Broadwind raises $100 million for expansion plans
Greenbang’s always been fond of the story about Kerry Packer, the now deceased Aussie multi-billionaire, media mogul, inventor of one day test cricket and renowned gambler.
Once while at a casino, the mega-rich Aussie offered to play heads or tails with a loud mouth Texan for his entire $100 million fortune. The Texan - presumably realising Packers’ were bigger than his own - declined.
For US company Broadwind Energy, however, raising $100 million has taken a little more effort than calling heads or tails.
Broadwind, the owners of a clutch of engineering and manufacturing companies that provide components for the wind energy industry, has raised the sum by selling 12.5 million shares to investment funds handled by Tontine Associates. It also hopes to raise additional funds by entering into a “non-binding letter of intent with a strategic partner”, but has yet to reveal who or for how much.
According to Broadwind’s COO Lars Moller, the money will help Broadwind speed up its expansion plans. Here’s what it will do with the cash:
• Invest in additional regional operations and maintenance centers in a “hub and spoke” strategy to service the growing wind energy market.
• Expand gear and tower production capacities at current locations and through
“greenfield” facilities strategically located throughout North America.• Hire additional employees at the corporate and platform levels.
• Continue to acquire businesses that complement Broadwind’s growth strategy.
