In-Country Presence Enables Company to Reach Massive Market
HYDERABAD, INDIA -- (Marketwired) -- 06/26/14 -- WindStream Technologies, Inc. (OTCQB: WSTI) has opened its first international presence under the banner of its wholly owned subsidiary, WindStream Energy Technologies, Pvt. Ltd. (WET), located in the Jubilee Hills of Hyderabad. This new entity will provide sales, marketing, engineering, and service support for the Company's products and customers as well as manage the India manufacturing operations currently in negotiations.
As WindStream expands into the India market it expects to see large volume sales growth as 400 million1 people live completely off-grid while the rest of the country experiences regular loss of grid supplied energy. India has had an ongoing initiative to bring renewable energy to the country and is now accelerating this effort under the leadership of the new Prime Minister Narendra Modi. As recently as this past May, he has instituted a new policy to supply clean energy to 400 million people by 2019.2 WET will be introducing its hybrid product for this initiative.
"This country is perfect for WindStream's SolarMill® technology," said Mr. Venkat Kumar Tangirala, President of WET. "India is a vast market that is in need of new sources of renewable energy and the ease of use and efficiency for the SolarMill® has already garnered great interest and traction with customers and government agencies throughout the country."
ACC Limited, the largest cement manufacturer in India, has successfully piloted the SolarMill® technology and is now in the negotiation phase for large-scale deployment.
WindStream Technologies and WET have further identified significant projects totaling over 100MWs for the Company's products which include: Bharat Broadband Network Limited (BBNL) a government initiative to bring high speed internet to rural India and projects focused on rural electrification through the Ministry of New and Renewable Energy (MNRE), Gujarat Energy Research & Management Institute (GERMI), and the Center for Wind Energy Technologies (CWET).
"The India market represents huge growth potential for WindStream," said Dan Bates, President and CEO. "The sheer scope and size of the population and the glaring need for new sources of energy make India one of our key target markets in the near term," he continued.
The new offices will have upwards of 30 employees supporting engineering and sales efforts for Government, Residential and Industrial channels. WindStream Energy Technologies will seamlessly interface with the U.S. parent, facilitating a global sourcing and procurement strategy driving down the price for the Company's products.
WET and its engineers are securing all of the needed certifications for the SolarMill® products for sales within India availing the SolarMill® of the Government incentives being offered for renewable energy devices and India-made products.
For a look at the new office located in Hyderabad, click here.
About WindStream Technologies:
Founded in 2008, WindStream Technologies, a public company (OTCQB: WSTI), is headquartered in North Vernon, Indiana. WindStream Technologies was established to create low-cost hybrid, renewable energy solutions for urban, suburban, and on and off-grid environments. Made in the USA, its patented SolarMill® technology is a distributed energy solution, which produces continuous renewable energy for customers 24/7/365. The company's products are sold around the world. For more information please visit www.windstream-inc.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, such as business and political conditions in the geographic areas in which we sell our products; weather and natural disasters; changing interpretations of generally accepted accounting principles; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which we are engaged.
The information set forth herein should be read in light of such risks. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
Source: WindStream Technologies, Inc.