This arrangement will take the Company through the design and manufacturing phases to initial production
Hover Energy, LLC ("Hover" or the "Company") announced today that the Company has selected Jabil Inc., a worldwide leader in innovation, advanced engineering, supply chain and manufacturing solutions, to support Hover in finalizing its product design for manufacturing and building the first Hover units for rooftop installation. Jabil spent several months reviewing Hover's technology and expects to fabricate the units at its headquarters in St. Petersburg, Florida.
Hover's Chief Executive Officer, Albert McLelland, commented, "Entering into an agreement with an NYSE-listed electronic manufacturing services provider is the culmination and validation of our work over the past two years to advance our rooftop wind power technology. We believe Jabil's vast manufacturing experience will contribute to a lower-cost product with superior manufacturability for Hover. Customers from the automotive, aviation, and technology industries have requested Hover Array Systems. We intend for our initial units from Jabil to serve as a pilot project." The Company has executed a Technology Services Letter Agreement with Jabil to formalize its relationship and begin engineering refinements immediately.
Hover's Chief Operating Officer, Dr. Carsten Westergaard, added, "We look forward to advancing our product design with Jabil's expert engineering team. Most technologies don't have the advantage of involving a design and manufacturing services company this early in the production process. We expect Jabil's substantial network of material suppliers and superb facilities will contribute to an enhanced product and a timely installation of our first rooftop array."
"This is a defining moment in our Company's history," observed Chris Griffin, Hover's President. "Jabil's established brand name and worldwide reach will enable us to have uninhibited growth in the U.S. and international markets. The synergies and expertise that Jabil offers will enhance our go-to-market strategy."
About Hover Energy, LLC
Hover Energy, LLC possesses a transformative wind power generation technology. The Company expects to remake the onsite wind energy market by providing an impactful wind power solution with high energy density and a wide range of applications, including the built environment. Additional information is available at http://www.hoverenergy.com.
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This news release may contain statements concerning the development and completion of a wind power generation technology and the timing of its delivery, as well as other expectations, plans, goals, objectives, assumptions and information about future events, efficiency, outcomes, applications, conditions, results of operations or performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect.