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Northern Power announces management changes

Power News - Published on Thu, 14 Feb 2019

Image Source: Electric Energy Online
Northern Power Systems Corp a distributed wind company, today announced that on February 11, 2019, the Company effected the disposition of the Company’s energy storage business, including Northern’s energy storage project pipeline and related intellectual property, to WEG Electric Corp. At closing, (i) NPS received proceeds of approximately USD 1,100,000 and (ii) WEG hired eight (8) energy storage focused employees from Northern. Despite the sale of its NPS’s energy storage assets, the Company continues focus on its distributed wind business and intends to market and sell its distributed wind turbines in the in a variety of markets including Italy, the United States, Canada, the Caribbean, the United Kingdom and Germany.

In addition, the Company continues to explore all strategic alternatives and transactions for Company, including the sale of the business or some or all of its assets and business lines including its distributed wind turbine and/or distributed wind service segments. It is uncertain if the Company’s efforts to identify and effect one or more strategic transaction will be successful.

In conjunction with the disposition of disposition of NPS’s energy storage business to WEG, the Company announced on February 12, 2019 (i) the departure of its Interim Chief Financial Officer Ciel R. Caldwell. effective immediately, and (ii) the appointment of William St. Lawrence, as the Company’s Interim Financial Officer. While serving in this capacity Mr St Lawrence will continue to serve as the Company’s Interim Co-Chief Executive Officer and General Counsel.

Under the terms of separation, the Company may engage Ms. Caldwell as a consultant. Ms. Caldwell confirmed that her departure did not result from a disagreement with the Company on any matter relating to the Company’s operations, policies or practices, including its controls or financial related matters.

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Posted By : Rabi Wangkhem on Thu, 14 Feb 2019
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