Northern Power Systems Corp. (NPS), a distributed wind company based out of Vermont, has effected the disposition of its energy storage business, including its energy storage project pipeline and related intellectual property, to WEG Electric Corp., a global electronic equipment manufacturer headquartered in Brazil.
At closing, NPS received proceeds of approximately $1.1 million, and WEG hired eight storage-focused employees from NPS. In 2016, WEG also acquired NPS’ utility wind assets.
NPS says it will continue to focus on its distributed wind business and intends to market and sell its turbines in a variety of markets, including Italy, the U.S., Canada, the Caribbean, the U.K. and Germany.
In addition, the company continues to explore other strategic alternatives and transactions, including the sale of the business or some or all of its assets and business lines, including its distributed wind turbine and/or distributed wind service segments.
In conjunction with the disposition of its energy storage business, NPS has announced the departure of its interim chief financial officer, Ciel R. Caldwell, effective immediately, and the appointment of William St. Lawrence in the same role. St. Lawrence will continue to serve as the company’s interim co-CEO and general counsel.
Under the terms of separation, the company may engage Caldwell as a consultant. Caldwell confirmed that her departure did not result from a disagreement with the company on any matter relating to operations, policies or practices.