Helix Wind Corp. is a global renewable energy company focused on the design, manufacture and sale of small wind vertical axis turbines. The company yesterday announced it has inked a letter of intent to acquire all business assets of Abundant Renewable Energy LLC (ARE) and Renewable Energy Engineering LLC (REE).
The deal will add two products to Helix Windâ€™s product portfolio, the ARE110 (2.5KW) and the ARE442 (10KW). Both systems run are grid-connected and are equipped with powerful blades, efficient alternators and superior controls, all of which contribute to a consistent and reliable wind energy source.
In addition to the acquisition of the power systems, ARE founder and president, Robert W. Preus, will join the Helix Wind to offer his industry and relative experience.
Helix Wind chairman and President Scott Weinbrandt said the acquisition will enable Helix Wind to move forward in the alternative energy industry, and that the addition of Preus will benefit the companyâ€™s expansion and operations.
â€œSuccessful completion of this transaction will further expand our business in the renewable energy space. Robert Preus is a highly respected industry veteran and will be a great addition to our technical team, with depth of knowledge about all aspects of the small wind value chain, great industry contacts, and experience with testing and certification,â€ Weinbrandt stated. â€œWe are proud that Helix is continuing its strategy to roll up other â€˜best of breedâ€™ alternative energy and small wind companies to become the dominant company in this business.â€
According to the press release, the acquired assets relate to AREâ€™s design, manufacture, marketing, sales and service of its turbines, towers, electronic controls and related equipment and software, as well as accounts receivable, inventory pre-paid items and cash.
Helix Wind also intends to acquire all business assets of REE related to the engineering, design and testing of wind turbines, towers, electronic controls and related equipment and software.
The deal is expected to close no later than November 1, 2009, and is expected to cost between $4 million to $6.5 million.