Wind Turbine Gearbox Exchange Program inked for three-year deal

LAS VEGAS, NV (May 6, 2014) – Gearbox Express (GBX), the only independent company in North America focused on providing down-tower, wind gearbox remanufacturing services, announced from the American Wind Energy Association's annual Windpower Expo that is has signed a Master Major Supply Agreement with Xcel Energy (NYSE: XCL), for a wind turbine gearbox exchange program in the utility's Upper Midwest service territory.

As part of the agreement, Xcel Energy will purchase remanufactured gearboxes from GBX. Gearbox Express shall keep a supply of those gearboxes at the ready to deliver to the designated Xcel Energy wind farm site. The returned gearbox will be completely remanufactured by GBX and will return to inventory for future use. Gearbox Express also will provide and support the terms of a five-year warranty agreement on the gearboxes and cover all warranty repair or replacement costs, including cranes.

"Xcel Energy owns and operates 201 wind turbines in Minnesota today with another 175 coming on line in 2015 in Minnesota and North Dakota, and this program is customized for maximum efficiency," said Bruce Neumiller, CEO of Gearbox Express. "Gearbox Express will have a stock of remanufactured gearboxes that Xcel Energy can access whenever they are needed to ensure there is virtually no down time."

Xcel Energy's Wind Turbine Gearbox Exchange stock will be kept at Gearbox Express's climate-controlled facility in Mukwonago, WI. GBX has operated out of this facility for two years, which houses its highly flexible, technologically advanced test stand that "rivals any in the world," according to Neumiller.

"For the 10th year in a row, Xcel Energy has been named the number one utility provider of wind energy in the United States, according to the American Wind Energy Association's recently released 2013 U.S.

Wind Industry Annual Market Report," continued Neumiller. "They have a vision of providing clean energy at a reasonable cost. Our agreement ensures we help protect their investments for maximum return to their customers. This aligns well with our long term strategy to support a limited number of owner operators as the need for down tower remanufacturing rapidly increases as the 40,000 plus megawatt class turbine installed base ages."

For more information about Gearbox Express, visit gearboxexpress.com.