OFFERING MEMORANDUM Global Offering of up to ... - Nordex

Research and development
Certification of the N50/800kW turbines has substantially been completed, series production started in
early 2000. In order to tap the market for variable-speed, adjustable-pitch wind turbines, work on an
N50p (variable-speed/pitch) turbine began on the basis of the N50/stall and a prototype installed mid-
August. Prototype testing will start in the high-wind seasons of fall and winter, and first results should
be available in the spring of 2001.
The N43 turbine can presently be regarded as the most sturdy and flexible NORDEX product; even at
locations of extreme climatic conditions with temperatures varying between +40ºC and -30ºC such as
the Egyptian Desert or Inner Mongolia, the N43 presents good uptimes and satisfies the warranty
requirements of the international market (uptime and characteristic performance curve).
In January 2000, the N80/2500kW prototype was installed as scheduled. Extensive trials and tests have
since been conducted with this variable-speed, adjustable-pitch, 2,500-kW rated output turbine with
whose development NORDEX broke new ground. A lack of wind delayed testing and thus also selective
marketing of this product. Therefore, a second, identical prototype will by year-end be installed on the
test wind farm of Wilhelmshaven where wind conditions are more favorable.
The NORDEX Control, developed by the Company as from the summer of 1999, has so far been installed
in more than 160 wind turbines.
Significant subsequent events
No significant reportable events occurred subsequent to the balance sheet date.
Head office relocation
NORDEX will close down its Rerik location and move with all its and NPV’s corporate functions
(Finance, Sales, Purchasing, R&D, Project Management, Management) to a new, central location in
Norderstedt near Hamburg (State of Schleswig-Holstein). Customer Service along with the Remote
Plant Control Center will move to the Rostock Wind Turbine Competence Center.
The Company expects Hamburg to provide a far better human resources potential for administrative
and executive staff, improved traffic links and a wide variety of operational synergies from the
concentration of all decision-making functions at one site.
Besides the existing branches in Denmark, Spain, China (sales office in Beijing, a limited company for
customer service in Shanghai, a joint venture in Xian), and Turkey, the following new operations were
set up:
– on 12-27-1999 an independent US company, NORDEX USA Inc., near Dallas, Texas
– on 10-26-1999 a branch in Cairo, NORDEX GmbH Egypt Branch, to handle two Egyptian
megaorders
– on 8-7-2000 an independent company in Athens, NORDEX Hellas L.L.C., to handle a major Greek
contract
NORDEX is still seeking joint venturers for establishing a company in Turkey.
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