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The new smart grid Interactive Distributed Generation (IDG) power systems will be deployed in partnership with utilities to deliver more efficient power during peak electricity demand, and provide standby power for hospital and telecommunications facilities. These systems will be electronically connected to and controlled by PowerSecure's monitoring center 24x7.
The new utility infrastructure awards include transmission, distribution, and substation projects to upgrade and improve the efficiency of the electric grid. These projects will be completed on behalf of utilities, and include infrastructure to support large industrial business sites, institutions, federal facilities, and municipalities.
The entire amount of these new awards is for project-based business for which revenue is recognized as the projects are completed. The company expects the projects to be completed, and revenue recognized, primarily from the fourth quarter of 2009 through the second quarter of 2010. Approximately $4 million of the new business is for the company's Interactive Distributed Generation systems, and $8 million is for utility infrastructure projects.
Sidney Hinton, CEO of PowerSecure, said, "We are very pleased to announce these new business awards. The strong pace of new business in our UtilityServices group is continuing, and is a testament to the terrific quality of work they are delivering our utility partners. Also, this most recent collection of new Interactive Distributed Generation system orders, along with an increase in activity we are seeing in our sales pipeline, give us optimism that our IDG business is beginning to accelerate as the economy improves. We are committed to exceeding the expectations of our utility partners and customers on all of these projects, and look forward to delivering them products and services with a strong, lasting value proposition."
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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