Comverge Announces Multi-Year Demand Management Program with Progress Energy Carolinas
Comverge to provide energy-management hardware and software solutions and program support for PEC's EnergyWise residential demand-response program.
EAST HANOVER, N.J., January 26, 2009 Comverge, Inc. (Nasdaq: COMV), a leading provider of demand management and energy efficiency, announced today that it has entered into an agreement with Progress Energy Carolinas (PEC) to provide demand response hardware, software, software hosting services and project support in connection with PEC’s new EnergyWise™ residential demand response program. The exclusive agreement has an initial term of five years. When fully implemented, the program is expected to provide up to 170 megawatts of peak load reduction.
“We are pleased with the confidence placed in Comverge by PEC as it rolls out its residential demand response program,” said Robert M. Chiste, chairman, president and CEO of Comverge. Mr. Chiste added, “This agreement is only the latest validation of the success Comverge is experiencing in its Clean Energy Solutions Group. We believe that smart grid deployments and energy efficiency are the major rapidly deployable components in a national drive toward energy independence and our business solutions position us to be an industry leader in accelerating these initiatives.”
Rob Caldwell, Progress Energy vice president for Efficiency and Innovative Technology, noted: “The EnergyWise program will bring significant benefits to PEC and help us to better manage the energy demands of our customers. We’re committed to helping our customers use energy responsibly, and Comverge’s expertise will help us achieve that goal and execute the EnergyWise program efficiently.”
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.
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 megawatts 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, regulatory changes, grid operator rule 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
Chris Neff
Director of Marketing
Comverge, Inc
973-947-6064
