As per the terms of the purchase agreement, the company has purchased most of the inventory, capital assets, intangible assets and intellectual property of Aaer through Pioneer Wind Energy Systems (Pioneer Wind), a newly formed subsidiary, for CAD450,000 (approximately $431,500) in cash.
Pioneer Wind will deliver $15m outstanding orders for six turbines in US in the next six months. Also, the company intends to manufacture advanced clean, efficient and renewable energy wind turbines.
Nathan Mazurek, chairman and CEO of Pioneer Power Solutions, said: “This acquisition is a significant evolutionary step for Pioneer that not only diversifies our capabilities but is expected to enhance our electrical transformer business as well.
“Specifically, we have developed an equipment configuration that combines our turbines with our transformers, yielding potentially significant capital savings to our customers for certain wind projects.”
