Comverge Signs New Virtual Peaking Capacity Contracts --
Now Over 340MWs of Clean Capacity in Mayland
EAST HANOVER, N.J., March 10, 2009 Comverge, Inc. (Nasdaq: COMV), a leading provider of smart grid, demand management and energy efficiency solutions, today announced that it has entered into Virtual Peaking Capacity(R) (VPC) contracts with two major Maryland utilities. Together, the VPC programs will provide the utilities up to 48 megawatts (MWs) of clean capacity from commercial and industrial customers in times of peak energy demand. Combined with previous announced contracts, in Maryland alone, Comverge will provide an estimated 343MWs of clean capacity with expected future revenues under contract of over $100 million.
Under these new VPC programs, Comverge will design, build, own, operate and maintain a demand responsive load management system for the benefit of the utilities and their participating customers which will encourage energy efficiency and help ensure energy reliability during times of peak demand. These outsourced, pay-for-performance, programs will allow needed capacity to be dispatched in minutes throughout the designated service territories. The programs will be designed to utilize benefits not possible with traditional generation, such as avoiding line losses and relieving transmission constrained areas in an environmentally responsible way.
"These latest agreements underscore the continued confidence placed in Comverge by its utility customers as they increasingly utilize our demand management solutions in their movement toward demand management and efficiency as a significant source of energy. These programs, the newest of many significant partnerships utilizing our VPC programs, offers scalable utility operations, customer service, customer portals and program administration with quantifiable load reduction," said Robert M. Chiste, chairman, president and CEO of Comverge. "Our utility customers rely on Comverge's robust smart grid product portfolio and pay-for-performance, capacity models to advance their demand management initiatives. As our country's energy infrastructure and efficiency programs garner more attention under the new administration, we continue to work to solidify Comverge's leadership position in Smart Grid solutions."
About Comverge Comverge, with over 2600 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. 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 that, while believed to be reasonable, may not prove to be accurate. These forward looking statements include projected generated megawatts, projected future contracted revenues, 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
Chris Neff
Director of Marketing
Comverge, Inc
973-947-6064