Noveda Technologies Awarded Funding Under New Jersey's Clean Energy Manufacturing Fund

Noveda Technologies Awarded Funding Under New Jersey's Clean Energy
Manufacturing Fund
$3.3 Million Grant Will Help Company Expand, Create Green Jobs and Support
NJ's Clean Energy Goals

BRANCHBURG, N.J., Nov. 2 /PRNewswire/ -- Noveda Technologies, the leader in
web-based energy monitoring systems, today announced that it has received $3.3
million in funding from the New Jersey Board of Public Utilities (BPU) under
the state's new Clean Energy Manufacturing Fund (CEMF). The grant will
support Noveda's rapid growth in the green technology sector.

Noveda is the second company to receive a CEMF award. The program,
specifically designed to support companies looking to site or materially
expand a Class I renewable energy or energy-efficient product manufacturing
facility in New Jersey, will bolster the state's national leadership role in
establishing a green economy by ensuring companies have the resources they
need to sustain, grow and prosper while addressing the goals of Governor
Corzine's Energy Master Plan.

Noveda Technologies received the funding to support the purchase of equipment
and machinery and to make leasehold improvements. Specifically, Noveda will be
able to increase production of its SmartSource(TM) metering and data
collection units. This project is expected to result in total public/private
investment of more than $6.6 million, and Noveda expects to expand from its
current staff of 17 to 100 by 2013.

"Noveda is excited to receive this funding under CEMF. With the support of the
state, we look forward to providing green jobs to New Jersey residents and
continuing to help our customers reduce their energy costs and carbon
footprints," said Edward Brzezowski, President and Founder of Noveda.

Founded in 2007, Noveda Technologies manufactures equipment that monitors a
building's energy, mechanical and environmental systems in real-time.
Customers use the monitoring equipment to identify opportunities to reduce
energy use through low- and no-cost operations and maintenance improvements.
For example, the Liberty Science Center in Newark, NJ, reduced its annual
energy consumption by 42 percent by using the Noveda system. Noveda is
currently monitoring over 150 buildings in the United States and Asia,
including major New Jersey sites such as: the Newark Public School System,
Morristown's Wastewater Treatment Plant, and the largest wind farm on the east
coast at the Atlantic County Utility Authority.

"Noveda has had tremendous early stage success and the CEMF funding will allow
us to double the size of our company in the coming year," said Kelly Sickles,
Chief Financial Officer for Noveda. "We're grateful for the funding and are
committed to helping New Jersey reach its energy reduction goals."

"Energy efficiency reduces utility bills for the ratepayer and benefits all of
us in the state by reducing infrastructure costs, air pollution and greenhouse
gas emissions," said BPU President Jeanne M. Fox in announcing the award.
"That is why energy efficiency is such an integral part of Governor Corzine's
comprehensive Energy Master Plan."

About Noveda Technologies:
Founded in 2007, award-winning Noveda Technologies is an innovative leader in
real-time energy monitoring and visualization for conventional and renewable
energy systems. Noveda's web-based software and services provide solutions to
help optimize building energy efficiency, lower energy costs and reduce carbon
footprint. The company's diverse client base includes commercial, government,
nonprofit and educational institutions. For more information, visit
www.noveda.com or call 908-534-8855.

SOURCE Noveda Technologies, Inc.

Kelly G. Vanasse, +1-732-469-4518, kgvanasse@kellycommunication.com; or
Christina Boyer, +1-908-534-8855, cboyer@noveda.com