AAER Inc. has announced that it has entered into a memorandum of understanding with French energy producer Valorem SAS in order to establish the conditions under which both parties will organize a joint venture for the purposes of marketing AAER's 2MW wind turbine in France.
The ownership of the AAER SAS joint venture, which would have its principal place of business in France in the Bordeaux area, would be allocated as follows: 2/3 of the interest would be allocated to AAER and 1/3 of the interest would be allocated to VALOREM. Final documentation pertaining to the creation of the joint venture should be completed prior to January 31, 2008, but remains subject to due diligence by VALOREM of AAER's license and to AAER obtaining a certification for its A-2000 technology.
