Comverge Expands Contract With Pepco Holdings, Inc.
Agreement includes installation of more than 40,000 home energy management devices
EAST HANOVER, N.J., February 4, 2010 (GLOBE NEWSWIRE) Comverge, Inc. (Nasdaq:COMV), a leading provider of Smart Grid, demand management and energy efficiency solutions, today announced an expanded agreement with Pepco Holdings, Inc. (PHI). Comverge will expand its full support services to additional PHI territories. The expanded 5-year agreement will include marketing, installation and call center services and will be managed by Comverge's Apollo Demand Response Management System (DRMS) software. The agreement also includes installation of more than 40,000 home energy management devices, making this program one of the largest deployments of residential demand response in the nation.
PHI and its subsidiary utilities were notified in 2009 by the U.S. Department of Energy (DOE) that its applications for an aggregate of $258 million in stimulus funding was accepted for award to accelerate the Smart Grid deployment across portions of its service territory.
Comverge will provide its Dual Mode Digital Control Unit in addition to its SuperStat PRO™ programmable thermostats for the program. The entire system will be managed by Comverge's Apollo Demand Response Management System (DRMS) software.
"This expanded agreement means that PHI can increase their build-out of the Smart Grid, giving more of their customers the tools to manage their electricity use and keep their electric bills affordable," stated Comverge Interim President & CEO, Michael D. Picchi. "We are pleased to receive our second stimulus-related utility contract. Stimulus dollars have helped to accelerate these types of deployments and will enable PHI and our other utility partners to better manage energy use, save money, improve customer service and reliability and expand on the programs that are truly helping move their Smart Grid vision further."
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.
Forward Looking Statements
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 should not be construed as 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 successful implementation of the program, applicable stimulus funding, anticipated results and reduction of energy bills, expectations of future performance and certain assumptions upon which such forward-looking statements are based. The forward-looking statements in this release 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 information or announcements described herein.