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Troubled AAER acquired by Pioneer Power

CANADA: Insolvent Canadian turbine manufacturer AAER Inc. has been sold to US-based Pioneer Power Solutions Inc. for C$450,000.

Pioneer will acquire most of AAER's inventory, capital assets, intangible assets and intellectual property, the company announced from its headquarters in Fort Lee, NJ.

The acquisition will form the basis of Pioneer's move into the wind turbine sector, says CEO Nathan Mazurek. Pioneer is currently a manufacturer of transformers sold to the electric utility, industrial and commercial markets.

"We are excited to enter the burgeoning wind turbine business with the acquisition of these strategic assets. Offering these alternative energy systems is a natural extension of our business," says Mazurek.

He says the company plans to focus on smaller community projects, where orders are expected to be in range of one to five turbines, and hopes to deliver between 50 and 100 turbines annually within three years.

AAER obtained court protection from creditors in early April. It had attempted to preserve cash by laying off 28 employees in March, after letting go 34 operational and administrative employees in October. The fate of AAER's operations in Bromont, Quebec and its employees remains uncertain.

 

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