MICG UP .06 *INVC UP .31 MICG >NEWS.>>*PR 11/30/07
Microfield Group Announces Contract to Provide Demand Response Services for Major Eastern State
Friday November 30, 4:01 pm ET
Milestone Contract Opens Significant New Market with Latest Demand Response Program in PJM Interconnection Network
KEY HIGHLIGHTS:
-- State Contract Further Validates EnergyConnect's Industry-leading Energy Automation Technology
-- Contract Reflected in 1,400 Building Equivalent total as of September 30, 2007
-- Company Continues on High-Growth Business Model Targeting Initial $12 Billion Market
PORTLAND, Ore.--(BUSINESS WIRE)--Microfield Group, Inc. (OTCBB:MICG), an innovator in the demand response marketplace, has announced that the Company has executed an agreement to become the primary provider of demand response services for a major eastern seaboard state. This contract, the largest such comprehensive state program to date in PJM, further validates the Company’s high-growth business model that targets a $12 billion segment of the demand response marketplace in 20 major U.S. metropolitan centers.
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The new agreement also rapidly increases EnergyConnect’s total participant peak electricity load involved in demand response by more than 500 megawatts, including major government and educational institutions.
“Being selected as the provider of demand response services for this state is a major win for Microfield and a clear testament to the competitive strength of EnergyConnect’s innovative technology and products,” said Rodney M. Boucher, Chief Executive Officer of Microfield Group. “We are gratified to receive this independent verification of our EnergyConnect programs as best-of-breed in the national demand response sector of the alternative energy industry.”
The new agreement raised the number of Building Equivalents (BE) by more than 100 during the third quarter of fiscal 2007. One BE is equal to approximately 1 million square feet of commercial space in a large building, a campus or an industrial site. EnergyConnect has targeted an estimated 1500 BE for fiscal 2007 as a means to quantify the Company’s future growth expectations.
Microfield’s EnergyConnect division ushers in a paradigm shift in the sector traditionally known as demand response. EnergyConnect’s real time auto-response technology allows participants to capitalize on hourly price fluctuations and daily commitments, as well as emergency response services to maintain grid stability. In addition to these previously untapped revenue streams, EnergyConnect’s industry leading technology allows the Company to meet the unique needs of each participant, resulting in a significantly larger target market with ample opportunities for growth.
The agreement announced today further enhances a year of growth marked by the substantial year over year increases in revenue for Microfield’s EnergyConnect products and services reported by the Company in 2007.
The ox is slow,but the earth is patient.
