Tower Tech Holdings Inc., a Manitowoc, Wis.-headquartered supplier of fabricated towers to the wind industry, has signed a supply agreement with Clipper Turbine Works Inc., a division of Carpinteria, Calif.-based Clipper Windpower Inc., for the production of wind towers.
In addition, Tower Tech has sold 10.26 million shares of its common stock to Tontine Capital Partners and its affiliates for $1.50 per share - totaling $15.4 million.
"We are extremely pleased to become a partner with Tower Tech," says Jeffrey Gendell, a representative of Tontine Capital Partners. "We look forward to the production increase at the company's Manitowoc site and the expansion of the company's capabilities to further assist its wind turbine customers in the pursuit of their growth plans."
According to Tower Tech, the proceeds from the stocks will be used to purchase additional equipment to expand the current manufacturing capacity, modernize the plant, reduce existing debt and provide the necessary working capital to meet customer demands.