Northern Power Systems, Inc., a next-generation wind energy company, announced today that James C. Shay has been appointed Chief Financial Officer. The appointment is part of Northern's rapid transformation into a major commercial force in the wind power industry.
Mr. Shay brings 25 years of senior management experience from General Electric (NYSE: GE), BHA Group Holdings (formerly Nasdaq: BHAG), and Frontier Investment Banc Corporation. In his most recent position, Mr. Shay was Senior Vice President and Chief Financial Officer at BHA Group Holdings, where he doubled revenues through organic growth and acquisitions and led the successful sales of the company to General Electric. He also worked at KPMG Peat Marwick in various roles. Mr. Shay holds a Bachelor in Science Accounting from the University of Kansas and is a member of the Missouri Society of Certified Public Accountants. Northern Power Systems has over 30 years of experience in developing advanced, innovative wind turbines. In August 2008, Northern was established as stand-alone wind energy company when private investors acquired the business from Distributed Energy Systems (NASDAQ: DESCQ). A subsequent funding round in September 2008 brought the total available capital to more than $50MM. The company's next generation wind turbine technology is a based on a vastly simplified architecture that utilizes a unique combination of permanent magnet generators and direct-drive design. This revolutionary new approach delivers higher energy capture, eliminates drive-train noise, and significantly reduces maintenance and downtime costs. The company currently sells the Northwind 100 turbine, designed specifically for community wind applications such as schools/universities, businesses, commercial farms, and municipalities.
