Comverge Reaches Industry Leading Milestone of 2,200 Megawatts Under Contract and Contracted Revenues in Excess of $476 Million
To: ENERGY EDITORS
Contact: Michael Picchi, Executive Vice President and CFO, +1- 770-696-7660, email@example.com, or Chris Neff, Director of Marketing, +1-973-947-6064, firstname.lastname@example.org, both of Comverge, Inc.
EAST HANOVER, N.J., Sept. 22 /PRNewswire-FirstCall/ — Comverge, Inc. (Nasdaq: COMV) announced today that it has reached an operational milestone, managing 2,200 megawatts (MWs) of electricity capacity and in excess of $476 million in estimated future revenues under contract by easing congestion on the nation’s power grid and helping utilities manage base load and peak energy demand.
With its recent Arizona Public Service contract, which is expected to provide up to 125MW of commercial and industrial capacity, the 60 MW expansion of a Virtual Peaking Capacity(R) (VPC) contract with a Western United States utility, along with 40 megawatts added in the ISO-New England market, Comverge now has 2,200 MWs under management. In less than eighteen months since its Initial Public Offering in April 2007, Comverge’s portfolio of clean energy capacity has grown 508% measured by megawatts under management and 137% measured by estimated future revenues under contract.
Comverge continues to grow and offer innovative energy efficient demand response solutions that help a utility’s residential and commercial and industrial customers conserve energy and reduce costs. Comverge’s management uses three metrics to internally measure the company’s operational progress: (i) megawatts owned under long-term contracts, (ii) megawatts managed under open market programs, and (iii) estimated future payments from long-term contracts.
Progress toward its 2008 internal goals:
— Add 250 to 300 megawatts of capacity under long-term contracts per year. To date, capacity owned under long-term contracts has increased by 387 megawatts, which includes 165 megawatts still subject to regulatory approval. Comverge now has a total of 866 megawatts owned under long-term contracts.
— Add 400 to 500 megawatts in open market programs, per year. To date, megawatts managed in open market programs have increased by 435 megawatts. Comverge now has a total of 897 megawatts managed in open market programs.
— Add $150 million to $175 million in estimated future payments from long-term contracts, per year. To date, estimated future payments under long- term contracts have increased by in excess of $250 million, which includes at least $114 million from contracts still subject to regulatory approval. Comverge now has in excess of $476 million in total estimated future payments from long-term contracts.
Robert M. Chiste, Chairman, President and CEO of Comverge said, “We have met our three major internal goals for 2008 and, with our strong pipeline of potential programs with current and prospective customers, we continue to strive to exceed those goals and create additional value for our shareholders.” Mr. Chiste continued, “We are setting the standard in the industry as this milestone of managing over two gigawatts of capacity demonstrates Comverge’s commitment to top line profitable growth as well as our strong dedication to the environment.”
Comverge is a leading provider of clean energy solutions that improve grid reliability and supply electric capacity on a more cost effective basis than conventional alternatives by reducing base load and peak load energy consumption. For more information, visit www.comverge.com. Virtual Peaking Capacity is a Registered Trademark of Comverge, Inc.
For Comverge Investors
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release are not and do not constitute historical facts, do not constitute guarantees of future performance and are based on numerous assumptions which, while believed to be reasonable, may not prove to be accurate. These forward-looking statements include projected megawatt build-out, projected future payments, regulatory approval, the likelihood of meeting or exceeding previously established goals and certain assumptions upon which such forward- looking statements are based. The forward-looking statements in this release do not constitute guarantees of future performance and involve a number of factors that could cause actual results to differ materially, including risks associated with Comverge’s business involving our products, the development and distribution of our products and related services, economic and competitive factors, our key strategic relationships, and other risks more fully described in our most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Comverge assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
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