PowerSecure Announces $15 Million of New Awards for Distributed Generation Systems and Utility Infrastructure Projects
WAKE FOREST, N.C.--(BUSINESS WIRE)-- PowerSecure International, Inc. (Nasdaq: POWR) today announced it has received $15 million of new business awards. The new awards include $10 million of orders for the Company’s Interactive Distributed Generation® (IDG®) smart grid power systems, and $5 million of Utility Infrastructure projects.
The $10 million of new IDG projects includes awards to provide smart grid power systems to a wide range of customers, including hospital, pharmaceutical, industrial, military, and retail facilities. Approximately $4 million of this new business is turn-key, project-based revenue, which the Company expects to recognize primarily in 2012, and approximately $6 million of this new business is for PowerSecure-owned recurring revenue contracts, which are expected to be recognized over the next 5-7 years. The $5 million of new Utility Infrastructure awards include transmission and distribution construction and maintenance for utilities, including a contract to serve a new utility with these services. The majority of the utility infrastructure work is expected to be performed and recognized over the next 24 months.
Sidney Hinton, CEO of PowerSecure, said, "We are pleased to announce these new awards, which include a nice mix of distributed generation and utility infrastructure projects, including both turn-key sales and recurring revenue contracts. Our new distributed generation recurring revenue contracts include additional store locations for a major retailer, as we continue to demonstrate our value and earn additional opportunities to serve them. And our new utility infrastructure work is a direct result of cross selling and extending a utility relationship that began with them experiencing our distributed generation products -- and we are blessed to be able to serve them in this additional capacity.”
About PowerSecure
PowerSecure International, Inc. is a leading provider of Energy and Smart Grid Solutions to electric utilities, and their commercial, institutional, and industrial customers. 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 is a pioneer in developing Interactive Distributed Generation® systems with sophisticated, proactive smart grid capabilities, including the ability to 1) forecast electricity demand and electronically deploy the systems to deliver more efficient, and environmentally friendly power at peak power times, 2) provide utilities with dedicated electric power generation capacity to utilize for demand response purposes, and 3) provide customers with the most dependable standby power in the industry. PowerSecure also provides utilities with transmission and distribution infrastructure construction and maintenance services, and engineering and regulatory consulting services. 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 products for grocery, drug, and convenience stores, and its SecureLiteTM and PowerLiteTM street lights for utilities and municipalities which are available through its EnergyLite business unit. Additional information is available at www.powersecure.com.
All forward-looking statements contained in this release are made within the meaning of and pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are all statements other than statements of historical facts, including but not limited to statements concerning the amount and timing of the revenues associated with the new business discussed in this press release; the Company’s outlook, prospects and expectations for revenues, net income, and E.P.S. results and growth generally; the anticipated results of the Company’s products, services, and technologies; and all other statements concerning the plans, intentions, expectations, projections, hopes, beliefs, objectives, goals and strategies of management, including statements about other future financial and non-financial items, performance or events and about present and future products, services, technologies and businesses; and statements of assumptions underlying the foregoing. Forward-looking statements are not guarantees of future performance or events and are subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed, projected or implied by such forward-looking statements. Important risks, uncertainties and other factors include, but are not limited to, those risks, uncertainties and other factors identified from time to time in the Company's most recent Annual Report on Form 10-K, as well as in subsequent filings with the Securities and Exchange Commission, including reports on Forms 10-Q and 8-K. Accordingly, there can be no assurance that the results expressed, projected or implied by any forward-looking statements will be achieved, and readers are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements in this press release speak only as of the date hereof and are based on the current plans, goals, objectives, strategies, intentions, expectations and assumptions of, and the information currently available to, management. The Company assumes no duty or obligation to update or revise any forward-looking statements for any reason, whether as the result of changes in expectations, new information, future events, conditions or circumstances or otherwise.
PowerSecure International, Inc.
Chris Hutter, 919-453-1760
Chief Financial Officer
Source: PowerSecure International, Inc.
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