Helix Wind, Corp., a global renewable energy company, has signed a definitive purchase agreement to acquire VENCO Power GMBH, a Bernterode, Germany-based producer of vertical axis small wind turbines. The acquisition will add three complementary small wind turbine products to Helix Wind’s existing portfolio.

Helix Wind CEO Ian Gardner reported that upon consummation the acquisition will increase sales this year and have a significant impact in 2010 and 2011 by adding products that widen its potential customer base.

With the addition of VENCO Power’s products, Helix will offer vertical axis turbines that perform well at lower wind speeds, enable different price points and appeal to different aesthetic tastes. The VENCO turbines are also well suited for sailboats, charging batteries, remote field stations, off-grid installations and medium-sized commercial, agricultural, farm, and community wind sites supplying multiple homes from a single 50kW unit.

“Filling out Helix Wind’s product portfolio with VENCO’s quality vertical axis units,” says Gardner, “enables us to be a single point source for world class solutions, service and financing to customers worldwide.”

According to the terms of the agreement, Helix will purchase 100% of VENCO for 2.75 million Euros (nearly $3.9 million) consisting of cash and Helix Wind, Corp. common stock. In addition to acquiring the assets and technology, VENCO’s personnel, including engineering staff, will be added to Helix's existing team. Closing is conditioned upon, among others, the receipt of audited financial statements of VENCO in accordance with SEC rules and the raise by Helix of at least $5 million.

"Acquiring VENCO allows us to expand our product line, address additional vertical markets, and enable our distributors to support a wider range of customer requirements and price points,” Gardner added. “We're also excited to bring German engineering talent and technology to the quest for alternative energy."

Tags: Corp., Helix Wind