Acorn Energy Announces Plan to Acquire Software Innovation, Developer of Coreworx(TM)

Acorn Energy Announces Plan to Acquire Software Innovation, Developer of
Coreworx(TM)
Acorn to extend its reach in intelligent energy infrastructure

MONTCHANIN, Del., March 31 /PRNewswire-FirstCall/ -- Acorn Energy, Inc.
(Nasdaq: ACFN) today announced that it has entered into a letter of intent to
acquire Software Innovation, Inc. of Waterloo, Ontario. Software Innovation
is the developer of Coreworx(TM) a world-leading software tool for capital
project collaboration. Coreworx is currently utilized to manage the
construction of hundreds of major capital projects, including offshore oil
wells, refineries, mining operations and power plants around the world. The
contemplated acquisition is part of Acorn's goal of improving the productivity
of global energy infrastructure. Although terms of the letter of intent were
not disclosed, completion of the transaction remains subject to Acorn's due
diligence and execution of definitive documentation.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080205/NYTU084LOGO)
John Moore, CEO of Acorn Energy stated, "Skyrocketing energy demand has
created a global energy infrastructure crisis. As energy producers drill
deeper for oil and build larger mines and next-generation power plants, the
cost and complexity of these projects are becoming problematic. At the same
time, existing tools for planning and controlling these projects are
inadequate and the supply of experienced professionals is dwindling. Coreworx
is the leading productivity tool for effectively managing the new level of
construction complexity in energy and other infrastructure projects. We were
impressed that Coreworx has been adopted as the corporate standard at energy
construction companies like Chevron and Fluor. We look forward to having Ray
Simonson and his team join the Acorn family of companies. We believe that
their ambitious vision, combined with the additional resources we can bring to
bear, will grow Coreworx into a holistic tool for the intelligent plant of the
future."
Ray Simonson, CEO of Software Innovation said, "We are very pleased to
have the opportunity to work with people who share our vision and passion for
transforming the world energy infrastructure. With the additional resources
and support brought to us by Acorn Energy, we can build on our success in the
construction collaboration arena and launch into the next phase of our
strategy -- building the intelligent plant of the future."
About Software Innovation Inc.
Software Innovation provides unique solutions for Owner-Operators and EPC
companies who manage capital projects. Its flagship product, Coreworx, is a
construction collaboration system designed to optimize large capital project
execution by supporting the entire project lifecycle and infusing the
resulting asset with intelligence and memory. This integrated solution
dramatically reduces costs and timelines of construction, and mitigates legal
and financial risks. At the same time it paves the way for more automated and
intelligent plant operations. Software Innovation delivers technology
solutions tailored for clients in a variety of vertical markets. Founded in
1997, Software Innovation has offices in Waterloo, Ontario and Houston, TX and
services clients globally. Coreworx is currently in use on more than 400
capital projects with over 70,000 users worldwide. For more information see
www.coreworxinc.com.
About Acorn Energy, Inc.
Acorn Energy is a publicly traded holding company focused on improving the
efficiency of the energy grid and reducing the environmental impact of the
energy sector. Acorn Energy's operating companies leverage advanced
technologies to transform the existing energy infrastructure. Acorn's
strategy is to take primarily controlling positions in companies led by great
entrepreneurs and add value by supporting those companies with marketing,
strategy and business development. Acorn Energy is a global company with
equity interests in Comverge, CoaLogix, DSIT, Gridsense, Local Power and
Paketeria. For more information visit www.acornenergyinc.com.
Safe Harbor Statement
This press release includes forward-looking statements, which are subject
to risks and uncertainties. The completion of the acquisition of Software
Innovation Inc. described in this release is subject to completion by Acorn
Energy, Inc. of its due diligence and execution of a definitive purchase
agreement and any conditions to closing. There is no assurance Acorn Energy
will be able to complete its acquisition of Software Innovation. There is
also no assurance that the Coreworx software will develop into a holistic tool
for designing the intelligent plant of the future. A complete discussion of
the risks and uncertainties which may affect Acorn Energy's business generally
is included in "Risk Factors" in the Company's most recent Annual Report on
Form 10-K as filed by the Company with the Securities and Exchange Commission.
CONTACT:
Christianna Miller
Director of Communications
Acorn Energy, Inc.
(302) 656-1707
cmiller@acornenergyinc.com

SOURCE Acorn Energy

Christianna Miller, Director of Communications, Acorn Energy, Inc.,
+1-302-656-1707, cmiller@acornenergyinc.com