Strategic partnership with WEG to develop utility scale platform for South American market
Barre, VT USA (2 June 2014) – Northern Power Systems Corp. (TSX: NPS), a next-generation renewable energy technology provider, is developing along with its Brazilian partner WEG (IBOVESPA: WEGE3) a new 3.3MW wind turbine. WEG is one of the world’s largest manufacturers of electrical equipment.
This new development effort will further complement WEG and Northern Power Systems’ existing portfolio of utility class wind turbines currently led by a 2MW-class on-shore turbine offering. The 3.3MW turbine development is part of an agreement between WEG and Tractebel Energia (IBOVESPA: TBLE3), a company of GDF Suez Group, under the Brazilian National Electrical Energy Agency (ANEEL) research and development program. WEG has a deep understanding of the unique needs of the Brazilian market, and, together with Northern Power, is designing the first turbine specifically designed and optimized to meet those market requirements. WEG plans to produce the new 3.3MW wind turbine in the southern Brazilian state of Santa Catarina and is expecting to leverage this turbine to provide clean, reliable power first in the growing South American wind market, and later expanding with Northern Power for global deployment.
“When our relationship began with WEG in 2013, we knew they had tremendous capabilities to supply wind power to the South American market. This additional platform will provide WEG a full portfolio of options for onshore wind,” said Troy Patton, Chief Executive Officer of Northern Power Systems. “We are excited to be working with WEG to develop this important technology for their rapidly growing pipeline of customer demand.”
“Northern Power has proven to be a strong technology partner for WEG as we expand our business in the growing wind energy generation market in Brazil,” said Joao Paulo Gualberto da Silva, WEG Wind Turbines Director. “We are expecting this technology to be an asset for our global expansion in the wind space, and look forward to partnering with Northern Power on global opportunities.”
For more information contact Ciel R. Caldwell (+1 857 209 3606) firstname.lastname@example.org.
Notice regarding forward-looking statements:
This release includes forward-looking statements regarding Northern Power Systems Corp. and its business, which may include, but is not limited to, expansion into new markets, and execution of the company’s growth strategy. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of Northern Power Systems Corp. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the wind power industry, performance and acceptance of the company’s products, economic factors, competition, the equity markets generally and many other factors beyond the control of Northern Power Systems Corp. Although Northern Power Systems Corp. has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Northern Power Systems Corp. undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.