NexGen Holdings, Corp. (PINKSHEETS: XGEN) announced today that its alternative energy subsidiary WindPower Solutions, Inc. has executed a letter of intent to engineer, test and deliver $27 million dollars worth of 3rd generation Vertical axis wind turbines to Energy Arventis a United Kingdom company over a 3-year period.
Energy Arventis has obtained over $180 million in funding commitments to build a vertical axis wind turbine farm with over 100 60KWH turbines. Energy Arventis has entered into a Letter of Intent to contract with WindPower Solutions to assist in the final engineering, and to build and test a prototype, and then manufacture and deliver 100of these wind turbines. WindPower Solutions estimates that it can deliver these turbines FOB our contracted facility for about $270,000 apiece with a 30% margin built in.
“This type of project validates the work we have been doing over the last few years,” stated John Myers, CEO of both NexGen Holdings and its subsidiary WindPower Solutions.
Nick Palumbo Sales and Marketing Director for WindPower Solutions said, “I have been working with Tony Power, CEO of Energy Arventis for some time, building a relationship and demonstrating to him the quality of what our company builds. This agreement is the culmination of those efforts- and should really put WindPower Solutions on the international map in the alternative energy field”
Tony Power, CEO of Energy Arventis added, “Obviously the final agreement between us is contingent on the completion of our financing and I was reluctant to enter into this agreement until our financing was solid. Now was the time to move forward and WindPower Solutions was the obvious choice to me.”
NexGen Holdings, Corp (PINKSHEETS: XGEN). is a public holding company that is an acquirer and operator of fundamentally sound subsidiaries that are market accepted, scalable and demonstrate a quantifiable value proposition. To enhance shareholder value our focus is on establishing a foot print in a specific industry through the acquisition of a subsidiary that has a strong market presence, brand awareness, talented and dedicated management teams with the potential to achieve exceptional performance over time. Once acquired these companies can expand through additional acquisitions, aggressive marketing and access to our operational support, management approach, and ability to access financial markets for operational and growth capital to build a market leader. NexGen Holdings, Inc. currently has two subsidiaries: WindPower Solutions, Inc. which repairs and remanufactures wind power turbines and solar power plants for operators across the U.S., and R.I.G. Construction, Inc., which under the Cameo brand name, (Cameo Pools, Cameo Landscaping and Cameo Solar) builds and renovates swimming pools and markets outdoor products to consumers in the Phoenix, Arizona Metropolitan Area.