Austin Energy Extends Partnership With Comverge, Inc.
Approval on Two Multi-Year, Multi-million Dollar Contracts Will Put Energy-Efficient Energy Management Devices in Residential and Commercial Properties
EAST HANOVER, N.J., December 2, 2008 Comverge, Inc. (Nasdaq: COMV), a leading provider of clean energy through demand response and energy efficiency, announced today that it has entered into two new multi-year contracts with Austin Energy, the nation's 9th largest community-owned electric utility. The first contract is for the purchase of additional Comverge energy management devices, including Comverge Superstats(R) and the second is for the installation of those devices, as well as other similar products, in residential and commercial properties throughout Austin Energy's coverage area. These contracts, and their respective extension options, are expected to generate nearly $20 million in revenue to Comverge over a five year period and will provide Austin Energy customers with the opportunity to optimize their energy savings. These contracts have been approved by the Austin City Council and are, therefore, not subject to further regulatory approval.
Austin Energy, which currently manages one of the nation's largest smart thermostat-based demand response programs and is recognized for its energy efficiency and renewable energy programs, has worked with Comverge for nearly a decade. In 2000 the pioneering utility company entered into the first multimillion dollar order for the purchase of Superstats, Comverge's energy-efficient programmable communicating thermostats. This product has been the mainstay of Austin Energy's Power Partner energy program.
"Austin Energy has been an exceptional partner for nearly a decade. It has been highly rewarding for Comverge to work with Austin Energy through the deployment of our intelligent communicating Superstat to help their customers make energy efficiency a priority," said Robert M. Chiste, chairman, president and CEO of Comverge. "As we enter into this next phase of our relationship, we will continue our commitment to providing products and services that make energy efficiency an easy, cost-effective choice for the company's nearly 400,000 residential and commercial customers."
"Energy conservation is a priority for us and Comverge has been a trusted partner in that effort for years," said Steve Saenz, program coordinator for Austin Energy. "Over the next five years, we will continue on the path we've been on with Comverge, giving our customers the technology and the know-how to keep their energy costs down while doing something invaluable for our environment. These new agreements are definitely a testament to the great work we've been able to do with Comverge."
About Comverge
Comverge, with over 2,200 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. SuperStat is a registered trademark of Comverge, Inc.
About Austin Energy
Austin Energy is the nation's 9th largest community-owned electric utility. The company serves 388,000 customers and a population of more than 900,000, providing service within the City of Austin, Travis County, and a small portion of Williamson County. Austin Energy created the top performing renewable energy program in the nation, and owns the nation's first and largest green building program. The utility is also home to one of the nation's most comprehensive residential and commercial energy efficiency programs. For more information, please visit www.austinenergy.com.
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, but are not limited to, revenue expectations, contract terms, including the assumption that the contracts will be renewed in accordance with their terms, energy savings resulting from the contracts and devices and certain 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, 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
Chris Neff
Director of Marketing
Comverge, Inc
973-947-6064
