Windflow targets UK turbine sales
Updated at 7:03 am on 25 July 2012
Windflow Technology chief executive Geoff Henderson says he's very confident that the company will re-build its value through a plan it's putting into action.
"I'm very confident at the moment that we're going to rebuild value in Windflow," he says.
The wind turbine maker has announced it will begin assembling its demonstration Windflow 500 turbine destined for Scotland and is expected to promote further sales in Britain for the firm.
The wind turbine maker is relying on British sales to meet its cashflow requirements.
Investors have previously approved the firm borrowing $5.8 million from a major shareholder to fund three projects there.
Chief executive Geoff Henderson says the money for the demonstration turbine is the first drawdown against the loan agreement, which is being financed as a loan to the Windflow group of companies.
"The buyer is going to be a Hammer-Westray limited liability partnership, which is being funded from Windflow-Hammer, which is part of the Windflow group of companies. They are buying the turbine from Windflow UK, which in turn is buying it from Windflow New Zealand."
"We have quite a few components already in stock for the first turbine, including the blades ... and most of the nacelle assembly".
"We're in good shape now to complete the assembly ... and we hope to get it onto a boat and over to Britain before the northern winter.
"We're going to be procuring the tower in Britain ... we're not too sure when we'll be able to erect the turbine".
Mr Henderson says that though the company does not yet have a third party buyer for the turbine at this stage, it had received some expressions of interest and is confident that it will be able to sell the turbine once it's completed.
In the longterm, it could even prove profitable to retain the turbine and earn payments for the electricity it generated and fed into the British grid, but the core business of Windflow lay in making turbines.
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