Acorn Energy’s Subsidiary Coreworx Announces Expansion into Nuclear Offering

John Moore to Ring NASDAQ Closing Bell Celebrating Coreworx’s Nuclear Initiative

MONTCHANIN, Del., May 20 /PRNewswire-FirstCall/ — John Moore, CEO of Acorn Energy, Inc. (Nasdaq: ACFN) will preside over the NASDAQ stock market closing bell to commemorate Coreworx’s steps towards expanding its nuclear power industry solution.

Coreworx is used globally by energy industry leaders to manage major capital project execution risk. Coreworx Project Information Control software is used for managing complex engineering documentation and information exchange amongst design professionals, external engineering firms and contractors.

“Acorn’s Board of Directors has agreed to make an additional investment in order to accelerate Coreworx’s nuclear initiative. The opportunity to provide collaboration tools for the owner operators, engineering and procurement providers, contractors, supply chain and regulators is a billion dollar opportunity. About 20% of the United States’ energy is from nuclear power and the international community is making major investments in the space,” said John Moore, CEO of Acorn Energy. “Over the past 40 years there has been a freeze on the construction of new nuclear plants but in the coming years North America will need to extend the licenses for 110 existing nuclear plants as well as build 30 to 40 new nuclear plants. With recent public interest in carbon free power, renewing our existing plants and building more nuclear has become an inevitable requirement. When the existing fleet of plants were originally built the IT tools available were rudimentary. Coreworx can help enable the nuclear renaissance by providing proven tools for these companies to manage their projects on time, on budget and minimize risks.”

According to the World Nuclear Association’s website, “the increasing energy demand, aging power infrastructure, concerns over climate change and dependence on overseas supplies of fossil fuels are coinciding to make a stronger case for nuclear.” Also, “Several studies show that nuclear energy is the most cost-effective of the available base-load technologies. In addition, as carbon emission reductions are encouraged through various forms of government incentives and trading schemes, the economic benefits of nuclear power will increase further.”

“Coreworx is already known as the leading software used by Owner/Operators for managing some of the worlds largest infrastructure projects and the nuclear power industry presents a perfect opportunity to share project information control best practices gained from our client successes in major capital projects for oil & gas, power and mining,” said Ray Simonson, CEO of Coreworx. “Acorn Energy’s increased investment will facilitate Coreworx’s release of a solution specifically designed for the needs of the Nuclear industry. Coreworx will focus on contract and interface management, as well as industry-specific work processes and project intelligence capabilities in support of quality assurance programs required to obtain an operating license for a nuclear facility.”

Closing Bell Webcast:

A live webcast of the NASDAQ Closing Bell will be available at: http://www.nasdaq.com/about/marketsitetowervideo.asx

About Coreworx

Coreworx Inc. provides integrated document control and automated workflow management for mega capital projects in the oil & gas, power and mining sectors. The Coreworx solution is a proven web-based enterprise software system that enables engineering and construction contractors and owner/operators to automate best practices, mitigate business risks and improve performance throughout the entire project lifecycle. Coreworx services a portfolio of projects valued at over $500 billion across more than 50 countries, on more than 400 capital projects with nearly 70,000 users. Coreworx has offices in Houston, Calgary and Kitchener. For more information visit http://www.coreworxinc.com. Coreworx Inc. is an Acorn Energy company.

About Acorn Energy

Acorn Energy, Inc. is a publicly traded holding company with equity interests in CoaLogix, Coreworx, DSIT and GridSense. These companies leverage advanced technologies to transform and upgrade the energy infrastructure around the world. Acorn companies are focused on three problems in the energy sector: improving the efficiency of the energy grid, reducing the risk for owners of large energy assets, and reducing the environmental impact of the energy sector. Acorn’s strategy is to take primarily controlling positions in companies led by great entrepreneurs. For more information visit http://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 or Coreworx 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.

    CONTACT:
    Mike Marsh
    V.P. Marketing
    Coreworx Inc.
    (519) 772 3190
    mmarsh@coreworxinc.com

    Julia Davis
    Marketing Manager
    Acorn Energy Inc.
    (302) 656 1707
    jdavis@acornenergy.com

SOURCE Acorn Energy, Inc.