Comverge to Provide Tampa Electric Company Price Response System Under Multi Year Agreement
East Hanover, NJ: November 2, 2007 – Comverge, Inc. (NASDAQ: COMV), the leading clean capacity provider through demand response and energy efficiency, announced today they have entered into a multi-year agreement with Tampa Electric Company to expand the Energy Planner(SM) program using Comverge's Maingate(R) Home system. This program, available to all Tampa Electric residential customers, is expected to produce an estimated 12 megawatts (MWs) of demand response capacity over three (3) years.
Incorporating two way communication technology for demand response and automated meter reading capabilities, the Maingate Home system is designed to provide electric utilities with an automated solution for demand response by enabling price response - a method of demand response in which customers choose their level of control based on energy pricing from the electric utility. This automated energy management system allows end customers to program, via a programmable thermostat and the Internet, the behavior of their central heating and cooling system, electric water heater and/or pool pump against energy price information that varies during the course of the day and seasonally.
"Demand Response is an important energy component to a utility's resource plan," commented Robert M. Chiste, President and CEO of Comverge. "Our Maingate Home technology will provide Tampa Electric a cost-effective and environmentally responsible solution to implement a price based demand response solution - one that allows the end customer choice through a state- of-the art, automated energy management system for their home. We look forward to working together with Tampa Electric and their customers to meet Florida's growing capacity needs."
Mr. Chiste continued, "Our Smart Grid Solutions Group again has demonstrated its ability to provide cutting-edge clean energy demand response solutions to utilities across the country, and we believe will continue to be a leading provider of demand response solutions as major Advanced Metering Infrastructure initiatives are rolled out across North America using time of use and critical peak pricing models to achieve demand response."
About Comverge
Comverge 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. "Maingate" is a registered trademark of Comverge, Inc. All other trademarks are the property of their respective owners.
For Comverge Investors
This release contains forward-looking statements which 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 do not constitute guarantees of future performance, including projected reductions in overall energy consumption by utility and end customers and our role as a continued leading provider of demand response solutions and the number of megawatts that may be provided over the life of the contract described above. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the company's business involving the company's products, their development and distribution, economic and competitive factors and the company's key strategic relationships, and other risks more fully described in our most recently filed Quarterly Report on Form 10-Q and other of the company's filings with the Securities and Exchange Commission. Comverge assumes no obligation to update any forward- looking information contained in this press release or with respect to the announcements described herein.
