Windflow share offer closed

3 October 2001

The Windflow Technology share offer closed last Friday with $2,571,728 invested by more than 450 investors.

"Although we've come up short of our $3m maximum target, work is well under way to design and build our first wind turbine," said Chief Executive, Geoff Henderson. "We plan to have it operating within 12 months; the Christchurch City Council has agreed to purchase the output." The following year, the company will manufacture up to 10 wind turbines - 6 for a wind farm and up to 4 units for sale. Some standard components such as the generator will be imported. The blades will use New Zealand's famed boat-building technology, while the gearbox, tower and other components also will be manufactured locally or in Australia.

"Thanks to our many supporters, we are on the way to establishing wind power as a major local industry," said Mr Henderson. "Within five years we expect to have created an extra 300 jobs locally."