PowerSecure International, Inc recently announced it has been awarded $15 million of new orders for Interactive Distributed Generation® smart grid power systems and utility infrastructure projects.
The IDG systems will be deployed in partnership with utilities to support manufacturers, hospitals, and municipal facilities across the country, including large installations in Colorado, Oklahoma, and Georgia. These IDG systems will be electronically controlled by PowerSecure's smart grid monitoring center, ensuring utilities and customers receive more efficient power during peak electricity demand, and standby power is ready to support customers' operations around-the-clock. The new utility infrastructure awards include projects for electric cooperatives and investor-owned utilities to help them with their efforts to upgrade and improve the efficiency of their electric grids.
This $15 million of new business is included in the Company's revenue backlog of $117 million that was announced separately in today's first quarter 2010 earnings release. The new business includes $12 million for the Company's Interactive Distributed Generation systems, and $3 million for utility infrastructure projects. The $12 million of Distributed Generation business includes $9 million of project-based business and $3 million of recurring revenue contracts.
The project-based distributed generation business and the utility infrastructure business is expected to be completed, and revenue recognized, primarily during the last three quarters of 2010. The distributed generation systems for the recurring revenue contracts are also expected to be installed during the last three quarters of 2010, with associated revenues recognized over the life of the contracts ranging from 10-15 years.
“We are very pleased to announce another group of new business awards, including awards for our distributed generation systems and utility infrastructure projects, said Sidney Hinton, CEO of PowerSecure.
“Our utility relationships and customer base continues to expand, as this announcement includes our first significant utility infrastructure work in Pennsylvania, and our first IDG project in Colorado,” Hinton continued. “Additionally, we continue to be pleased with our growing base of recurring revenues in our distributed generation business. We are committed to exceeding the expectations of our utility partners and customers, and look forward to delivering them products and services that deliver strong returns on their investments.”
