First Products From New Factory Expected in March
NORTH VERNON, IN -- (Marketwired) -- 12/15/14 -- WindStream Technologies (OTCQB: WSTI), a company established to create low-cost hybrid, renewable energy solutions for urban, suburban, and on and off-grid environments, today announced that it has signed a lease and will begin the build-out of its new manufacturing facility near the Rajiv Gandhi International Airport in Hyderabad, India. The new 50,000 sq. ft. facility will be built to the specifications of WindStream Technologies Energy India, Pvt. Ltd., and mirror the Company's first facility in North Vernon, Indiana. The official groundbreaking ceremony will be held on January 18, 2015, with a move-in date 70 days from the start of construction.
The new factory will be funded though WindStream's $2MM Joint Venture agreement with West Coast Ventures and the Deepan Group. In the interim, WindStream India will utilize an adjacent 10,000 sq. ft. fabrication facility to begin prepping for manufacturing to accelerate the process and meet its current customer demand. The space will also be used for the assembly and shipping of the Company's product, the SolarMill® which has been provided by WindStream USA to acquire the needed certifications and government approvals, seed the market, secure its distribution partnerships and deliver on its growing customer list. WindStream USA has shipped 160 units to India, which begin arriving in January.
Dan Bates, President and Chief Executive Officer of WindStream, said, "India is a market of immense potential for any business given its physical size and billion plus population. For WindStream, the opportunity is ever greater owing to the country's lack of generation capacity, government initiatives and financial incentives to promote distributed energy solutions and remote rural population who live off that grid. In 2012, India's grid failed and 700 million people, more than twice the population of the US and Canada, were plunged into darkness. The market potential is truly that big."
WindStream recently attended the Agro Vision 2014 Renewable Energy Show in Nagpur located in the State of Maharashtra, where it had the opportunity to demonstrate its products to potential customers, local businessmen, and Government officials. At the show it was announced that the State of Maharashtra would be subsidizing the use of renewable energy products to meet its goal of 500,000 solar powered water pumps and 1,000,000 renewable energy driven rooftops. With this new factory coming on line early in 2015, WindStream India is well positioned to potentially secure a significant portion of these initiatives.
WindStream's patented SolarMill® products consist of Vertical Axis Turbines and solar panels all controlled by the Company's proprietary "smart" electronics. SolarMills are easily assembled and installed and are scalable, allowing customers to grow their installation to meet their energy demand.
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.
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Source: WindStream Technologies, Inc.