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AAER warranties backed by insurance
1 July 2008
AAER Inc, a fledgling Canadian wind turbine supplier, has dealt with a potential barrier to market entry by securing an insurance policy that will provide financial backing to its warranty program. "This insurance policy provides an additional level of comfort for our customers globally and improves the bankability of our product. [It] also minimises the required cash provision levels on our balance sheet for warranty purposes, thus enabling AAER to make an optimal use of its liquidities," says CEO Dave Gagnon. The policy was devised in collaboration with Holmes Murphy & Associates, an Iowa-based insurance brokerage, and the Boiler Inspection and Insurance Company of Canada. AAER expects to begin manufacturing at its facility in Bromont, Quebec, in the fall. It has agreements to deliver four of its 1.5 MW turbines, manufactured under a technology licensing agreement with Germany's Fuhrländer AG, to customers in the US by the end of this year. It also plans to deliver its first 2 MW wind turbine, to be built under a licensing agreement with American Superconductor Corporation's Windtec subsidiary in Austria, to France by year's end.
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