Catch the Wind Ltd. Signs Sales Agreement with Boralex for 6 Vindicator® LWS Units
Grows international base of users and broadens integration with more turbine makes
Catch the Wind, Ltd. (TSX-V: CTW) announced today that it has sold six Vindicator® laser wind sensor (LWS) units to Boralex (TSX: BLX), a power producer with an installed capacity of 700 MW in Canada, the Northeastern United States and France. The sales agreement includes an option to purchase hundreds of additional units over a set period.
“Our sales agreement with Boralex is significant on a number of levels,” said Phil Rogers, President and CEO of Catch the Wind, Inc. “Not only does it provide the potential for a significant number of follow-on orders, it also expands our installed base around the world through an expected installation into France for the first time. Equally important, it allows us to broaden the number of turbine makes and models into which the Vindicator has been integrated given Boralex’s use of Enercon turbines.”
The installation of the Vindicator® laser wind sensor units will initially take place on six Boralex wind turbines located on different sites in North America and Europe. Installation is expected to begin in the third quarter of the current calendar year. Boralex’s primary use of the Vindicator® LWS is intended for increased energy output.
Financial terms of the sales agreement were not disclosed.
The Vindicator® LWS is a “next generation” wind sensor for utility-scale wind turbines. From its position on top of the nacelle, the Vindicator® LWS determines wind speed and direction up to 300 meters in front of the turbine. As a result, the Vindicator® LWS provides a three-dimensional view of actual wind conditions enabling the optimization of a wind turbine’s performance for the purposes of increasing energy output and reducing damaging stress loads.
About Boralex
Boralex is a power producer whose core business involves developing and operating renewable energy power stations with a total installed capacity of 700 MW in Canada, the Northeastern United States and France. Boralex is also committed under power development projects, both independently and with European and Canadian partners, to add approximately 400 MW of power. With nearly 350 employees, Boralex is known for its diversified expertise and in-depth experience in three power generation segments — wind, hydroelectric and thermal — and will add a fourth segment to its energy portfolio with the upcoming commissioning of its first solar power station. Boralex’s shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB, respectively. More information is available at www.boralex.com or www.sedar.com.
About Catch the Wind, Ltd.
Catch the Wind, Ltd. is a high-growth technology company headquartered in Manassas, Virginia. The company was founded in 2008 to develop and manufacture the Vindicator® laser wind sensor.
Catch the Wind serves the commercial market sector for laser based wind sensor systems, recognized as the “gold standard” in wind measurement. The company is focused on becoming a major contributor in making clean, renewable wind energy more affordable and profitable. For more information, visit www.catchthewindinc.com.
Forward-Looking Information
This news release includes certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this news release, include, but are not limited to, economic performance and future plans and objectives of Catch the Wind. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Catch the Wind believes that the assumptions and factors used in making the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. Catch the Wind disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Catch the Wind Ltd.
Claudia Jaques
Vice President and General Counsel
703-393-0754
[email protected]
TMX Equicom
Philip Dale
Investor Relations
416-815-0700 ext. 253
[email protected]