- Published: 15 December 2006 15 December 2006
Partners Green and WindStor Power Co. have signed a "Letter of Intent" containing agreed upon terms and conditions for license of WindStor, a vertical axis wind turbine.
A license agreement is being prepared. Agreement terms and conditions provide for WindStor Power to receive a license fee of US$30,000 per turbine when total installed costs are US$550,000 or more. The fee increases by US$300 for every US$1,000 when total installed costs are below US$550,000. Upon signing the License Agreement, Partners Green will also purchase US$200,000 of WindStor Power Common Stock at US$1.00/share with the right to acquire another US$1,000,000 at the same price. ?Partners Green grants WindStor Power the option to convert all or part of the license fee into an equity ownership in any group of Partners Green installations at the same price offered to group tax equity investors. In exchange for this option, the investment into WindStor Power, and license fees, WindStor Power grants Partners Green exclusive marketing rights for all power purchase agreement sales conditional on purchasing WindStor units annually. In a separate agreement signed in October 2006, Partners Green agreed to purchase the Ishpeming installation for US$425,000 upon completion and engineer certification 45 days after it is commissioned.