Windflow plan now underwritten

NZ turbine manufacturer Windflow has announced its NZ$2 million share purchase plan has been underwritten by a key shareholder.
The company had been struggling to raise the funds it needs to continue operating but yesterday announced that NZ$1.6 million had been raised, with the balance “likely” in the next few days.
Windflow estimates it needs the $2 million to see it through to June 2012, by which time it expects to generate new business from its plan to licence its intellectual property overseas.
The underwriting shareholder is also offering finance to other shareholders who want to take up the share purchase plan, through loans secured against turbines to be installed in the UK.
Meanwhile, NZ Windfarms has exercised an option and has taken full ownership of turbine maintenance joint venture TRH Services, formed to maintain the 97 Windflow 500 turbines operating at the Te Rere Hau wind farm.