Windflow saved by US deal
Windflow Technology has signed a licensing agreement with a US company, it announced to the Stock Exchange today.
The 10-year agreement with General Dynamics SATCOM Technologies is for joint development and marketing of Windflow’s turbine technology.
It will involve joint manufacturing and sales of the two-bladed 500KW turbine.
Founder Geoff Henderson retains his shareholding at 7% according to a February 29 substantial shareholder notice to the Stock Exchange.
General Dynamics SATCOM Technologies supplies satellite and wireless communication equipment to customers around the world.
It plans to manufacture and sell the turbines for back up power supply to clients in North America, Africa and US military bases around the world.
The agreement includes funding for Windflow to resume manufacturing at its Christchurch plant.
Windflow retains marketing rights in Europe, Asia and Australia and has limited rights to supply customers in Hawaii and California.
The outlook for Windflow had looked bleak after it closed manufacturing and averted a move to liquidate the company at a meeting in October last year.