US Seismic Systems Receives $620,000 Order for Fiber Optic High Temperature Down-hole Seismic Array
CHATSWORTH, Calif., Sept. 14, 2011 /PRNewswire/ — US Seismic Systems (USSI), a subsidiary company of Acorn Energy, Inc. (Nadsaq: ACFN) announced today that it has received an order for a high temperature down-hole seismic monitoring system based upon USSI’s revolutionary Ultra High Sensitivity (UHS) fiber optic sensor technology. This order, valued at over $620,000, represents the fifth significant order received by USSI in 2011 for energy applications. The company has over $2.4 million in backlog of UHS seismic systems. This system will be used for monitoring hydraulic fracturing (hydrofrack) stimulations in high temperature down-hole environments.
“Our new system has the highest temperature rating of any large-scale production down-hole seismic system,” states Jim Andersen, USSI’s CEO. “There is a large pent up demand for high temperature down-hole seismic monitoring systems, but until now the technology just did not exist to answer that demand.”
“Many experts believe this to be a key enabling technology for improving the economics of oil and gas shale drilling as well as the proliferation of geothermal sources of power,” said John Moore, Chairman and CEO of Acorn Energy.
Next week, USSI will be exhibiting at the Society of Exploration Geophysicists (SEG) International Exposition in San Antonio, Texas. At the SEG Expo, USSI will be displaying its down-hole technology.
About US Seismic Systems, Inc.
US Seismic Systems Inc. (“USSI”), formerly US Sensor Systems Inc., designs, integrates, manufactures, and sells fiber optic sensing systems and solutions for the Energy and Defense markets. USSI utilizes all-optical fiber sensing technology for its state-of-the-art sensors. USSI’s proprietary optical fiber and electronics combine to form the sensor system. It is designed to replace the legacy electronic-based sensor systems at a lower cost and with improved performance and reliability. USSI’s new fiber optic geophone was recently awarded the coveted 2010 Oil & Gas Industry Innovation of the Year Award by Frost & Sullivan, the world leader in technology, market, customer, and economic research. For more information visit the USSI website at: www.ussensorsystems.com.
About Acorn Energy, Inc.
Acorn Energy, Inc. is a holding company focused on technology driven solutions for energy infrastructure asset management. Our four businesses in which we have controlling interests, improve the world’s energy infrastructure by making it cleaner and less expensive to operate air pollution systems for coal and gas-fired power plants (CoaLogix), more secure by providing security solutions for underwater energy infrastructure (DSIT), more reliable by providing condition monitoring instruments for critical assets on the electric grid (GridSense) and more productive and efficient by increasing oil and gas production while lowering costs through use of ultra-high sensitive seismic tools for more precise pinpointing of oil and gas reservoirs (USSI). For more information visit www.acornenergy.com.
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to risks and uncertainties. There is no assurance that CoaLogix, DSIT, US Sensor Systems or GridSense will continue to grow their respective businesses. 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.
Paul G. Henning
SOURCE Acorn Energy, Inc.