Key Developments For PowerSecure International, Inc.
PowerSecure International, Inc. (POWR.O) (Nasdaq)
PowerSecure International, Inc. Announces $12 Million Of Awards For Smart Grid Power Systems And Utility Infrastructure Projects
PowerSecure International, Inc. announced it has been awarded $12 million of new orders, including orders for 1) its smart grid power systems, and 2) new utility infrastructure projects. The new smart grid Interactive Distributed Generation (IDG) power systems will be deployed in partnership with utilities to deliver more efficient power during peak electricity demand, and provide standby power for hospital and telecommunications facilities. The new utility infrastructure awards include transmission, distribution, and substation projects to upgrade and improve the efficiency of the electric grid. These projects will be completed on behalf of utilities, and include infrastructure to support large industrial business sites, institutions, federal facilities, and municipalities. The entire amount of these new awards is for project-based business for which revenue is recognized as the projects are completed. The Company expects the projects to be completed, and revenue recognized, primarily from the fourth quarter of 2009 through the second quarter of 2010. Approximately $4 million of the new business is for the Company`s Interactive Distributed Generation systems, and $8 million is for utility infrastructure projects.
PowerSecure International, Inc. Awarded $5 Million Of New Orders For Clean, Green EfficientLights Technology
PowerSecure International, Inc. announced it has been awarded approximately $5 million of new orders for its EfficientLights LED lighting technology. The new orders are expected to be completed and recognized primarily during the second half of 2009.
PowerSecure International, Inc. Selected to Provide Three Major Utilities with Infrastructure Improvement Services
PowerSecure International, Inc. announced its UtilityServices unit was selected in June by three separate major investor-owned electric utilities to provide infrastructure upgrades, construction, and maintenance services for their transmission and distribution systems. The utilities` electrical systems include some of the largest, most sophisticated networks in the nation, and UtilityServices` work will include enhancements to both overhead and underground systems. Revenue from these new UtilityServices relationships is expected to begin in 2009, with a modest amount of revenue recognized during the second half of the year. The precise timing and the amount of revenue that will be generated from these relationships is not determinable at this time because of their early stage of development.
PowerSecure International, Inc. Announces $12 Million of New Business for Smart Grid Enabled Power Systems Supporting Municipal Infrastructure and Manufacturing Facilities
PowerSecure International, Inc. announced that it has been awarded approximately $12 million of new business for its smart grid enabled power systems. The new business is driven by awards for its Interactive Distributed Generation (IDG) Systems which will be deployed to support critical municipal infrastructure and manufacturing facilities. These systems incorporate the Company`s intelligent NexGear switchgear and will be connected to PowerSecure`s monitoring center, enabling the delivery of more efficient power during periods of peak electricity demand, and ensuring a dependable supply of standby power 24x7. These new awards consist of approximately $11 million of project-based business, and $1 million of long-term recurring revenue contracts. The $11 million of project-based business is expected to be completed and recognized primarily during the second half of 2009 and the first half of 2010, and the majority of the long-term recurring revenue business will be recognized over approximately five years beginning in the second half of 2010.
PowerSecure International, Inc. Announces Contract
PowerSecure International, Inc. announced that it has been awarded approximately $5 million of new business from utilities and businesses for its smart grid energy solutions. The new awards include orders for PowerSecure`s smart grid-enabled Interactive Distributed Generation (IDG) Systems, including its intelligent NexGear switchgear systems and electronic controls, which enable the systems to be connected "24 x 7" to PowerSecure`s monitoring center to optimize peak shaving efficiencies and standby power dependability. The new awards also include new orders for Utility Infrastructure projects, including the design and construction of new utility infrastructure and upgrade projects, in partnership with PowerSecure`s utility partners to support the power needs of major federal and business customers. These new awards consist of approximately $4 million of project-based business, and $1 million of long-term recurring revenue contracts. The $4 million of project-based business is expected to be completed and recognized in 2009, and the revenue from the long-term recurring revenue business will be recognized over approximately 10 years.
