Wednesday, September 9, 2009

IQwind and Guascor announce partnership agreement to commercialize innovative wind turbine technology

IQwind, an Israel-based start-up backed by Terra Venture Partners, and Guascor, a Spanish industrial company, announced today that they will partner to commercialize and bring to market the IQGear, a variable gearbox for the wind industry. The partnership brings together IQwind`s innovative wind turbine technology and the operational and market expertise of Guascor, an international leader in the production and distribution of renewable energy power systems.

Increasing the overall potential and cost-effectiveness of wind as an alternative renewable energy source, IQwind claims that its variable gear can be both retrofitted into existing turbines and utilized as a standard component in newly-manufactured turbines. The high efficiency IQwind technology can reduce the cost of energy (COE) by up to 20% compared to the best existing wind turbines, according to the company.

Guascor will manufacture the IQGear according to design and specifications provided by IQwind. To support the IQGear production, a new manufacturing line will be established in the Guascor Power facility in the Basque Country (Spain).

According to the agreement between the companies, the initial ten gearboxes manufactured by Guascor will be used for testing, certification, and initial commercial installations retrofitting currently-operational turbines during 2010. The companies will scale up to bring additional retrofitted and new turbines to the European market in 2011 and beyond. According to the agreement, IQwind will lead the sales, marketing and design activities and shall continue to own any resulting Intellectual Property (IP).

"The partnership with IQwind reinforces Guascor´s vision and its commitment to renewable energy," said Mr. Cesar Fernandez de Velasco, CEO of Guascor. "The IQwind variable gear is an important development in wind-powered energy generation. It addresses the long standing challenge of efficiently turning a variable wind source into stable electrical current, and can make an immediate impact on the economics of wind projects. Guascor is delighted to lend its
manufacturing muscle and the operational experience of its executives to advance the establishment of IQGear as the leading gear design in the wind energy market. We look forward to rolling this exciting technology out to the market as early as 2010."

"Guascor brings manufacturing and wind expertise, more than 50 years of leadership in the power system industry, and a unique renewable energy strategy. These attributes make the company an ideal partner for IQwind in bringing this unique technology for improving power generation efficiency to the wind energy market," said IQwind founder and CEO Gideon Ziegelman.

"Partnering with a prominent player such as Guascor is a resounding validation of the value our variable gear technology brings to the wind energy market," added Ziegelman. "The cooperation with Guascor and the significant investment they have committed to in this agreement will greatly accelerate the introduction of IQGear into the wind energy market. This collaboration is a major step towards the transformation of this new technology into a revenue
generating product."

Guascor is currently planning to build a large wind farm in Argentina. The $2.4 billion, 600-900MW project will be located in Pico Truncado and is expected to take three years to complete.

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