Kingspan acquires collapsed Proven Energy
Green energy news – by GreenWise staff
13th October 2011
Collapsed wind turbine manufacturer Proven Energy has been acquired by Ireland-based Kingspan Renewables.
KPMG, which was appointed receiver of the small wind turbine manufacturer in September, confirmed today it had concluded the deal to sell the assets and business to
Kingspan Renewables, following a competitive sales process. However, Kingspan said it currently only has plans to continue producing
Proven's microgeneration-scale six kilowatt (kW) and 3 kW turbine models – leaving suppliers with full order books and no supply of the mid-size 7 kW turbines and above.
"Kingspan Renewables intends to launch 6 kW and 3 kW turbines, incorporating the high performance, reliability and key features of the Proven P11 and P7 models," Noel Crowe, managing director of Kingspan Environmental and Renewables, said. "A decision on whether or not to launch a 15 kW turbine will be made at a later date, but any launch is unlikely to be before January 2013."
Proven had to cease trading in September after a technical fault was found in its flagship turbine the P35-2. Proven's two other main turbines, the P7 and P11, were not affected.
Jobs safeguarded
KPMG said today's deal meant manufacturing would continue at Proven's plant in Stewarton, Ayrshire. It also safeguards the jobs of 20 Proven staff. Another 55 staff lost their jobs when the company collapsed.
Commenting on the sale, Blair Nimmo, head of restructuring for KPMG in Scotland, said: "Following a competitive sales process, we are delighted to confirm the sale of the business and assets to Kingspan.
"We would like to thank Proven's remaining employees, customers and suppliers for their patience and support and would also like to thank the many parties who showed an interest during the sales process."
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