SAN DIEGO - Helix Wind has signed a definitive purchase agreement to acquire Venco Power, a Germany-based manufacturer of vertical axis small wind turbines, for $3.9 million in cash and common stock, the company announced Thursday.

The acquisition will add three complementary small wind turbine products to Helix Wind’s existing portfolio.

With the addition of VENCO Power’s products, Helix will offer vertical axis turbines. The VENCO turbines can also be used in sailboats, charging batteries, remote field stations, off-grid installations and medium-sized commercial, agricultural, farm, and community wind sites supplying multiple homes from a single 50kW unit.

“Filling out Helix Wind’s product portfolio with VENCO’s quality vertical axis units enables us to be a single point source for world class solutions, service and financing to customers worldwide,” said Helix Wind CEO Ian Gardner.

According to the terms of the agreement, Helix will purchase 100% of VENCO for 2.75 million Euros (nearly $3.9 million) consisting of cash and Helix Wind, Corp. common stock. In addition to acquiring the assets and technology, VENCO’s personnel, including engineering staff, will be added to Helix's existing team. Closing is conditioned upon, among others, the receipt of audited financial statements of VENCO in accordance with SEC rules and the raise by Helix of at least $5 million.

"Acquiring VENCO allows us to expand our product line, address additional vertical markets, and enable our distributors to support a wider range of customer requirements and price points,” Gardner added. “We're also excited to bring German engineering talent and technology to the quest for alternative energy."

With Venco comes greater access to the small wind residential market in Europe, along with three new products the company plans to add to its small wind product line, according to Helix Wind CEO Ian Gardner.

While all three models are for the small wind market, each has a distinctive look and different capacities. The Venco Twister 300-T produces power at wind speeds as low as 3.5 meters per second (7.8 mph); it starts rotating at 3.0 meters per second, and its claim to fame is that it's "virtually quiet." The Twister 1000-T makes the same noise and power claims as the 300-T, but has a different look and begins to start rotating at a wind speed of 1.5 meters per second. The Vertikon H50 will begin generating power at speeds as low as 2.5 meters per second.

The announcement of this purchase agreement follows closely on Helix Wind’s announcement two weeks ago of its plan to buy the assets of a pair of related Portland, Oregon-based small wind turbine companies, Abundant Renewable Energy LLC and Renewable Engineering LLC.  Like the planned acquisition of VENCO Power, these acquisitions fill out Helix Wind’s product line of small wind turbines. 
 

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