July 21, 2008
Acorn Energy and CoaLogix Subsidiary Announce Two New Orders for Regeneration Totaling $5 Million
MONTCHANIN, Del., July 21 /PRNewswire-FirstCall/ -- Acorn Energy, Inc. and its CoaLogix subsidiary today announced that they have secured two new contracts for catalyst regeneration totaling over five million dollars. For delivery in 2008 and 2009, the new contracts come from one southern utility company and one mid-Atlantic utility company. CoaLogix's current backlog in regeneration contracts represents about three times its entire 2007 revenue.
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CoaLogix's customers are reducing their environmental footprint and realizing substantial savings by utilizing the company's catalyst regeneration service. By regenerating the catalyst under these contracts, its customers are recycling a valuable asset and avoiding the land filling of poisoned catalyst.
"CoaLogix and SCR-Tech have built the US regeneration market. We have provided some of our customers with opportunities to save over $100 million in the next 10 years on their Selective Catalyst Reduction Systems (SCR's). In addition, regeneration obviates the need for our customers to landfill huge amounts of waste, representing additional savings, a cleaner environment and avoidance of potential liabilities," stated Bill McMahon, CEO of CoaLogix.
John A. Moore, CEO of Acorn Energy, remarked: "It is extremely positive to receive these two orders even after CAIR was recently overturned. It demonstrates that there is a robust market for catalyst regeneration due to the deactivation of the current inventory and the uncertainty of future operating conditions," said Acorn CEO John Moore.
About CoaLogix, Inc.
CoaLogix is focused on providing cutting edge services to coal-fired generating facilities to reduce their environmental footprint through technology, optimization and efficiency improvements. CoaLogix currently owns SCR Tech which provides SCR services to power plants, including a proprietary technology to regenerate catalyst, and MetalliFix which captures and remediates mercury from coal fired plants. Currently, coal-fired power plants contain approximately $1 billion of catalyst in their SCR systems.
About Acorn Energy, Inc.
Acorn Energy accelerates the growth of emerging ventures that promise improvement in the economic and environmental efficiency of the energy sector. Acorn Energy is a global company with equity interests in Comverge, Local Power, DSIT, GridSense Systems Inc. and Paketeria AG. For more information visit http://www.acornenergyinc.com/.
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to risks and uncertainties. The contracts referred to in this release are subject to possible cancellation, with penalty, by the customers. This is no assurance that the contracts referred to in this release will be fully performed. 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 [email protected]
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Acorn Energy, Inc.
CONTACT: Christianna Miller, Director of Communications of Acorn Energy,Inc., +1-302-656-1707, [email protected]
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