"We are very pleased to have received this Letter of Intent for a $3.2 million turbine order, starting with a near term initial turbine purchase of 11 wind turbines from our Vietnam customer," said Frank Greco, CEO and President.
Mr. Greco further commented, "this Letter of Intent and initial purchase is our first turbine sales into the Vietnam wind energy market. These turbines are being deployed for commercial and military applications and represent an initial estimated quantity of 100 wind turbines, for our Off Grid, Battery Charging, Marine versions of both our new 442SR next generation 10- kilowatt turbine, as well as our 2.5kW turbine small wind power system, to be deployed for remote island electrification.
We expect these 100 turbines will be delivered over the next 17 months; and while this is a substantial milestone for XZERES and particularly with respect to our initial penetration into Vietnam, we believe that there is potential for even more substantial business with this customer, as there are over 3,000 islands in Vietnam that will need power.
Accordingly there is a significantly larger opportunity than our initial business with this customer, as island electrification projects continue to develop and such opportunities could potentially evolve to be XZERES’ largest, single, global, turbine opportunity." David N. Baker, Chairman added "Our gratitude to Frank for his dedication and tenacity in turning a potential opportunity into a significant, realized business outcome with tremendous results and strong prospects for further future business."
The Company believes that this first project in Vietnam will be its "anchor tenant" for Asia and looks forward to expanding its business beyond Vietnam to the Philippines, Japan and throughout Asia.
XZERES Corp. is a renewable energy and clean energy technology company that designs, develops, manufactures and markets distributed generation, wind power systems for the small wind (2.5kW-100kW) market as well as power management and power efficiency solutions for the commercial, light industrial and residential markets. Our grid connected and off grid wind turbine systems, which consist of our 2.5kW and 10kW devices and related equipment, are utilized for electrical power generation for applications and markets such as residential, micro-grid based rural and island electrification, agricultural, small business, rural electric utility systems, as well as other private, corporate infrastructure and government applications. Our wind power systems are focused on distributed energy, where a specific machine’s energy output is largely or entirely used on-site where the equipment is installed, as well as grid connected applications. While many of our customers take advantage of their local net-metering rules within the United States and Feed In Tariffs that are often available in Europe and Internationally (to sell power back to the grid), our wind power systems are not dependent on transmission needs to carry the energy produced to another location and are therefore well suited for remote electrification, available with or without a battery coupled solution. Our power management and power efficiency solutions are deployed primarily for commercial and light industrial applications, and secondarily residential usage and target both urban and rural customers.