Comverge Announces Multi-Deal Agreement With Major Virginia-Based Energy Provider
EAST HANOVER, N.J., July 30 /PRNewswire-FirstCall/ – Comverge, Inc. (Nasdaq: COMV), a leading provider of comprehensive smart grid, demand management, and energy efficiency solutions, today announced a multi-deal agreement with a leading Virginia-based utility including:
- a 5-year, 117 megawatt (MW) commercial and industrial (C&I) Virtual Peaking Capacity((R)) (VPC) contract;
- an agreement to supply more than 150,000 advanced metering infrastructure (AMI)-enabled energy management devices for a residential demand response program; and
- a license to utilize Comverge’s Apollo((TM)) Demand Response Management System software to manage both the C&I and residential demand response programs.
These contracts will give participating commercial, industrial and residential customers the ability to reduce load at times of peak electrical demand. Comverge will begin mobilization of both programs effective immediately, with regulatory approval by the Virginia State Corporation Commission and implementation anticipated in early 2010.
“The rollout of such a comprehensive demand response program from one of the nation’s largest energy producers confirms the utility industry’s growing investment in demand side management and momentum toward the smart grid vision of the future,” said Comverge Interim President and CEO, Michael Picchi. “The selection of Comverge’s Apollo platform as the software of choice for both the residential and C&I programs further validates Comverge’s foothold as the industry’s most comprehensive demand response and smart grid solutions provider servicing all customer classes.”
Through the VPC contract, Comverge will be the exclusive demand response provider for the utility’s large C&I customers enabling them to reduce the amount of electricity that is required at times of peak energy demand. Comverge was also selected as the hardware provider for the residential demand response program. The deal will supply more than 150,000 residential customers with Comverge’s AMI-enabled, Dual Mode Digital Control Unit allowing them to more actively monitor their energy consumption. Both the residential and C&I systems will be managed by Comverge’s Apollo software platform which will allow for seamless integration of future smart grid developments.
Comverge, with over 3000 megawatts of clean energy capacity under management, 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. Apollo is a trademark of Comverge, Inc.
Forward Looking Statements
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 should not be construed as historical facts, do not constitute guarantees of future performance and are based on numerous assumptions that, while believed to be reasonable, may not prove to be accurate. These forward looking statements include regulatory approval of the contract, successful implementation of the program, anticipated megawatt and customer participation results, expectations of future performance and certain assumptions upon which such forward-looking statements are based. The forward-looking statements in this release 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, regulatory changes, grid operator rule changes, 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 information or announcements described herein.
For Additional Information Kristin Mastrandrea Communications Manager Comverge, Inc. 973-434-7157 firstname.lastname@example.org
SOURCE Comverge, Inc.