Pioneer Power Completes AAER Asset Purchase

Fort Lee, N.J.-based Pioneer Power Solutions Inc., a manufacturer of liquid-filled, encapsulated and ventilated transformers for utility, industrial and commercial applications, has completed the purchase of certain assets of Quebec, Canada-based AAER Inc., a manufacturer of megawatt-sized wind turbines.

Under terms of the purchase agreement, Pioneer acquired most of the inventory, capital assets, intangible assets and intellectual property of AAER through Pioneer Wind Energy Systems Inc., a newly formed subsidiary, for C$450,000 in cash.

Pioneer Wind intends to build upon AAER's achievements and will start by fulfilling $15 million in outstanding orders for six turbines to be delivered to U.S. customers in the next six months.

In the longer-term, Pioneer Wind intends to manufacture increasingly advanced wind turbines.

SOURCE: Pioneer Power Solutions Inc. Â