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United States

UTC backs Clipper with warranty guarantee

US: Clipper Windpower has reached an agreement with its shareholder UTC for the company to guarantee the turbine manufacturer's warranties.

The deal, which will apply to ‘selected new business’, sees the two companies entering into a formal licensing agreement for technical assistance and intellectual property.

UTC’s backing will allow Clipper to extend its ability to compete for new business in markets outside of the US.

Speaking about the deal, Clipper CEO Mauricio Quintana said the US wind market remained "challenging" and the company was looking to expand through emerging markets.

He added: "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."

In December last year, UTC paid $206 million for new equity in Clipper and a bought further $64 million in equity from existing shareholders. It's total share is 49%.

While being a relatively small investment for UTC in light of its yearly revenues averaging $58 billion, it represented a major infusion of capital and corporate heft into Clipper.

There was speculation at the time about whether Clipper could use its association with UTC to propel it into the big league of turbine manufacturers.

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