Xzeres broadens reach with Rochester Power Saver buy
By Christina Williams
Editor, Sustainable Business Oregon
Xzeres Wind Corp. announced Monday that it has purchased the assets of Rochester Power Saver Inc. It's the company's first acquisition since it bought the assets of Abundant Renewable Energy LLC to form Xzeres last year.
Wilsonville-based Xzeres (OTCBB: XWND) paid about $278,500 in cash and stock and could pay up to $150,000 in royalty payments on profits to Rochester Power's founder in the next two years. Mike Dana, Rochester's president, signed a three-year consulting agreement as part of the deal.
With Rochester Power's assets, Xzeres will expand its reach beyond small wind systems by adding power management and power efficiency technology to its product line.
Rochester Power's efficiency products help buildings reduce waste power by cutting the amperage needed from utility companies, reducing utility bills between 10 percent and 20 percent.
Xzeres officials plan to market the power-saving products to small- and-sized medium businesses as well as public institutions such as schools and libraries. They will also be sold to customers in tandem with Xzeres wind turbine products.
Via a company press release Xzeres Chairman David N. Baker stated that Xzeres is likely to make more acquisitions as it pursues a path toward becoming a global renewable energy company.
In January, Xzeres opened a United Kingdom-based subsidiary and raised $4.5 million in a private placement in March.
Xzeres stock trades over the counter under the symbol XWND. The shares were trading at 75 cents on Monday with a 52-week range of 51 cents to $3.
christinawilliams@bizjournals.com | 503.219.3438
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