Comverge Announces Multi-Year AMI-Enabled Smart Grid Program with Pepco Holdings, Inc.
Largest AMI-Enabled turnkey Smart Grid program, utilizing ZigBee wireless, expected to save 200 megawatts over a five-year period
EAST HANOVER, N.J., February 2, 2009 Comverge, Inc. (Nasdaq: COMV), a leading provider of smart grid and energy efficiency, announced today that it has entered into a five-year agreement with Pepco Holdings, Inc. (PHI) to provide full turnkey services, including a demand response hardware and software system, as well as installation and marketing services compatible with PHI's future Advance Metering Infrastructure (AMI). It is anticipated that, when fully deployed, the demand response system will be capable of providing PHI with over 200 megawatts of peak load reduction in PHI's suburban Maryland service areas. The agreement is subject to oversight by the Maryland Public Service Commission.
The program will be the largest deployment utilizing Comverge's new AMI-ready, Dual Mode Digital Control Unit which incorporates both a VHF channel and a ZigBee(R) communications channel. This technology includes Comverge's new AMI-ready, VHF to ZigBee bridge, which can receive VHF messages and relay them via ZigBee to a ZigBee SuperStat(R). The program will also deploy Comverge's PowerPortal(R) In-Home Display device, which will allow PHI customers to monitor their energy consumption in near real time. The entire system will be managed by the Comverge Apollo Demand Response Management System (DRMS).
"We are appreciative of PHI's continued confidence shown in Comverge," said Robert M. Chiste, Chairman, President and CEO of Comverge. Mr. Chiste added, "We believe that this agreement is a validation of the success Comverge is experiencing with AMI and represents one of the first major AMI-ready smart grid deployments. As utilities continue to roll out smart devices for their developing smart grid networks, energy conservation and demand management are major components in a national drive toward energy independence. It is exciting to be a partner with PHI in delivering this important clean energy program which includes our nation's capital." Chiste continued: "We are witnessing significant traction in our AMI-ready demand response programs, which are compatible with current or future utility AMI initiatives and bring immediate value.
"This next generation technology allows us to achieve our direct load control program requirements today while still providing compatibility with future system enhancements," said Bill Gausman, Senior Vice President Asset Management. "PHI can now transition into our planned advanced metering infrastructure that will use digital meters and electronic switching to improve reliability with a load control technology ultimately compatible with smart grid deployment."
About Comverge
Comverge, with over 2200 megawatts of clean energy capacity under management, 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. PowerPortal and SuperStat are registered trademarks of Comverge, Inc.
About PHI
Pepco Holdings, Inc. (NYSE: POM) is one of the largest energy delivery companies in the Mid-Atlantic region, serving about 1.9 million customers in Delaware, the District of Columbia, Maryland and New Jersey. PHI subsidiaries, Pepco, Delmarva Power and Atlantic City Electric, provide regulated electricity service; Delmarva Power also provides natural gas service. PHI provides competitive wholesale generation services through Conectiv Energy and retail energy products and services through Pepco Energy Services.
About ZigBee
ZigBee is the global wireless language connecting dramatically different devices to work together and enhance everyday life. The ZigBee Alliance is a non-profit association of more than 300 member companies driving development of ZigBee wireless technology. The Alliance promotes world-wide adoption of ZigBee as the leading wirelessly networked, sensing and control standard for use in energy, home, commercial and industrial areas. For more information, visit: www.ZigBee.org.
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 that, while believed to be reasonable, may not prove to be accurate. These forward looking statements include projected contracted revenues, projected generated megawatts, the anticipated success of certain new technology, market penetration, and program success and assumptions upon which the 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, regulatory changes, 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
EVP - Chief Financial Officer
Comverge, Inc.
770.658.5042 mpicchi@comverge.com
Chris Neff
Director of Marketing
Comverge, Inc
973-947-6064
