PowerSecure Announces $15 Million of New Business Awards
PowerSecure International (NASDAQ: POWR) today announced it has received $15 million of new business, including an award for a major industrial combined heat and power (“CHP”) project. The new business consists of $15 million of turnkey sales for distributed generation systems, including the Company's industry leading IDG® systems and solar energy systems. A significant portion of the revenue for these new distributed generation awards relates to the large combined heat and power project. This project builds on a number of CHP projects that PowerSecure has installed in partnership with utilities over the last decade. These projects enhance the efficiency of distributed power systems by using the heat produced in the generation process as a secondary source of energy in the operations. CHP projects are particularly attractive when natural gas can be used as the primary source of fuel.
All of these new awards are for turnkey sales, with most of the revenue expected to be recognized in 2013. These new awards, and more specific estimates of the timing of completion, will be included in the Company's revenue backlog report issued with its upcoming third quarter earnings release on November 7, 2012.
Sidney Hinton, CEO of PowerSecure, said, "We are pleased to announce these new business awards, which is our second major new business announcement this month. The CHP system is exciting, and we are eager to demonstrate our capabilities to the large industrial customer who entrusted us with this terrific opportunity to serve them. Importantly, looking forward, this group of projects provides another nice layer of revenue that adds to the foundation we are laying for 2013.”
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.