Helix Wind to acquire all assets of Abundant Renewable Energy and Renewable Energy Engineering

18 August 2009

Helix Wind Corporation, a global renewable energy company, has signed an agreement to acquire all of the business assets of Abundant Renewable Energy and Renewable Energy Engineering.

The total purchase price of the acquisitions will range from $4m to $6.5m in cash and restricted stock of Helix Wind. The acquisition of ARE will bring two additional products to the Helix Wind portfolio which are expected to qualify for rebate programmes in California and New York and many other states.

Helix Wind intends to purchase all the business assets of ARE related to the company’s design, manufacture, marketing, sales and service of wind turbines, towers, electronic controls, related equipment and software, as well as accounts receivable, inventory pre-paid items and cash. Simultaneously, Helix Wind intends to purchase all business assets of REE related to the engineering, design and testing of wind turbines, towers, electronic controls and related equipment and software. Helix Wind will also assume the outstanding liabilities associated with the purchased assets.

Following the acquisition, ARE Founder and President Robert W Preus is expected to join the Helix Wind team.

Helix Wind chairman and president Scott Weinbrandt said, ‘Successful completion of this transaction will further expand our business in the renewable energy space. Robert Preus is a highly respected industry veteran and will be a great addition to our technical team, with depth of knowledge about all aspects of the small wind value chain, great industry contacts, and experience with testing and certification. We are proud that Helix is continuing its strategy to roll up other ‘best of breed’ alternative energy and small wind companies to become the dominant company in this business.’

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Tags: wind

This story was published on Tuesday, August 18th, 2009 at 5:40 pm and is filed under North America, deals, wind. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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