NORTH VERNON, IN--(Marketwired - April 17, 2015) - WindStream Technologies Inc. (WSTI) ("WindStream" or the "Company") announced today that it has launched a new product line that delivers improved energy performance and efficiency for its global customers. Jamaica Public Service Company (JPS), the Company's distributor in the Caribbean, will be the first recipient of this new iteration of the product. The Company's SolarMill® has undergone this latest innovation, which reduces the number of components for grid-tied applications, lowers the unit cost by 21%, and improves margins while shortening the customer ROI.
The initial rollout of this new version of the product will be available to customers in the Caribbean and Japan. "The modular nature of the SolarMill® technology allows existing customers to upgrade their installed SolarMill® systems and boost their energy generation," said Garth McKenzie Energy Solutions Director at JPS. "This innovation is unique as it allows a customer to take advantage of the Company's product improvements with a simple upgrade rather than a total do-over. More energy and less equipment ultimately improves our customer service," added McKenzie.
SolarMill® technology has continued to increase penetration across Jamaica with over 600KW of SolarMill® solutions deployed to the market in the first quarter of 2015. Residential penetration continues to be the primary application, but there is now an expanded interest in commercial entities, as energy prices remain relatively high at approximately $0.33/kWh -- almost 3 times the U.S. average.
"Our customers around the world want the same thing, stable energy generation at the lowest possible price and our new technologies meet these challenges head on," said Travis Campbell, COO of WindStream. "We consider this a milestone in the renewable energy space, allowing for backward compatibility and delivering enhanced performance at the end of the day, and a more efficient and cost-effective device with an improved return on investment."
A part of this technology breakthrough comes in the form of the new proprietary Mill2Grid power supply that seamlessly facilitates energy production from its SolarMill®, negating the grid-tied need for battery buffering and further reducing cost while increasing system longevity. Results have shown improvements in wind energy output by as much as 10% from each wind system, significantly enhancing the ability to not only capture, but monitor instantaneous wind energy production.
The Company will be integrating these innovations in all of its products being produced in its new factory in Hyderabad, India, which is expected to be open by the first week of May, 2015. The factory is slated to produce between 2,000 and 3,000 SolarMills in 2015, with deliveries expected to be made to governmental, transportation, small business, and residential customers. The Company expects to see its first products rolling off the line at this facility later in the second quarter of 2015.
About WindStream Technologies:
Founded in 2008, WindStream Technologies, (WSTI), is headquartered in North Vernon, Indiana. WindStream Technologies was established to create global low-cost hybrid, renewable energy solutions for urban, suburban, and on and off-grid environments. Made in the USA, its patented SolarMill hybrid wind and solar system technology is a distributed energy solution, which produces continuous renewable energy for customers. Learn more by visiting: http://www.windstream-inc.com.
Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimate," "expect" and "intend," among others. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, such as business and political conditions in the geographic areas in which we sell our products; weather and natural disasters; changing interpretations of generally accepted accounting principles; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which we are engaged.
Investors should read the risk factors set forth in the Annual Report on Form 10-K filed with the SEC on April 15, 2015 and future periodic reports filed with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.