WindStream Technologies, Inc. (OTCQB: WSTI) announced today that it has closed a Joint Venture agreement with West Coast Ventures (India) Pvt. Ltd., (WCV) based in Chennai, India and a group of strategic investors. The new entity, DEEPAN Energy Venture LLP, has committed $2 million dollars for an equity stake in the JV, which will establish a manufacturing and distribution presence in India and South Asia. The new JV company, WindStream Energy Technologies, India, Pvt. Ltd., is slated to begin manufacturing WSTI's SolarMill ® products the first quarter of 2014 in India and rapidly accelerate the Company's penetration into that market.
Dan Bates, President and CEO of WindStream Technologies, said, "Establishing this JV with West Coast Ventures and DEEPAN comes at an important time for WindStream. It will enable the Company to execute its India business plan and begin to deliver products faster within an already robust sales pipeline. Having a manufacturing facility closer to the point of sale will reduce cost and accelerate our revenue generation not just in India but also in emerging economies in the region."
West Coast Ventures and DEEPAN are strategic investors with interests in mining, energy, real estate, infrastructure and the environment. WCV/DEEPAN's principals have extensive experience in government, municipal and private sectors. "We took a close look at WindStream and the products and clearly identified that there was a huge market for their offerings in India and throughout South Asia," said Amogh Dalvi, Director of WCV/DEEPAN. "India is a vast market and one that has unique energy challenges, the SolarMill ® and our Joint Venture will meet these challenges head on to help solve India's growing energy shortfall."
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Download free sample pagesThe new Company has begun setting up its 50,000 sq. ft. manufacturing facilities in Hyderabad and expects to see its first products become available late in Q1 2015. Mr. Venkat Kumar Tangirala, President of WindStream Technologies, South Asia will lead the new company heading up operations and business development. "I am truly excited to be a part of this effort. West Coast Ventures shares WindStream's vision for deploying the SolarMill ® as a mass market product throughout India and serving the 1 billion plus people in need of inexpensive renewable energy," said Mr. Tangirala.
In addition to India, the new joint venture is geographically situated to provide products to Pakistan, Bangladesh, Indonesia, Malaysia and Southeast Asia, markets representing hundreds of millions more whose needs and means are well suited to the products the joint venture will produce.
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.
