UTC’s total investment will be approximately $270m to purchase a combination of 84.3million newly issued shares and 21.8million shares from existing shareowners. The investment has been approved by boards of directors of both UTC and Clipper Windpower, and closing is pending Clipper Windpower shareholder and regulatory approval.
UTC expects to work closely with Clipper Windpower to improve the company’s core technology, manufacturing, product quality, and supply management capabilities. This investment leverages the expertise of UTC business units in blade technology, turbines and gearbox design. It also builds on UTC’s existing portfolio of energy efficient products and power generation systems that respond to the growing demand for cleaner and efficient solutions.
Headquartered in Carpinteria, California, Clipper Windpower is engaged in wind energy technology, turbine manufacturing, and wind project development. The company has a turbine manufacturing plant in Cedar Rapids, Iowa, and research and development facilities in Carpinteria, California, and Blyth Harbor, UK.
