Principle Power Announces Merger with Marine Innovation & Technology and CEO Transition

Seattle, WA (USA), February 3, 2015 – Principle Power, Inc. (Principle Power) is pleased to announce the recent merger with Marine Innovation & Technology (MI&T), an offshore engineering consulting firm and long time partner of Principle Power in the development of the WindFloat technology.

Based in Berkeley, CA, MI&T has been the dedicated engineering group for Principle Power, since the inception of the WindFloat concept, having played a key role in the development of the technology. The merger of MI&T and Principle Power ensures that all the know-how and key staff members reside under one corporate roof, resulting in increased operational efficiencies. The combined Company will have offices in the US (California, Washington, Oregon), United Kingdom, France, and Portugal, in close proximity to key markets.

The merger is viewed as a critical step in the transition from technology demonstration to commercialization, and will help focus the Company’s resources on its most advanced projects, which are located in Oregon, US, and Portugal, as well as other near term opportunities in Europe and Asia.

Additionally, Principle Power has appointed a new President and Chief Executive Officer, Mr. João Metelo. Mr. Metelo brings over 15 years of experience in the power and renewables industry, leveraging his previous experience as COO, CFO and other senior roles in financial areas such as M&A, Financing, and Strategic Planning.

”As Principle Power transitions from a start-up to a mature operating company, it is important to unite the company around a single Vision – to be the leader in deep water wind technology that opens access to new sources of clean renewable energy worldwide,” said João Metelo, President and CEO of Principle Power. ”The merger with MI&T is a critical stepping-stone in this path by unifying the team, crystalizing know-how, and increasing focus on our near term commercial opportunities. I personally thank Ms. Weinstein for her vision and dedication over the years in making Principle Power an industry leader”

The former CEO and co-founder of Principle Power, Ms. Alla Weinstein, will be moving on to pursue new endeavors. The Board of Directors of Principle Power and its Management Team thank Ms. Weinstein for her tireless efforts since the founding of Principle Power in 2007 to position the WindFloat as a proven and game changing technology.

”It is hard to believe that it has been over seven years since Principle Power was conceived in late 2007. This led to the development of the WindFloat technology which went from a sketch on a computer screen and a provisional patent to a full scale 2MW prototype installed in 2011, only 4 years later. Now the company has two major projects underway in the US and Portugal that, once completed, would see close to 50MW of installed capacity of WindFloat systems. The merger with MI&T, the resulting engineering strength, combined with the collective experience of the management team, will ensure the growth of the Company. The close relationship with the major shareholders that are in the business of developing offshore wind projects aligns business goals and provides for the Company’s ability to capture significant market share around the World. I am confident that I leave the Company in capable hands to deliver return to its shareholders,” said Ms. Alla Weinstein, co-founder of Principle Power.

The remaining members of the Management Team will remain in place, namely Dominique Roddier as Chief Technical Officer, Christian Cermelli as Chief Naval Architect and Ralph Sahrmann as General Counsel. Together with Mr. Metelo, the executive team has on average 25 years of experience in Energy, Renewables, Oil & Gas and related spaces.

”Ms. Weinstein has been an amazing leader of the Principle Power Team. The WindFloat would not have reached its potential nor secured the portfolio of ongoing pre-commercial projects without her relentless, go-get-it attitude. We are very grateful for her sacrifices and proud of her accomplishments over the last 7 years. We wish her the very best in her next endeavor,” said Dominique Roddier, CTO and Board Member of Principle Power.

About Principle Power
Principle Power, www.principlepowerinc.com, founded in 2007, is a technology and services provider for the offshore wind energy market. Principle Power’s innovative and proven technology, the WindFloat – a floating wind turbine foundation – provides access to transitional and deep-water sites by offering an enabling technology for the development of the offshore wind industry as whole and opening new deep water markets. Principle Power, with offices in the USA (Washington, California, Oregon), United Kingdom, France, and Portugal, sells the WindFloat as a technology solution and acts as a service provider to developers, independent power producers, and utilities engaged in the rapidly expanding global offshore wind market.

About Marine Innovation & Technology
Marine Innovation & Technology, is an offshore engineering consulting firm that developed the MiniFloat suite of offshore floating platforms, including the WindFloat. MI&T’s expertise includes naval architecture, hydrodynamics, mooring analyses and structural design of floating structures. Its expertise in shipyard fabrication and offshore operations feeds back into the engineering design process. MI&T’s engineering team has been behind the WindFloat since its inception in 2006.