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Broadwind Energy Inc. has entered into definitive agreements to raise approximately $100 million through the direct sale of common stock to investment funds managed by Tontine Associates LLC.

In addition, Broadwind has entered a non-binding letter of intent with a strategic partner for additional financing. The agreement will be announced if and when a definitive financing agreement is completed.

With the Tontine proceeds, Broadwind will accelerate its current expansion plans, invest in working capital to accommodate production growth expectations and finance potential acquisitions, according to the company.

"We are extremely pleased that Tontine and one of our long-term strategic partners have expressed their confidence in Broadwind's value and growth potential," says Broadwind CEO J. Cameron Drecoll. "This significant investment will accelerate our pursuit of becoming the premier provider of components and services to the wind industry."

In the capital raising transaction, Broadwind will sell approximately 12.5 million shares. The financing is subject to regulatory approval and is expected to close in the second quarter of this year. Thomas Weisel Partners issued a fairness opinion in connection with the Tontine Associates investment.

Lars Moller, Broadwind's chief operating officer, says the company intends to continue expanding its component manufacturing and service offerings through additional locations and complementary acquisitions. He adds that Broadwind intends to take several steps to further accelerate its renewables growth strategy, including:

- investing in additional regional operations and maintenance centers in a hub-and-spoke strategy to service the growing wind energy market,

- expanding gear and tower production capacities at current locations and through "greenfield" facilities strategically located throughout North America,

- hiring additional employees at the corporate and platform levels, and

- continuing to acquire businesses that complement Broadwind's growth strategy.



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