Comverge, Inc. Named as "Emerging Enterprise of the Year" by CleanTech Venture Network
EAST HANOVER, N.J., March 23, 2005 – Cleantech Venture Network LLC, an organization that connects venture, corporate and institutional investors with "clean technology" entrepreneurs, announced today that Robert M. Chiste, President and CEO of Comverge, Inc. is the recipient of the 2004 Emerging Enterprise of the Year Award. Comverge, Inc. is a leading energy intelligence company focused on advanced technology solutions and outsourced load management programs for utilities.
The 2004 Cleantech Emerging Enterprise of the Year is awarded by Cleantech Venture Network to the company, or CEO, that experienced rapid growth and/or provided a high realized return to investors in 2004 by bringing a clean technology or business model to market. Bob Chiste will receive his award at the Cleantech Venture Forum VI.
"We at Cleantech Venture Network are committed to supporting and cultivating the cleantech investment category, especially companies lead by innovative executives such as Bob Chiste" said Nicholas Parker, co-founder and chairman of Cleantech Venture Network. "This award recognizes the important work of Bob and the Comverge leadership team, who have successfully made Comverge Inc. a responsible, profitable business with a tremendous future."
Comverge, Inc. provides end-to-end energy intelligence solutions for electric utilities, including demand-side load management, automatic meter reading, and real-time grid management programs. While the company provides a mix of software and hardware, the company's success is largely based on an innovative fully-outsourced business model introduced by Bob Chiste and Frank Magnotti, Comverge Enterprise Group's President. This "Virtual Peaking Capacity (VPC)" model allows utilities to purchase "negawatts," or peak power capacity made available by a demand-side peak load management program marketed and implemented by Comverge. With over 225 MW in VPC contracts and over 500 utility clients across the country, Comverge has, over $160 million in orders, and revenue projected of $30-$35 million.
"I am extremely honored to accept the Cleantech Emerging Enterprise of the Year Award on behalf of myself, Comverge, Inc. and our employees," said Robert Chiste. "This is a tremendous honor from the cleantech investment community in recognition of our efforts to date as we continue to work hard to meet our objectives as well as those of our customers and investors."
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.