and microgrid applications. With more than 9,000 installations, they are the leading wind energy solution for customers around the world. XZERES—It’s Your Turn.
Forward-Looking Statements and Safe Harbor Statement:
The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those identified under “Risk Factors” in the Company’s filings made with the Securities Exchange Commission. Actual results may differ materially from those contemplated by these forward-looking statements and the Company does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this press release.
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