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WindPower Innovations to Acquire Energetic Drives and XH Industries
3/16/2010
QUEEN CREEK, AZ - WindPower Innovations, Inc. announced it has signed an agreement to acquire Energetic Drives, LLC and XH Industries, Inc. as wholly owned subsidiaries of WindPower Innovations, Inc.
Energetic drives is focused on providing highly efficient solutions for the wind power industry using cutting-edge, patented technologies to revolutionize the transfer of power to the grid.
Serving the wind power industry since 1987, XH Industries, Inc. has two fully equipped, operational repair and maintenance facilities, in California and Washington state, serving a population of over 20,000 wind turbines, 60% of which are estimated to be behind on critical maintenance.
These strategic additions are a key next step toward WindPower Innovations fulfilling its commitment to provide next generation solutions designed to minimize downtime and increase profitability for wind farm operators.
This agreement provides for a period of due diligence and the issuance of restricted common stock at a formula based on the current market price.