PowerSecure lands $10MM in new orders for its IDG smart grid power systems

Source: PowerSecure International, Inc

PowerSecure International, Inc. (Nasdaq: POWR ) announced it has been awarded $10 million of new orders for its Interactive Distributed Generation® smart grid power systems (IDG® systems), and utility infrastructure projects.

The new business includes a recurring revenue contract with a major U.S. retailer to deploy an initial group of IDG systems to deliver energy efficiencies and provide standby power for its distribution centers and retail locations. The awards announced today also include contracts to deploy IDG systems to support data center, hospital, municipal, and manufacturing operations. The new utility infrastructure awards include projects for major utilities to help them with their efforts to upgrade and improve the efficiency of their grid systems. 

The $10 million of new business includes $8 million of total IDG business, and $2 million of utility infrastructure business. The $8 million of IDG business includes $3 million of project-based business and $5 million of recurring revenue contracts. Both the project-based distributed generation business and the utility infrastructure business are expected to be completed, and revenue recognized, primarily during second half of 2010.

The distributed generation systems for the recurring revenue contracts are expected to be installed during the second half of 2010, with associated revenues recognized through approximately 2015. The $10 million of new business announced will be included in the Company’s revenue backlog reported in conjunction with its second quarter 2010 earnings release on August 5, 2010. 

Sidney Hinton, CEO of PowerSecure, said, "We are very pleased to announce these new business awards. We are thrilled to report that another major retailer is deploying its first group of IDG systems, and we look forward to proving our value to earn the opportunity to expand our relationship with this new customer. We are committed to exceeding the expectations of our utility partners and customers and delivering them strong returns on investment on all of the projects we announced today.”

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