The underwriters for the offering are Craig-Hallum Capital Group, Needham and Northland Capital Markets.
The company is a growing provider of advanced renewable power creation and power conversion technology for the energy sector. It designs, manufactures and services next-generation Permanent Magnet Direct-Drive (PMDD) wind turbines for the distributed wind market. Currently, Northern Power licenses its utility-class wind turbine platform, which uses the same PMDD technology as its distributed turbines, to large manufacturers on a global basis.
Northern Power also provides technology development services for a wide variety of energy applications. With its predecessor companies dating back to 1974, and its new turbine development since 1977, the company has decades of experience in developing advanced, innovative wind turbines, as well as technology for power conversion and integration with other energy applications. Since 2008, the company has invested over $130 million in developing and commercializing its wind turbine platforms.
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The substantial majority of current sales are in the small wind subset of the distributed wind market. Based on the number of turbines sold and installed to date, Northern Power considers itself a leader in the United States, United Kingdom and Italy in the larger energy output sub-segment of this market.
Since the introduction of its second generation PMDD wind turbines in late 2008, the company has shipped over 400 of these turbines. Also the backlog of orders totals approximately $33 million for second and third generation turbines. To date, these shipped units have run for over 6 million hours in the aggregate. The distributed wind customers include financial investors and project developers that deploy these turbines to provide power for farms, remote villages, schools, small businesses and U.S. military installations.
The company plans to use to the proceeds from this offering to advance the commercialization of its sales of utility-class wind turbines into underserved smaller scale wind farms, as well as for general corporate purposes, including working capital. The principal purpose for the offering, according to the filing, was to raise additional capital and create a U.S. public market for these common shares.
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