BARRE, Vt., May 23, 2016
/PRNewswire/ -- Northern Power Systems Corp. (TSX:
NPS), a next generation renewable energy technology company,
today announced that, after extensive consideration of its business
direction, the company will dedicate its focus to distributed
energy solutions, including the design, manufacture and sale of
distributed wind turbines and integrated microgrid and distributed
energy storage solutions, featuring its state-of-the-art controller
and smart power converters.
Consistent with this refocus, Northern Power Systems is
exploring arrangements to further monetize the company's investment
in its utility scale wind businesses and technology. Northern
Power Systems has the only American-developed permanent magnet
direct drive offering that has demonstrated world class energy
production and best-in-class component reliability, utilized in
both its utility wind platform as well as its distributed wind
offerings—the NPS 100kW and 60kW—designed to perform to utility
class specifications. With its ability to develop generator
and power converter systems on an integrated basis, the company has
designed turbines that deliver increased efficiency and lower
operating costs.
Northern Power Systems' first two turbines of its 2.X MW
platform have been in continuous operation in Michigan since 2011. More recently, the
company's successful partnership with WEG S.A., a major Brazilian
manufacturer, has resulted in commercial production and delivery of
2.1 MW turbines at competitive costs and demonstrating
industry-standard operating performance. Northern Power
Systems' utility scale wind portfolio includes fully developed
variants of its 2.X MW class turbine as well as ongoing design of a
3.X MW turbine through an agreement with WEG S.A.
"Our customers continue to ask for solutions on-site, both
behind the meter and grid-connected, that can help them reduce
operating expenses and prepare for future energy needs," stated
Troy Patton, chief executive officer
of Northern Power Systems. He continued, "With this plan, the
new organization is prioritizing a focus on profitability through
delivering emerging technology for storage and renewables
integration to serve both utilities' and small business owners'
goals of reducing cost and increasing reliability of their energy
supply."
As part of the company's effort to refocus its business, chief
operating officer Lawrence Willey
will be departing Northern Power Systems. In addition, the
company is taking steps to realign its workforce and streamline
operations consistent with its renewed focus on the design and sale
of distributed energy solutions. Ciel
Caldwell, the company's current chief financial officer,
will be adding operational leadership to her role going forward as
the senior vice president of operations and finance.
About Northern Power Systems
Northern Power Systems
designs, manufactures, and sells wind turbines and power technology
products, and provides engineering development services and
technology licenses for energy applications, into the global
marketplace from its US headquarters and European offices.
- Northern Power Systems and its predecessors have almost 40
years' experience in technologies and products generating renewable
energy.
- Northern Power Systems currently manufactures the NPS™ 60 and
NPS™ 100 turbines. With over 10 million run time hours across its
global fleet, Northern Power wind turbines provide customers with
clean, cost effective, reliable renewable energy.
- Patented next generation permanent magnet direct drive (PMDD)
technology uses fewer moving parts, delivers higher energy capture,
and provides increased reliability due to reduced maintenance and
downtime.
- Northern Power Systems' FlexPhase™ power converter platform
uses patented converter architecture and advanced controls
technology for advanced grid support and generation
applications.
- Northern Power Systems offers comprehensive in‐house
development services, including systems level engineering, advanced
drivetrains, power electronics, PM machine design, and remote
monitoring systems to the energy industry.
To learn more about Northern Power Systems, please 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 March 31,
2015, 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.
Troy C. Patton,
Chief Executive Officer
+1-802-661-4673
ir@northernpower.com
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SOURCE Northern Power Systems Corp.