Comverge Announces $7MM Sole Source
EAST HANOVER, N.J., December 8, 2004 – Comverge, Inc. announced today that is has been awarded a sole source contract worth approximately $7MM from a major U.S. utility. The contract supports an expanded deployment of Comverge’s SuperStatTM product in the utility’s residential peak load management program. According to Bud Vos, VP of Marketing for Comverge, “this contract is another positive indication that peak load control programs are becoming a critical part of utilities’ overall load management strategies. Among an array of available technologies, digital programmable thermostats have proven to be a successful tool in implementing these programs.”
Jointly developed by Comverge and a leading international thermostat manufacturer, the SuperStatTM is a programmable digital thermostat that has an integrated wireless communications module. In the event of a severe peak load period, the utility is able to remotely contact the thermostat and direct it to very efficiently cycle the home owner’s air conditioners, enabling the utility to avoid peak operating charges and potential brownouts with virtually no disruption to the homeowner’s comfort. In this utility-marketed program, the ratepayer receives a free thermostat, including in-home installation, and the gratification associated with being involved in an environmentally-friendly program that will reduce the need for additional generating capacity.
Comverge will be releasing their advanced web-based program participant interface in concert with this deployment. This easily accessible website will provide program participants with an intuitive interface for setting their SuperStatTM parameters, program operations reports, and override settings.
“Shifting electric loads off the peak periods makes good economic sense for ratepayers and all utilities whether municipally, investor, or co-operative owned.” said Frank Magnotti, President of Global Sales & Marketing for Comverge. “Our SuperStatsTM combined with our communication and load control expertise present utilities with a compelling, environmentally-friendly, and economic alternative to expanding their energy capacity. Load Management programs are increasingly becoming an integral part of many utilities’ long-range integrated resource plans.”
About Comverge, Inc.
Comverge, Inc., The Power in Power TechnologyTM
, is a leading energy intelligence company whose investors include Nth Power, EnerTech Capital, Data Systems & Software, Inc. (NASDAQ: DSSI), E.ON Venture Partners GmbH (NYSE: EON), Ridgewood Capital, Easton Hunt Capital Partners, L.P., Norsk Hydro Technology Ventures (NYSE: NHY), Rockport Capital Partners, and Shell Internet Ventures, an affiliate of the Royal Dutch/Shell Group of Companies (NYSE: RD). Comverge is represented across the world with offices and research facilities in Atlanta, Georgia; East Hanover, NJ; Newark, California; Pensacola, Florida; and Tel Aviv, Israel. Providing software and system solutions to over 500 clients in the electric utility industry, Comverge implements both integrated and outsourced solution based models for remote meter reading, distributed generation monitoring, and time-of-use billing and demand response, and direct or voluntary load control initiatives. For more information visit www.comverge.com