Northern Power Systems Corp (TSX:NPS), a next generation renewable energy technology company based in Barre, Vermont, announced Monday that it has publicly filed a registration statement on Form S-1 with the US Securities and Exchange Commission, relating to a proposed initial US public offering of its common shares. In connection with the proposed offering, Northern Power Systems Corp has applied for the listing of its common shares on the NASDAQ Capital Market. The number of shares to be offered and the price range for the offering have not been determined. Northern Power is best known for its wind-power systems targeted for remote locations or low wind speed conditions.
Needham & Company, LLC will act as sole book-running manager for the proposed offering, with Craig-Hallum Capital Group LLC and Northland Capital Markets, Inc. acting as co-managers.
The proposed offering will be made only by means of a prospectus. A copy of the preliminary prospectus relating to these securities may be obtained, when available, from Needham & Company, LLC, 445 Park Avenue, New York, NY 10022, 800.903.3268, or by email to [email protected].
A registration statement related to these securities has been filed with the U.S. Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The transaction is subject to the approval of the Toronto Stock Exchange, where Northern Power is currently listed.
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 has 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 6 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.
- Some of the world’s largest manufacturers license the company’s next generation technology and IP for their utility and distributed wind products and markets.
History
In 1978, North Wind was awarded a U.S. Department of Energy contract to develop a high-reliability 2 kW wind turbine for the growing telecommunications market. As a result of that work, North Wind developed its HR2 wind turbine, a three-bladed, horizontal axis up wind rotor configuration utilizing a slow-speed, direct-drive 2.2 kW alternator. This small wind turbine soon gained international market acceptance as one of the most rugged, high-reliability wind turbines available. Over 600 HR2 and its successor HR3 wind turbines were sold over approximately 20 years of production. These wind turbines have been installed in over 40 countries on all seven continents, with many still operational today.
In 1986, North Wind, renamed Northern Power Systems, continued its DOE-sponsored research and development work, but also began to design, fabricate, and install high-reliability hybrid power systems for remote applications using gas- and diesel-fired reciprocating engine generators, photovoltaic panels, wind turbines, and battery banks for energy storage.
In 1999, this team began development of a 100 kW wind turbine under a series of cost-share contracts with the U.S. Department of Energy and the National Aeronautics and Space Administration. This turbine was specifically designed to function in the harsh winters of Alaska and was installed in remote villages with unreliable or expensive access to electricity. As part of another U.S. Department of Energy contract, this group designed an advanced platform utilizing a permanent magnet direct drive generator. A 1.5 MW generator was constructed and tested at the National Renewable Energy Laboratory, facility in Boulder, Colorado and proved the feasibility of such design. Combining this generator technology with the then-existing 100 kW wind turbine design, the original Northern Power Systems introduced a new 100 kW permanent magnet direct-drive wind turbine.
In the summer of 2008, the Vermont-based company was acquired by a group of investors who provided over $100 million in financing to Northern Power Systems between 2008 and 2013. During that period, Northern Power Systems introduced an advanced technology permanent magnet direct-drive distributed wind turbine, and has since sold over 400 of these 60 kW and 100 kW units. Starting in 2009, the company also invested in the development of a utility scale wind turbine, and completed a certified design for a 2.3 MW turbine with a 93-meter rotor. Two prototypes of this turbine are installed and operating at a Michigan wind farm, and this utility scale platform has been licensed to partners in Brazil and China.
Source: Northern Power Systems, 1.5.2015. www.northernpower.com.