Broadwind Energy, Inc. (OTC Bulletin Board: BWEN) announced that it has met the conditions required by law to complete $60 million of a larger $100 million stock placement announced earlier this year.
On April 25, 2008, Broadwind announced that it had entered into a definitive agreement to raise approximately $100 million through the direct sale of common stock to investment funds managed by Tontine Associates, LLC. The company completed the initial closing for the sale of shares to Tontine for a total purchase price of $40 million.
The conditions to the second closing, which primarily included the expiration of the waiting period under the Hart Scott Rodino Act, now have been met. Broadwind anticipates it will close the second round of financing within 10 business days.
Last week the company announced plans to expand the manufacturing capacity of its subsidiary Tower Tech, by opening facilities in Texas and South Dakota.
About Broadwind Energy, Inc.
Broadwind Energy, Inc., Naperville, Ill., owns, supports and strategically positions companies that manufacture, install and maintain components for energy and infrastructure-related industries with a primary emphasis on the wind energy sector. The company’s operational platforms include wind tower manufacturing; heavy steel fabrication; wind facility construction, operation and maintenance; precision gear manufacturing; and specialized transportation services. Its platform companies currently include Brad Foote Gear Works, Inc., a precision gearing systems manufacturer in Cicero, Ill.; Energy Maintenance Service (EMS), a wind energy operation and maintenance service provider in Gary, S.D.; R.B.A., Inc., a heavy steel fabricator in Manitowoc, Wis.; and Tower Tech Systems, Inc., a wind tower and monopile manufacturer in Manitowoc, Wis. Broadwind also has signed a definitive agreement to acquire Badger Transport, Inc., a heavy hauler in Clintonville, Wis.
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