XZERES CORP
WILSONVILLE, OR--(Marketwired - Mar 9, 2015) - XZERES Corp. (
The orders are comprised of direct purchases as well as projects financed by the company's strategic partner, Gale Force Infrastructure Fund, www.galeforcefund.com, in conjunction with in country strategic wind project developers. Gale Force anticipates this to be the beginning of significant build-out of small wind farms throughout Japan. Upon shipment, the orders are expected to generate over $7 million in revenue. The company anticipates these orders will be fulfilled within the next six months dependent on the exact customer deployment schedules.
"Ever since we received Class NK certification, installed our first system in Amakusa, Japan, in late 2014, and demonstrated the important ability of our turbine to connect to the electrical grid, we have seen strong growth in orders," said David Hofflich, CEO of XZERES. "The recent demand and order rates in Japan have exceeded our expectations to date for 2015. We expect that momentum will continue to generate additional near-term orders, which we believe will be driven by our expanding in-country, dealer network and limited competition in the 10kW size range due to the strict Class NK certification standards."
XZERES has long anticipated Japan as an attractive market for wind energy projects. The country has introduced one of the most lucrative feed-in-tariff programs for small wind turbines under 20kW.
As previously reported, XZERES began focusing on the Japanese market since early 2014, when it established a wholly-owned Japanese subsidiary, with an initial office located in Tokyo and dedicated website at www.xzeres.jp. In September of 2014, XZERES 10kW turbine received ClassNK certification which qualifies the system to be eligible to receive Japan's feed-in-tariff and makes XZERES one of the few companies qualified to sell small wind turbines in the country.
The company recently attended the 2015 Japan Wind Expo, the week of February 25th, in Tokyo, Japan, and received strong interest from renewable energy dealers and customers. According to XZERES President Frank Greco: "As one of the few turbines with ClassNK certification, and more importantly the only turbine in our size range to be installed with grid connection, we generated overwhelming interest at the recent show. Building on the past two years of developing key relationships in Japan, our dealer network has quickly expanded and we are well positioned to meet the significant demands of the market opportunity."
About XZERES
XZERES Corp. is a global renewable energy company. The company designs and manufactures on- and off-grid distributed wind turbine systems as well as energy efficiency solutions for commercial, light industrial and residential markets. XZERES products reduce energy costs and carbon footprints. Headquartered in Wilsonville, Oregon, the company's international distribution network supports the deployment of its products in 110 countries and on all seven continents. For more information please visit www.xzeres.com.
Forward-Looking Statements and Safe Harbor Statement:
The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those identified under "Risk Factors" in the Company's filings made with the Securities Exchange Commission. Actual results may differ materially from those contemplated by these forward-looking statements and the Company does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this press release.
