SAN DIEGO (AP) -- Helix Wind Corp. said Tuesday it signed a nonbinding letter of intent to acquire two businesses in a deal worth up to $6.5 million to add turbines designed for low-wind areas to its portfolio.
Helix said the agreement would cover all business assets of Abundant Renewable Energy LLC and Renewable Engineering LLC.
Helix said it would pay $4 million to $6.5 million in cash and restricted Helix stock. The final price would depend on the fulfillment of future earn-outs based on Abundant Renewable's financial projections, Helix said.
The U.S. Bankruptcy Court, which is handling the Abundant Renewable Energy and Renewable Engineering assets, must approve the acquisition. Helix expects it to close by the beginning of the fourth quarter.
