PowerSecure International, Inc. (Nasdaq: POWR) today announced it has been awarded $15 million of new orders for Interactive Distributed Generation® (IDG®) smart grid power systems and utility infrastructure projects. The IDG systems will be deployed in partnership with utilities to support manufacturers, hospitals, and municipal facilities across the country, including large installations in Colorado, Oklahoma, and Georgia. These IDG systems will be electronically controlled by PowerSecure’s smart grid monitoring center, ensuring utilities and customers receive more efficient power during peak electricity demand, and standby power is ready to support customers’ operations around-the-clock. The new utility infrastructure awards include projects for electric cooperatives and investor-owned utilities to help them with their efforts to upgrade and improve the efficiency of their electric grids.
This $15 million of new business is included in the Company’s revenue backlog of $117 million that was announced separately in today’s first quarter 2010 earnings release. The new business includes $12 million for the Company’s Interactive Distributed Generation systems, and $3 million for utility infrastructure projects. The $12 million of Distributed Generation business includes $9 million of project-based business and $3 million of recurring revenue contracts. The project-based distributed generation business and the utility infrastructure business is expected to be completed, and revenue recognized, primarily during the last three quarters of 2010. The distributed generation systems for the recurring revenue contracts are also expected to be installed during the last three quarters of 2010, with associated revenues recognized over the life of the contracts ranging from 10-15 years.
Sidney Hinton, CEO of PowerSecure, said, "We are very pleased to announce another group of new business awards, including awards for our distributed generation systems and utility infrastructure projects. Our utility relationships and customer base continues to expand, as this announcement includes our first significant utility infrastructure work in Pennsylvania, and our first IDG project in Colorado. Additionally, we continue to be pleased with our growing base of recurring revenues in our distributed generation business. We are committed to exceeding the expectations of our utility partners and customers, and look forward to delivering them products and services that deliver strong returns on their investments.”
PowerSecure International, Inc. is a leading provider of Energy and Smart Grid Solutions to electric utilities, and their commercial, institutional, and industrial customers, as well as Energy Services to the oil and natural gas industry. PowerSecure’s Energy and Smart Grid Solutions businesses provide products and services in the areas of Energy Efficiency, Interactive Distributed Generation, and Utility Infrastructure. The Company’s Energy Efficiency business provides customers with energy efficient lighting technologies that deliver improved quality of light, including its proprietary EfficientLights LED lighting product that saves grocery, drug, and convenience stores 70% off the cost to operate traditional fluorescent lighting in their refrigerated cases. The Company is a pioneer in developing Interactive Distributed Generation® systems with sophisticated, proactive smart grid capabilities, including the ability to 1) forecast peak electricity demand and electronically deploy the systems to deliver more efficient, and environmentally friendly power, 2) provide utilities with dedicated electric power generation assets for their demand response needs, and 3) provide customers with the most dependable standby power in the industry. PowerSecure also provides utilities with utility infrastructure products and services, including transmission and distribution construction and maintenance, engineering and design services, and regulatory consulting. The Company provides Energy Services to the oil and natural gas industry through its Southern Flow and WaterSecure business units. Additional information is available at www.powersecure.com.
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