WindStream Technologies announced that it has closed a Joint Venture agreement with West Coast Ventures (India) Pvt. Ltd., based in Chennai, and DEEPAN Energy Venture LLP, which has committed $2 million dollars for an equity stake in the JV. The new company, WindStream Energy Technologies, India, Pvt. Ltd., will establish a manufacturing and distribution presence in India and South Asia and is slated to begin manufacturing WSTI’s SolarMill® products the first quarter of 2015 in India.
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.”
The 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. Venkat Kumar Tangirala, president of WindStream Technologies, South Asia will lead the new company heading up operations and business development. In addition to India, the new joint venture is geographically situated to provide products to Pakistan, Bangladesh, Indonesia, Malaysia and Southeast Asia, markets.
WindStream’s patented SolarMill products consist of Vertical Axis Turbines and solar panels controlled by the company’s proprietary electronics. The company claims that SolarMills are easily assembled and installed and are scalable, allowing customers to grow their installation to meet their energy demand.
