PowerSecure International, Inc. (NASDAQ: POWR) today announced that it has been awarded approximately $10 million of new business, continuing a series of new contracts announced over the last seven weeks totaling $50 million.
Virtually all this new business consists of orders for the Company’s distributed generation products.
These new awards include a breakthrough contract to provide distributed generation to support "base load" electricity needs of a major customer in the natural gas production business for one of its Midwest locations. PowerSecure’s distributed generation capabilities allow this customer to have a dedicated power source in a location not currently served by the existing power grid. This contract totals $5 million and is expected to be deployed and recognized by the end of calendar 2008.
In total, the new business awards announced today include approximately $6 million of near-term project-based business, and $4 million of long-term recurring revenue contracts. Virtually all of the project-based business is expected to be completed and recognized by the end of calendar 2008.
About PowerSecure
PowerSecure International, Inc. is a leading provider of energy management and conservation solutions to utilities and their commercial, institutional, and industrial customers. PowerSecure is a pioneer in developing utility partnerships that provide utilities with dedicated electric power generation assets, and customers with the most dependable standby power in the industry. The Company’s distributed generation solutions help utilities avoid energy losses associated with moving electricity over long distances, providing an environmentally friendly and energy efficient power supply. The Company’s intelligent Interactive Distributed Generation® monitoring systems, in conjunction with superior switching technology, manage load curtailment and peak demand to ensure that power is available when needed, and ensure maximum energy efficiencies are achieved for its customers. The Company also provides utilities with regulatory consulting, energy system engineering and construction, and energy conservation services.
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