Northern Power Systems (NPS) has announced that the company effected the disposition of the company’s energy storage business, including Northern’s energy storage project pipeline and related intellectual property, to WEG Electric Corp (WEG).
NPS received proceeds of approximately US$ 1,100,000 and WEG hired eight energy storage focused employees from NPS. The Company also announced the departure of its Interim Chief Financial Officer Ciel R. Caldwell. effective immediately, and the appointment of William St. Lawrence, as the Company’s Interim Financial Officer. While serving in this capacity Mr. St. Lawrence will continue to serve as the company’s Interim Co-Chief Executive Officer and General Counsel.
