PowerSecure Announces $10 Million of New Utility Infrastructure and Distributed Generation Projects, Including Solar Power
PowerSecure International (Nasdaq: POWR) today announced it has received $10 million of new awards for utility infrastructure projects and distributed generation systems. The utility infrastructure awards total $7 million, including transmission and distribution system projects to upgrade existing utility systems, and new infrastructure projects to support expanding oil and gas company production activities. The new distributed generation system awards total $3 million, and include installations for hospital, institutional, and industrial applications. The distributed generation awards include $1 million of traditional turn-key PowerSecure distributed generation projects, a $1 million turn-key distributed solar energy project, and $1 million of recurring revenue projects. The majority of the $9 million of turn-key project-based awards in this announcement will be completed and recognized in 2012, and the remaining $1 million of recurring revenue will be recognized over a multi-year period. The new awards and their timing will be included in the Company's revenue backlog report to be issued in conjunction with its upcoming second quarter earnings release on August 6, 2012.
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