PowerSecure Announces $10 Million of Smart Grid Power System and LED Lighting Awards
Feb 16, 2011 PowerSecure International, Inc. announced it had received $10 million of new awards for its Interactive Distributed Generation smart grid power systems, and LED lighting products. The new IDG System awards total $7 million, and include installations for a broad base of customers, including hospitals, municipal water systems, educational facilities, and retailers. The new LED lighting awards total $3 million, and consist primarily of an order from a major U.S. retailer to begin retrofitting refrigerated cases with EfficientLights energy saving fixtures.
Of the $10 million of new business, $8 million relates to turnkey product sales of IDG Systems and LED lighting products. The Company expects this $8 million of turnkey revenue will be recognized primarily during the first three quarters of 2011. The remaining $2 million of new business relates to recurring revenue contracts for IDG systems. These systems are expected to be installed during the first half of 2011, and the revenues are expected to be recognized over a fifteen year period.
Author: BIO T&T
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