Northern Power Systems Concludes Strategic Review of Business; Determines to Pursue Strategic Alternatives for its Utility Scale Wind Business
The company will dedicate its focus to distributed energy solutions, including the design, manufacture and sale of distributed wind turbines and integrated microgrid and distributed energy storage solutions, featuring its state-of-the-art controller and smart power converters.
BARRE, Vt., May 23, 2016 /PRNewswire/ -- Northern Power Systems Corp. (TSX: NPS), a next generation renewable energy technology company, today announced that, after extensive consideration of its business direction, the company will dedicate its focus to distributed energy solutions, including the design, manufacture and sale of distributed wind turbines and integrated microgrid and distributed energy storage solutions, featuring its state-of-the-art controller and smart power converters.
Consistent with this refocus, Northern Power Systems is exploring arrangements to further monetize the company's investment in its utility scale wind businesses and technology. Northern Power Systems has the only American-developed permanent magnet direct drive offering that has demonstrated world class energy production and best-in-class component reliability, utilized in both its utility wind platform as well as its distributed wind offerings—the NPS 100kW and 60kW—designed to perform to utility class specifications. With its ability to develop generator and power converter systems on an integrated basis, the company has designed turbines that deliver increased efficiency and lower operating costs.
Northern Power Systems' first two turbines of its 2.X MW platform have been in continuous operation in Michigan since 2011. More recently, the company's successful partnership with WEG S.A., a major Brazilian manufacturer, has resulted in commercial production and delivery of 2.1 MW turbines at competitive costs and demonstrating industry-standard operating performance. Northern Power Systems' utility scale wind portfolio includes fully developed variants of its 2.X MW class turbine as well as ongoing design of a 3.X MW turbine through an agreement with WEG S.A.
"Our customers continue to ask for solutions on-site, both behind the meter and grid-connected, that can help them reduce operating expenses and prepare for future energy needs," stated Troy Patton, chief executive officer of Northern Power Systems. He continued, "With this plan, the new organization is prioritizing a focus on profitability through delivering emerging technology for storage and renewables integration to serve both utilities' and small business owners' goals of reducing cost and increasing reliability of their energy supply."
As part of the company's effort to refocus its business, chief operating officer Lawrence Willey will be departing Northern Power Systems. In addition, the company is taking steps to realign its workforce and streamline operations consistent with its renewed focus on the design and sale of distributed energy solutions. Ciel Caldwell, the company's current chief financial officer, will be adding operational leadership to her role going forward as the senior vice president of operations and finance.
About Northern Power Systems
Northern Power Systems designs, manufactures, and sells wind turbines and power technology products, and provides engineering development services and technology licenses for energy applications, into the global marketplace from its US headquarters and European offices.
Northern Power Systems and its predecessors have almost 40 years' experience in technologies and products generating renewable energy.
Northern Power Systems currently manufactures the NPS™ 60 and NPS™ 100 turbines. With over 10 million run time hours across its global fleet, Northern Power wind turbines provide customers with clean, cost effective, reliable renewable energy.
Patented next generation permanent magnet direct drive (PMDD) technology uses fewer moving parts, delivers higher energy capture, and provides increased reliability due to reduced maintenance and downtime.
Northern Power Systems' FlexPhase™ power converter platform uses patented converter architecture and advanced controls technology for advanced grid support and generation applications.
Northern Power Systems offers comprehensive in‐house development services, including systems level engineering, advanced drivetrains, power electronics, PM machine design, and remote monitoring systems to the energy industry.
To learn more about Northern Power Systems, please visit www.northernpower.com.