GEM Signed a Ten-year Contract with Co-op City
Nov 9, 2010 Green Energy Management Services Holdings, Inc. announced it signed a ten-year efficient lighting installation and maintenance contract with Co-op City, the largest residential development in the United States, located in The Bronx, New York. The Contract entails replacing and retrofitting over 6,000 lighting fixtures and elements in eight parking structures within Co-op City.
The Contract is estimated to provide Co-op City with approximately $350,000 in annual electricity savings, and approximately $2,500,000 in maintenance cost savings over ten years, by utilizing power-saving, long-life induction and LED lighting. As compensation for the Project, and upon the completion of certain contractual milestones, the Company should receive $800,000 in the form of a grant from the American Recovery and Reinvestment Act. In addition, the contract calls for the Company to receive approximately $1,800,000.00 over the anticipated ten-year balance of the contract.
Author: BIO T&T
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