Comverge Expands Contract in Maryland
Signs 10-Year Agreement to Provide Demand Response Services
to Maryland State Agencies
EAST HANOVER, N.J., January 21, 2010 Comverge, Inc. (Nasdaq:COMV), a leading provider of smart grid, demand management and energy efficiency solutions, today announced a new ten-year agreement to provide demand response services to all University of Maryland (UMD) campus facilities and other Maryland state agencies. The contract extends Comverge’s relationship with UMD which has resulted in an electricity load reduction of more than 20 million kilowatts over the past two years. The expanded terms of the agreement supports Maryland’s State Buildings Energy Efficiency and Conservation Act which requires that all state agencies reduce their energy consumption as part of the state’s energy reduction goal of 15% by 2015.
“We are pleased to be extending our partnership and helping these state agencies contribute to Maryland’s aggressive energy goals in the coming years. This new agreement will allow all state agencies to take advantage of new programs as they are developed with PJM,” said George Hunt, Comverge Senior Vice President, Commercial & Industrial Sales. “The revenue that can be generated through these programs coupled with recent federal stimulus funding will make demand response, energy efficiency and permanent energy reduction projects more accessible to support the long-term conservation goals of Maryland.”
As the curtailment service provider on behalf of UMD in PJM Demand Response Programs beginning in 2006, Comverge facilitated the reduction of the University’s overall consumption and provided the resources to monitor real-time market pricing, develop load profiles and create customer baselines. Under the new agreement, Comverge energy analysts will continue to provide load profiling and IT support, energy audits to measure where energy could be saved, complete on-site assessments, metering and system integration and assistance with 24/7 technical and operations support from its Integration & Command Center (ICC) to all UMD campuses and other state agencies.
"As our broker in PJM’s Demand Response Program, Comverge is invaluable in helping us manage our overall energy consumption. The success we’ve had in the program has positioned us as a leading example of the significant role we can play in making our grid smarter and more reliable, not only in our homes, but also in the places we live and work," said Michael Krone, PE, CEM, Utility Operations Manager.
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, anticipated results, generating certain revenue amounts and increased enrollment for Maryland facilities, 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.