PHILADELPHIA, June 04, 2018 (GLOBE NEWSWIRE) -- Viridity Energy Solutions Inc. ("Viridity"), a wholly owned subsidiary of Ormat Technologies, Inc. ORA, today announced that it has signed agreements with Consumers Energy, Inc. ("Consumers Energy"), to provide energy management and demand response software, services, and solutions to Consumers Energy customers in Michigan. Consumers Energy, Michigan's largest energy provider, is the principal subsidiary of CMS Energy CMS, providing natural gas and/or electricity to 6.7 million of the state's 10 million residents in all 68 Lower Peninsula counties.
Under the agreement, Viridity will provide its platform to enable Consumers Energy Virtual Energy Engineer (VEETM) services. Specifically, Viridity will serve as the technology and demand response services provider to Consumers Energy commercial and industrial customers. Viridity's market-leading software and technology platform has been tailored to the progressive energy programs being implemented by Consumers Energy to assist their customers in effectively managing their energy costs.
Viridity will provide a range of software and services, which will be offered under the Consumers Energy brand. Current solutions include energy usage and demand visualization, energy analytics, peak shaving optimization, energy storage operations, emergency and economic demand response programs, customized alerts to customers for weather, energy prices and energy demand and usage. Viridity and Consumers Energy will continue to implement other leading-edge software and solutions to help the utility's customers efficiently manage their energy costs, as well as assisting Consumers Energy in grid management.
"We are excited and honored to have been selected by Consumers Energy, one of the largest and most progressive utilities in the U.S., to deliver Distributed Energy Resources (DER) solutions to its customer base. We are confident that the programs will enable Consumers Energy to create energy cost savings for its customers, while also providing grid stability and furthering their carbon reduction goals. Consumers Energy's focus on continuous innovation and superior customer service fits nicely with Viridity's market-leading software and DER solutions," said Mack Treece, CEO of Viridity.
"Consumers Energy is committed to delivering on our mission, "World Class Performance Delivering Hometown Service," and this newly announced agreement with Viridity reinforces our desire to provide energy solutions that enhance conservation and develop demand response options that benefit our customers. We believe Consumers Energy's future – and the energy future of Michigan – will be built on a foundation comprised of innovative programs and creative partnerships like this one," said Lauren Youngdahl-Synder, Vice President of Customer Experience at Consumers Energy.
ABOUT VIRIDITY ENERGY SOLUTIONS INC.
Viridity Energy Solutions, a wholly owned subsidiary of Ormat Technologies, Inc., is a leading battery storage and distributed generation, demand response, and demand management solution provider. Through its unique, flexible and turn-key VPowerTM software and services platform, Viridity maximizes energy revenue and savings for its customers. Viridity empowers customers to cut their electricity prices through best-in-class proprietary peak shaving algorithms and its market-leading VPowerTM optimization software, which ensures the best economic return for each kilowatt of flexible energy load, including generating revenue for customers in the wholesale energy markets. Viridity is a market leader in advanced distributed energy resources ("DER"), with a specific focus on battery storage. By combining the skills of Viridity with its parent company Ormat, Viridity brings to market the unique ability to provide a broad, end-to-end DER solution either as a service, with no capital outlay by the customer, or as a sale.
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Viridity's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Viridity's parent company, Ormat Technologies, Inc.'s, Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2018.
These forward-looking statements are made only as of the date hereof, and Viridity undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
ABOUT ORMAT TECHNOLOGIES
With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal Company and the only vertically integrated Company engaged in geothermal and recovered energy generation (REG), with the objective of becoming a leading global provider of renewable energy. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. With 77 U.S. patents, Ormat's power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 530 employees in the United States and 770 overseas. Ormat's flexible, modular solutions for geothermal power and REG are ideal for the vast range of resource characteristics. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 2,600 MW of gross capacity. Ormat's current 851 MW generating portfolio is spread globally in the U.S., Guatemala, Guadeloupe, Honduras, Indonesia and Kenya. In March 2017, Ormat expanded its operations to provide energy storage and energy management solutions, by leveraging its core capabilities and global presence as well as through its Viridity Energy Solutions Inc. subsidiary, a Philadelphia-based Company with nearly a decade of expertise and leadership in energy storage, demand response and energy management.
ABOUT CONSUMERS & CMS ENERGY
Consumers Energy is a public utility that provides natural gas and electricity to 6.7 million of Michigan's 10 million residents. It serves customers in all 68 of the state's Lower Peninsula counties. It is the primary subsidiary of CMS Energy. The company was founded in 1886 and is currently headquartered in Jackson, Michigan. Its non-utility businesses are focused primarily on domestic independent power production.
Viridity Energy Contact:
Tyler Breiner
tbreiner@viridityenergy.com
phone: (267) 331-4540
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