Barre, VT USA (12 November, 2018) – Northern Power Systems (www.northernpower.com), a next-generation renewable energy technology company, announces that Natural Generation Ltd. has acquired NPS’ UK Service Business effective 8th December 2018. The asset sale includes all UK service contracts, related spare part inventory and NPS’UK based service team.
As of the 8th of December Natural Generation will be the sole authorized and certified service partner for NPS wind turbines in the UK. Northern Power has licensed the use of its intellectual property, related to its installed fleet of wind turbines in the UK, exclusively to Natural Generation and will be providing manufacturer support.
It has been a priority of Northern Power to ensure that the transaction does not require any modifications to the current contracts in place with valued Northern Power customers. As such there will be no changes for them as customers with regards to the monitoring, service, PGP and warranty of their turbines.
Reinout Oussoren, Interim Co-Chief Executive Officer at Northern Power Systems, said: “Over the past years the medium wind turbine market in the UK has matured and Northern Power Systems has made the decision to step back from its service related activity in the UK. The sale is a result of a renewed focus on Northern Power’s core competencies and select markets providing growth opportunities for our wind turbine and energy storage products and services”.
About Northern Power Systems
Northern Power Systems designs, manufactures, and sells distributed power generation and energy storage solutions with its advanced wind turbines, inverters, controls, and integration services. With over 25 million run-time hours across its global fleet, Northern Power wind turbines provide customers with clean, cost-effective, reliable renewable energy. NPS turbines utilize patented permanent magnet direct drive (PMDD) technology, which uses fewer moving parts, delivers higher energy capture, and provides increased reliability by reducing maintenance and downtime. Northern Power also develops Energy Storage System solutions (ESS) and turnkey projects, deploying its FlexPhase™ power converter platform, which features patented converter architecture and controls technology for advanced grid support and generation applications.
Northern Power has been a technology innovator for over 40 years and serves clients around the globe from its US headquarters and European offices. To learn more, visit www.northernpower.com.
Notice regarding forward-looking statements:
This release includes forward-looking statements regarding Northern Power Systems and its business, which may include, but is not limited to, product and financial performance, regulatory developments, supplier performance, anticipated opportunity and trends for growth in our customer base and our overall business, our market opportunity, 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. 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; production, performance and acceptance of the company’s products; our sales cycle; our ability to convert backlog into revenue; performance by the company’s suppliers; our ability to maintain successful relationships with our partners and to enter into new partner relationships; our performance internationally; currency fluctuations; economic factors; competition; the equity markets generally; and the other risks detailed in Northern Power Systems’ risk factors discussed in filings with the U.S. Securities and Exchange Commission (the “SEC”), including but not limited to Northern Power Systems’ Annual Report on Form 10-K filed on April 2, 2018, as well as other documents that may be filed by Northern Power Systems from time to time with the SEC. Although Northern Power Systems 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 undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
William St. Lawrence
Interim Co-Chief Executive Officer