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August 11, 2011
Wilsonville-based XZERES has received a Letter of Intent for a $3.2 million turbine order from its Vietnam customer following the successful completion of a pilot installation earlier this year. The company said it believes that this first project in Vietnam will be its “anchor tenant” for Asia and looks forward to expanding its business beyond Vietnam to the Philippines, Japan and throughout Asia.
XZERES is a designer, developer and producer of distributed generation, wind power systems for the small wind market (2.5kW-100kW) and power management and efficiency devices for the commercial and light industrial market.
“We are very pleased to have received this Letter of Intent for a $3.2 million turbine order, starting with a near term initial turbine purchase of 11 units from our Vietnam customer,” said Frank Greco, CEO and President.
According to Greco, “this Letter of Intent and initial purchase is our first turbine sales into the Vietnam market. These turbines are being deployed for commercial and military applications and represent an initial estimated quantity of 100 turbines, for our Off Grid, Battery Charging, Marine versions of both our new 442SR next generation 10- kilowatt turbine, as well as our 2.5kW turbine small wind power system, to be deployed for remote island electrification.”
Greco said that the company expects these 100 turbines will be delivered over the next 17 months, “and while this is a substantial milestone for XZERES and particularly with respect to our initial penetration into Vietnam, we believe that there is potential for even more substantial business with this customer, as there are over 3,000 islands in Vietnam that will need power.”
In the opinion of Greco, “there is a significantly larger opportunity than our initial business with this customer, as island electrification projects continue to develop and such opportunities could potentially evolve to be XZERES’ largest, single, global, turbine opportunity.”
David N. Baker, Chairman added, “Our gratitude to Frank for his dedication and tenacity in turning a potential opportunity into a significant, realized business outcome with tremendous results and strong prospects for further future business.”