PowerSecure Internationallanded $12 million in new contracts with multiple electric utilities.
The North Carolina-based company says that most of these orders are for its Interactive Distributed Generation system -- a product that stores and strategically delivers standby power during emergencies or peak energy use periods to fend off service disruptions like brownouts and blackouts. PowerSecure will also be providing equipment needed to modernize substations and transmission systems for utilities, none of which have been specified. The public company (Nasdaq: POWR) says $4 million of the money is being spent on Smart Grid installations, with the other $8 million going toward basic infrastructure revamps. This revenue should show up on its balance sheet between the fourth quarter of this year and second quarter of next.
In addition to providing the equipment, PowerSecure will monitor the Distributed Generation systems it sets up 24 hours a day, ensuring that standby power is present and ready for action. Its utility customers will be using the technology primarily to support federal and municipal buildings -- facilities that cannot afford to lose power in an emergency.
PowerSecure brought in $25.1 million in revenue, with a net income of $686,000 in the second quarter. In July, it won $5 million in new orders for its EfficientLights LED lighting technology. These figures should go up as utilities receive subsidies from the government for Smart Grid deployments -- this whole area of development has only just entered the cleantech spotlight.
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