Tower Tech: $15.4 M to Support New Contract with Clipper Windpower

Manitowoc, Wisconsin [RenewableEnergyAccess.com] Tower Tech Holdings signed a supply agreement with Clipper Turbine Works, Inc. for the production of wind towers. Tower Tech also announced a $15.4 million private placement of 10.26 million shares of its common stock to Tontine Capital Partners and its affiliates. Plus, Tontine Capital Partners is purchasing 2.4 million shares from the founders of Tower Tech. The proceeds from the sale of stock will be used to purchase additional equipment to expand the current manufacturing capacity, modernize the plant, significantly reduce existing debt and provide the necessary working capital to meet the demand of the Company’s major customers.

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