Comverge Signs 15 Year C&I Contract with Arizona
Public Service To Utilize Demand Response Technology
EAST HANOVER, N.J. - September 16, 2008 (News Release)
Comverge, Inc. (NASDAQ: COMV) a leading provider of clean energy solutions
announced today that it has entered into a 15-year contract with Arizona
Public Service (APS) to provide on-demand, load reduction services. The
contract represents potential revenues in excess of $100 million over the
term of the agreement.
Services will begin in 2010, pending regulatory approval.
Through its Virtual Peaking Capacity(R) (VPC) services, Comverge is setting
up a program that will allow APS to immediately reduce the amount of
electricity that is required by certain commercial and industrial customers
at peak demand times. By doing so, APS will have less of a need to procure
additional capacity during times of peak-demand for electricity. All size
commercial and industrial customers are eligible to participate.
The program will allow APS to mitigate the need to acquire up to an
additional 125 megawatts of electricity during the summer period.
"APS is demonstrating to Arizona customers its leadership position in the
nation for deploying clean energy technology. We are proud to partner with
APS on this major demand response program to make it a reality," said Robert
M. Chiste, Chairman, President and CEO. "Our commercial and industrial
programs are some of the most efficient available in the market, and the
program for APS is designed to provide a cost-effective and environmentally
responsible solution to peaking and emergency energy situations. This VPC
program will be one of the largest of its kind in the country and continues
to demonstrate Comverge’s leadership position in the clean energy sector,
utilizing demand management programs.”
About Comverge Comverge is a leading provider of clean energy solutions that
improve grid reliability and supply electric capacity on a more cost
effective basis than conventional alternatives by reducing base load and
peak load energy consumption. For more information, visit www.comverge.com.
Virtual Peaking Capacity is a Registered Trademark of Comverge, Inc.
For Comverge Investors This release contains forward-looking statements that
are made pursuant to the safe harbor provisions of Section 21E of the
Securities Exchange Act of 1934. The forward-looking statements in this
release are not and do not constitute historical facts, do not constitute
guarantees of future performance and are based on numerous assumptions
which, while believed to be reasonable, may not prove to be accurate. These
forward-looking statements include projected megawatt build-out, regulatory
approval, projected revenues, and certain assumptions upon which such
forward-looking statements are based. The forward-looking statements in this
release do not constitute guarantees of future performance and involve a
number of factors that could cause actual results to differ materially,
including risks associated with Comverge's business involving our products,
the development and distribution of our products and related services,
economic and competitive factors, our key strategic relationships, and other
risks more fully described in our most recently filed Quarterly Report on
Form 10-Q and Annual Report on Form 10-K. Comverge assumes no obligation to
update any forward-looking information contained in this press release or
with respect to the announcements described herein.
For Additional Information Michael Picchi Executive Vice President and CFO
770-696-7660 invest@comverge.com
Chris Neff Director of Marketing Comverge, Inc. 973-947-6064 cneff@comverge.com
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