Clipper has the wind beneath its wings after US funding deal

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http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article6952572.ece

From The Times
December 11, 2009

Clipper has the wind beneath its wings after US funding deal

Robin Pagnamenta, Energy Editor

An American jet engine manufacturer has flown to the rescue of Clipper Wind Power in a £126 million deal that is set to secure the future of one of the UK’s most promising renewable energy companies.

United Technologies (UTC), the Connecticut-based engineering group that owns UTC Power and has interests in Pratt & Whitney jet engines and Sikorsky helicopters, is to provide the cash injection in exchange for a 49.5 per cent equity stake in Clipper, an AIM-listed wind turbine manufacturer whose sales are mostly in the US.

The deal will allow Clipper, which is building the Britannia offshore wind turbine, the world’s largest, at a plant in Northumberland, to bolster its cash position.

With a market value of about $64 billion (£39 billion), UTC employs about 210,000 people and operates in more than 180 countries.

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