Provides Update on Indian Manufacturing Facility
NORTH VERNON, IN -- (Marketwired) -- 05/05/15 -- WindStream Technologies, Inc. (OTCQB: WSTI) ("WindStream" or the "Company") announced that its Indian subsidiary, WindStream Energy Technologies Pvt. Ltd. ("WindStream India"), has been shortlisted by the Ministry of New and Renewable Energy (MNRE) to participate in an R&D project entitled Small Wind Energy and Hybrid Systems (SWES) to help define the standards that will be adopted by the MNRE for all manufacturers of hybrid energy solutions. In February 2015, the MNRE solicited for proposals to help define this new and growing sector in India and to assist it with developing a specification that will be the benchmark for all companies going forward. WindStream India's proposal was selected for the small wind sector using vertical axis turbines and solar panels. Seventeen respondents were chosen out of the many submissions and WindStream was one of two commercial companies chosen, with the remainder being academic institutions and government research programs.
The MNRE has developed standards and has a process in place for approving solar and large wind, utility scale, products but not small scale distributed energy solutions. The MNRE is attempting to find technologies that address its energy challenges in rural and remote areas and has adopted the use of hybrid technologies. This project, when concluded, is expected to certify a variety of technologies that are deemed viable for use in off-grid areas. There are greater than 400 million people in India that are without a grid connection and this MNRE initiative is an attempt to address the problem. "When we first heard that this program was being launched by MNRE, we believed we had the most viable solution and had to become a part if it. I could not be happier that WindStream India has been chosen and that the SolarMill® will be officially evaluated and tested by this esteemed organization," said Venkat Kumar Tangirala, President of WindStream India. "Should the project be successful, it would open up a vast sales channel for our products, not only for rural use but across the entire Indian electrical spectrum," continued Tangirala.
WindStream India's response to the RFP was to provide a technology that was a fully integrated, hybrid solution, which produces the greatest amount of energy in the smallest footprint possible, what the Company calls, "Energy Density." "We are confident that our SolarMill® technology will be found suitable for the MNRE and the SWES and become a benchmark for hybrid products," said Mr. Timmaraju Venu Gopal, Head of Production and Engineering, WindStream India.
More on the MNRE and SWES: http://www.mnre.gov.in/
In an update to the progress of WindStream's manufacturing facility in Hyderabad, India, the Company has taken occupancy of its 50,000 sq. ft. building and will be moving its manufacturing equipment into this new factory as it prepares to start manufacturing SolarMills to meet its customer demand. The first products are expected to be available by June 2015. WindStream India expects to manufacture between 2,000 and 3,000 SolarMills this year in its Hyderabad facility.
To see the factory in India please visit: http://www.windstream-inc.com/windstream-india/manufacturing-in-india
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 that is always available. The Company's products are sold globally. For more information please visit www.windstream-inc.com.
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. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimate," "expect" and "intend," among others. 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.
Investors should read the risk factors set forth in the Annual Report on Form 10-K/A filed with the SEC on April 22, 2015 and future periodic reports filed with the Securities and Exchange Commission. 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.