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PowerSecure Announces $10 Million of New Utility Infrastructure and Distributed Generation Projects, Including Solar Power System
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The new awards and their timing will be included in the Company's revenue backlog report to be issued in conjunction with its upcoming second quarter earnings release on August 6, 2012.
Submitted on 08/02/12, 08:30 AM
WAKE FOREST, N.C., Aug 01, 2012-- PowerSecure International, Inc. POWR -1.67% today announced it has received $10 million of new awards for utility infrastructure projects and distributed generation systems. The utility infrastructure awards total $7 million, including transmission and distribution system projects to upgrade existing utility systems, and new infrastructure projects to support expanding oil and gas company production activities. The new distributed generation system awards total $3 million, and include installations for hospital, institutional, and industrial applications. The distributed generation awards include $1 million of traditional turn-key PowerSecure distributed generation projects, a $1 million turn-key distributed solar energy project, and $1 million of recurring revenue projects. The majority of the $9 million of turn-key project-based awards in this announcement will be completed and recognized in 2012, and the remaining $1 million of recurring revenue will be recognized over a multi-year period. The new awards and their timing will be included in the Company's revenue backlog report to be issued in conjunction with its upcoming second quarter earnings release on August 6, 2012.
Sidney Hinton, CEO of PowerSecure, said, "We are pleased to announce these new awards, continuing the strong pace of new business we have realized over the last several months. They put us in a strong position as we look forward to the back half of 2012. Additionally, we are pleased to announce our first PowerSecure Solar award, as we have seen a very positive response in the marketplace to our recent acquisition and addition of solar energy systems to our portfolio of products."
PowerSecure International, Inc. is a leading provider of Utility and Energy Technologies to electric utilities, and their industrial, institutional, and commercial customers. PowerSecure provides 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(R) power systems with sophisticated smart grid capabilities, and 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 - and incorporating cost-effective renewable technologies. The Company's Energy Efficiency business develops energy efficient lighting technologies that improve the quality of light, including its proprietary EfficientLights(R) LED lighting products for grocery, drug, and convenience stores, and its SecureLite and PowerLite street lights for utilities and municipalities. PowerSecure also provides electric utilities with transmission and distribution infrastructure maintenance and construction services, and engineering and regulatory consulting services. Additional information is available at www.powersecure.com .