Mira completes merger with NPS

UNITED STATES: Investment company Mira III Acquisition Corp has announced the completion of the merger between its subsidiary Mira Subco and Northern Power Systems (NPS).

by David Weston 2 April 2014

Northern Power Systems will become part of Norther Power Systems Corp

As a result of the transaction, NPS-owner Wind Power will become a wholly-owned subsidiary of Mira III, with the new company will taking on the NPS brand. The deal is due to be completed by 15 April.

NPS designs and manufactures permanent magnet direct-drive wind turbines.

It has two wind turbine models: a 60KW and a 100KW unit, the latter of which has an arctic version designed to work in low temperatures. It has also manufactured and commissioned two prototype 2.3MW utility-class wind turbines.

It is expected the new company will be headed by Troy Patton — previously Wind Power's CEO — named as president, CEO and director, and Ciel Caldwell is expected to be named chief financial officer.