Sky Harvest acquires vertical axis wind turbine tech, manufacturing facilities
A vertical axis wind turbine has blades that spin vertically around a horizontal mast and are used mainly in remote areas.
mergers and acquisitions
VANCOUVER – Sky Harvest Windpower Corp. has acquired a vertical axis wind turbine manufacturing and sales business from an unnamed private Canadian company.
As part of the agreement, Sky Harvest has acquired the intellectual property rights relating to the turbine design, and leasehold interests in both manufacturing facilities and equipment.
Sky Harvest has received written expressions of interest for the purchase of over 13,000 vertical axis turbines from parties in four different countries. The company expects the sales of the turbines to generate revenue of approximately $250 million. Sky Harvest has also entered into discussions with additional parties with compatible technology regarding the potential joint venture development of additional wind turbine products.
A vertical axis wind turbine has blades that spin vertically around a horizontal mast. They are primarily used in remote areas to provide electricity to communication towers, mines, and communities that typically rely on diesel or propane for power generation. They reduce costs and environmental impact thanks to the reduced use of fossil fuels. The turbines are also useful in rural areas of developing countries where grid infrastructure is minimal or non-existent. They can also be mounted near the upper portion of commercial smoke stacks and are powered by the updraft.
The vertical axis wind turbines also reduce noise levels, and virbate minimally thanks to low RPM. The turbine is self-starting and begins to move at wind speeds as low as two meters per second and commence generating power at wind speeds of three meters per second.
In connection with the acquisition, Sky Harvest has incorporated a wholly-owned subsidiary under the name “Sky Vertical Technologies Inc.” that holds the assets and will undertake operations.
Sky Harvest Windpower Corp. is a US and BC reporting issuer involved in development stage wind power projects located in southwest Saskatchewan, Canada, as well as the design, manufacture, and sale of vertical axis wind turbines.