CWP Clipper Reg S

 

TIDMCWP 
 
RNS Number : 2375P 
Clipper Windpower Plc 
13 July 2010 
 

Clipper to Receive Warranty, Technology and Sales Support from United 
Technologies Corporation ("UTC") 
 
·    Clipper and UTC reached an agreement for UTC to guarantee Liberty wind 
turbine warranties for selected new Clipper business. 
·    Clipper and UTC entering into formal intellectual property and technical 
assistance license agreement. 
·    UTC (Pratt & Whitney Power Systems) to cooperate with Clipper to further 
the market reach and service capabilities for Clipper's 2.5 MW Liberty turbine. 
·    Clipper seeking to expand global market reach. 
 
London (UK), Carpinteria, CA (USA) - July 13, 2010.  Clipper Windpower Plc 
("Clipper" or the "Company") announces product warranty, technology, and sales 
support from United Technologies Corporation ("UTC"). 
 
Clipper and UTC have reached agreement for UTC to guarantee Clipper wind turbine 
warranties for selected new business. The guaranty arrangements have been 
approved by the Boards of both companies, and formal guaranty agreements between 
Clipper and UTC are currently being finalized. A circular outlining the 
Company's proposal to enter into the warranty guaranty and its related 
agreements will be distributed for shareholder approval in the current month. 
The amount of warranty support to be provided will be determined on a case by 
case basis for each new customer order. The Liberty wind turbine warranty 
support from UTC will provide increased confidence to customers and their 
project finance institutions that Clipper has the ability and credit strength to 
fulfill its contractual warranty commitments. 
 
The Company and UTC are also entering into a formal intellectual property and 
technical assistance license agreement.  The agreement formalizes the terms and 
conditions that allow UTC to provide technical assistance and grant rights in 
UTC intellectual property for use and application in Clipper's business and 
jointly developed technology. 
 
UTC currently owns 49.9% of the outstanding shares of Clipper resulting from an 
investment in new and existing shares of Clipper in January 2010. Since then, 
Clipper and UTC have formed teams to enable Clipper to access UTC's support and 
expertise in a number of areas, including technology, sales, manufacturing, 
product quality and other industrial processes. These efforts include a 
relationship with Pratt & Whitney Power Systems ("PWPS"), a manufacturer and 
distributor of gas turbine power plants, that will enable Clipper to leverage 
the PWPS distribution network to sell and service Clipper's 2.5 MW Liberty 
turbine, as well as provide integrated turnkey project solutions to global 
customers. The PWPS relationship expands Clipper's market reach from 
predominantly U.S. based, to major global economies and emerging markets. 
 
The above activities are indicative of the collaboration between Clipper and UTC 
as well as UTC's confidence in Clipper's technology and business opportunities. 
 
Mauricio Quintana, President and CEO of Clipper, commented: "The U.S. wind 
market remains challenging. Accordingly, the Company continues to put tremendous 
effort into seeking new orders, particularly in selected emerging markets where 
we believe the best growth opportunities exist for Clipper. The increased UTC 
support of Clipper's future turbine warranty obligations, along with the 
technology assistance, further signifies the strength of the relationship 
between Clipper and UTC, and reinforces UTC's confidence in Clipper's technology 
and business potential. Also, through a new cooperative sales collaboration with 
one of the world's leading sales, service and integrated turnkey solution 
providers, Clipper will expand its reach and breadth to customers worldwide." 
 
This press release contains statements about the Company that are or may be 
forward lookingstatements. All statements other than statements of historical 
facts included in this press release may be forward looking statements. Without 
limitation, any statements preceded or followed by or that include the words 
"targets," "plans," "believes," "expects," "aims," "intends," "will," "may," 
"anticipates," "estimates," "projects," or words or terms of similar substance 
or the negative thereof, are forward looking statements. Forward looking 
statements include statements relating to the following: future capital 
expenditures, expenses, revenues, earnings, synergies, economic performance, 
indebtedness, financial condition, losses and future prospects, business and 
management strategies and the expansion and growth of the Company's operations 
and potential synergies between the Company and UTC . 
 
Such forward looking statements involve risks and uncertainties that could 
significantly affect expected results and are based on certain key assumptions. 
Many factors could cause actual results to differ materially from those 
projected or implied in any forward looking statements. Due to such 
uncertainties and risks, readers are cautioned not to place undue reliance on 
such forward looking statements, which speak only as of the date hereof. The 
Company disclaims any obligation to update any forward looking or other 
statements contained herein, except as required by applicable law. 
 
All subsequent written and oral forward looking statements attributable to the 
Company or persons acting on the Company's behalf are expressly qualified in 
their entirety by the cautionary statements above. The forward looking 
statements included herein are made only as of the date of this press release. 
The Company does not intend, and does not undertake any obligation, to update 
these forward looking statements. 
 
About Clipper 
Clipper Windpower Plc, www.clipperwind.com, is a company engaged in wind energy 
technology, turbine manufacturing, and wind project development.  The Company 
designs advanced wind turbines, manufactures its 2.5 MW Liberty wind turbine, 
and actively develops wind power generating projects in the Americas and Europe. 
Clipper's headquarters are in Carpinteria, California, USA.  The Company's 
330,000 square foot manufacturing and assembly facility for land-based wind 
turbines is located in Cedar Rapids, Iowa; its development center for offshore 
wind turbine development is located in Blyth, UK.  Clipper is a public company 
listed on AIM of the London Stock Exchange. Clipper's ticker symbol is CWP. 
 
The ordinary shares of Clipper Windpower Plc are traded on AIM of the London 
Stock Exchange and are not registered under the U.S. Securities Act of 1933, as 
amended. Such shares may not be offered or sold to residents of the United 
States or to persons acting on their behalf, or to other persons who are "United 
States Persons" within the meaning of Regulation S as promulgated under the 
Securities Act of 1933, unless such shares have been registered under the 
Securities Act or there is an available exemption from registration. 
 
 
### 
 
For further information, please contact: 
 
INVESTORS 
 
Clipper Windpower Plc 
Jenny Matthews 
Investor Relations 
Tel: +44 (0)7827 259495 
 
J.P. Morgan Cazenove (Nominated Adviser and Corporate Broker to Clipper) 
Patrick Magee / Alex Yule-Smith 
Tel: +44 (0)20 7588 2828 
 
FINANCIAL PRESS 
 
M:Communications 
Patrick d'Ancona / Charlotte Kirkham 
Tel: +44 (0)20 7920 2347 / 2331 
 
BUSINESS AND TRADE 
Mary Gates 
 Director, Global Communications 
 +1 661 
301 0400 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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