Queen Creek, Ariz.-based WindPower Innovations Inc. has signed an agreement to acquire Energetic Drives LLC and XH Industries Inc.
Energetic Drives uses patented technologies to transfer 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.
These 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, the company says.
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.
WindPower Innovations' goal is to become the premier re-builder of wind turbine gearboxes, as well as to expand the business into complete turbine overhauls, including blade refurbishment, according to the company.
SOURCE: WindPower Innovations Inc. Â