UTC takes stake in Clipper Windpower
13th January 2010
United Technologies Corporation (UTC) has made an investment into Clipper Windpower where the company issued 84.3 million ordinary shares to UTC, raising gross proceeds of £126.5m.
On 10 December 2009, Clipper announced the signing of an agreement for an equity investment into Clipper by UTC, a provider of technology products and services to the building systems and aerospace industries.
According to Clipper, the proceeds significantly strengthen the company’s balance sheet, enabling the Clipper ‘to enhance its operations and pursue its strategic initiatives’.
James GP Dehlsen, Clipper, said, ‘This transaction is transformational for Clipper as it represents a strategic investment by one of the world’s leading industrial technology companies. We welcome the investment from UTC and their confidence in Clipper’s technology and business opportunities. Following this transaction, we believe there is a tremendous opportunity for Clipper to grow its market share and take its world-class technology to new markets, and we look forward to working together with UTC to achieve these goals.
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