Emergya Wind Technologies And Americas Wind Energy Announce Letter of Intent For Proposed Merger
Toronto - Americas Wind Energy Corporation (AWE) and Emergya Wind Technologies Holdings N.V. (EWT), the international supplier and manufacturer of DIRECTWIND wind turbines, are pleased to announce that they have entered into a Letter of Intent for EWT to acquire all issued and outstanding shares of AWE in a cash merger transaction. The merger transaction is subject to completion of EWT's due diligence and a definitive merger agreement, AWE stockholder approval, as well as customary third party and regulatory approvals.
As a part of its consolidation and market development strategy, through the acquisition of AWE, EWT will control the exclusive rights to manufacture, sell and distribute the DIRECTWIND turbine product line in North America. AWE has licensed these rights from EWT since 2004.
“Joining with AWE in accessing the North American market for our products will be an important milestone that further demonstrates our global commitment to our customers and stakeholders. We are pleased that upon completion of the merger we will be able to direct and control all sales, customer service and manufacturing efforts of our DIRECTWIND turbines within the fastest growing market for wind power” stated Gerry van der Sluys, President & CEO, Emergya Wind Technologies B.V.
“This merger proposed by EWT will provide significant opportunities to sell further Direct Drive windturbines into the North American market and AWE looks forward to cooperating with EWT in this bold new venture," stated Hal Dickout, President and CEO of AWE.
With its corporate offices at Schiphol Amsterdam Airport, The Netherlands, EWT is recognized as a worldwide leader in the design of direct drive wind turbines providing wind energy solutions with excellent Cost of Ownership. The design of EWT's DIRECTWIND 750 and 900 turbines is characterized by the elimination of the traditional gear box present in conventional wind turbines, resulting in increased wind to power conversion, improved reliability and lower maintenance costs.
About AWE
AWE holds the exclusive North American license for EWT windturbines.
Since 2004 AWE has been developing the North American market for these Direct
Drive windturbines, modified for North American grid conditions. There are 6
machines installed and several more on order and a long list of customers who
have expressed interest in going ahead with new projects. AWE has developed
very capable suppliers in North America with a strong interest in supporting
this market.
About EWT
EWT is an international wind turbine supplier specialized in the
development and the manufacturing of advanced high-quality direct drive
(gearless) wind turbines. Our 750 kW and 900 kW models feature a variety of
rotor diameters and hub heights. The key assets together formed a strong
basis on which EWT commenced commercial operations in February 2004. EWT is
determined to become one of the world's leading suppliers of high performance
direct drive wind turbines. Key objectives are to offer our customers
reliable top quality products with lowest energy generating cost during a
20-year operational lifetime. EWT intends to meet its objectives by a
combination of market driven product innovation, organic growth, strategic
partnerships and acquisitions, if suitable opportunities arise. EWT regards
it an additional challenge to develop and build wind farms on a full-turnkey
basis across the globe.
SOURCE: Americas Wind Energy Corporation