Comverge Selected for OGE Smart Grid Program
$130 million in stimulus funding to accelerate the smart grid deployment
EAST HANOVER, N.J., December 15, 2009 Comverge, Inc. (Nasdaq:COMV), a leading provider of smart grid, demand management and energy efficiency solutions, today announced that it has entered into an agreement with OG&E to be a key partner in the Oklahoma City-based utility's Positive Energy(R) Smart Grid demand response program.
OG&E was recently notified by the U.S. Department of Energy (DOE) that its application for $130 million in stimulus funding to accelerate the smart grid deployment across its entire service territory was accepted for award, pending final negotiations. The company plans a home area network demand response study to determine if residential and commercial utility customers will chose to shift electricity use during times of peak energy demand to manage costs and lessen the strain on the grid. The study will be conducted with participating customers in Norman, Okla. during the summers of 2010 and 2011.
The turnkey agreement includes demand response consulting work, installation scheduling, call center operations and full marketing support to recruit customers for the time-of-use pricing program.
"We're pleased to be a part of OG&E's Positive Energy Smart Grid program to give customers a tangible role in managing their electricity and improving the efficiency of the electrical system," said Comverge Interim President & CEO, Michael D. Picchi. "Demand response often provides the economic justification for full Advanced Metering Infrastructure rollouts. This is the first of what we anticipate to be a continuing stream of stimulus-related contract wins for Comverge."
Comverge, with over 3,300 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. These forward looking statements include stimulus contract wins, deployment of turn-key services, improving the electrical grid and certain assumptions upon which such forward-looking statements are based. The forward-looking statements in this release are not, and do not constitute historical facts, 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.