LGC Skyrota Wind Energy Corp. Achieves Significant Growth in Turbine Refurbishment Division
By Prne, Gaea News NetworkMonday, November 9, 2009
New Investor Website, https://www.lgcskyrota.com, Launched Today
VANCOUVER, November 10 - LGC Skyrota Wind Energy Corp. ("LGC Skyrota" "the Company") (TSX-V: LGS)
announced today that its large wind turbine maintenance and refurbishment
division, LGC, reported exponential growth in both its customer base and
number of units serviced during its 2009 financial year. The Company expects
to report fourth quarter and year-end financial results in January 2010.
For the year ended September 30, 2009, the number of units serviced
increased by 100% from a year ago, with 16 gearboxes undergoing refurbishment
or due for maintenance. Each wind turbine contains a gearbox that requires
full maintenance and repair services every seven to eight years at an average
cost of approximately C$50,000.
In the same period, LGC's customer base tripled to include nine major
wind farm developers and operators.
LGC Skyrota's ability to sustain long-term growth within the rapidly
expanding European wind energy market is supported by the Company's recently
purchased 180,000 sq. ft. state-of-the-art facility in Limavady, Northern
Ireland. The facility contains overhead cranes capable of lifting up to 32
tonnes, enabling the LGC division to service wind turbines up to 3MW in
generating capacity. The Company plans to install cranes capable of lifting
up to 50 tonnes, which will expand its operational capabilities to service
the next generation of ultra-large offshore wind turbines.
"The LGC division is well prepared for continued growth as the wind
energy sector expands," said Richard Hogg, Managing Director of LGC. "Our
refurbishment services include in-house manufacturing capabilities that
enable us to machine replacement gears, eliminating the need to outsource
for this service and allowing LGC to serve its customers in a more
efficient and cost-effective manner than its competitors."
LGC Skyrota's existing maintenance customers include: - Vestas Wind Systems, the largest wind turbine manufacturer in the world; - Airtricity, a wind farm developer with 40 wind farms across Europe and North America; - Viridian Group, the leading independent energy company in the all- Ireland market; - Hibernian Wind Power, a Dublin-based company that develops, operates and maintains wind farms throughout Ireland; and - Eco Wind Power, a Dublin-based wind farm operator that owns five operational wind farms and is in the process of developing further sites within the Republic of Ireland and Northern Ireland.
The Company also announced today the launch of its new investor website,
www.lgcskyrota.com.
About LGC Skyrota Wind Energy Corp.
LGC Skyrota Wind Energy Corp. is a leader in the development and
maintenance of clean-energy producing wind turbines. With operations based in
Northern Ireland and executive offices located in Vancouver, B.C., the
Company is well-positioned to expand throughout Europe and enter the North
American market. The Company operates two business divisions: LGC, which
rebuilds gearboxes for large wind turbines, and Skyrota, which manufactures
a revolutionary 5kW small vertical-axis wind turbine. LGC Skyrota trades on
the TSX Venture Exchange under the symbol LGS. For more information, please
visit www.lgcskyrota.com.
Forward Looking Statements
This news release contains statements and information that, to the extent
that they are not historical fact, may constitute "forward-looking
information" within the meaning of applicable securities legislation.
Forward-looking information may include financial and other projections, as
well as statements regarding future plans, objectives or economic
performance, or the assumption underlying any of the foregoing. Forward-
looking information involves known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements
to differ materially from any future results, performance or achievements
expressed or implied by the forward-looking information. A complete
discussion of risk factors is available in the Company's prospectus
available on SEDAR.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information: Thomas Braun, CEO, LGC Skyrota Wind Energy
Corp., Telephone: +1-(604)-605-1635, tbraun@lgcskyrota.com
For further information: Thomas Braun, CEO, LGC Skyrota Wind Energy Corp., Telephone: +1-(604)-605-1635, tbraun at lgcskyrota.com
Tags: canada, LGC Skyrota Wind Energy Corp, Vancouver