Nothern Power Systems (NPS) Files $30M U.S. IPO

Nothern Power Systems (NASDAQ: NPS) filed with the U.S. SEC for an IPO of its common stock. The proposed maximum offering price is $30 million. The company has applied to list its shares on NASDAQ under the symbol "NPS." The company's common shares are listed on the Toronto Stock Exchange, or TSX, under the symbol "NPS."

Needham & Company is the book-running managers. Craig-Hallum and Northland Capital Markets are co-managers.

Nothern Power Systems is a growing provider of advanced renewable power creation and power conversion technology for the energy sector. We design, manufacture and service next-generation Permanent Magnet Direct-Drive, or PMDD, wind turbines for the distributed wind market, and they currently license our utility-class wind turbine platform, which uses the same PMDD technology as our distributed turbines, to large manufacturers on a global basis. The company also provides technology development services for a wide variety of energy applications. With predecessor companies dating back to 1974 and its new turbine development since 1977, the company has decades of experience in developing advanced, innovative wind turbines, as well as technology for power conversion and integration with other energy applications. Since 2008, the company has invested more than $130 million in developing and commercializing their wind turbine platforms.

For the nine months ended September 30, 2014 and 2013 and the year ended December 31, 2013, the company generated $42.6 million, $11.6 million, and $20.6 million in revenue, respectively. For the nine months ended September 30, 2014 and 2013 and the year ended December 31, 2013 they incurred net losses of $5.5 million, $9.3 million and $14.1 million, respectively.

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