Strong Growth Includes Expanded Agreement With Commonwealth of Pennsylvania
May 19, 2010 (GlobeNewswire) --NORCROSS, Ga., May 19, 2010 (GLOBE NEWSWIRE) -- Comverge, Inc. (Nasdaq:COMV), the leading provider of Intelligent Energy Management solutions for Residential and Commercial + Industrial customers, today announced that it has significantly expanded its presence in the commercial and industrial (C+I) market during the first quarter of 2010. Highlights include a new and expanded partnership with the Commonwealth of Pennsylvania - Department of General Services, which assisted Comverge in adding more than 275 megawatts in the first quarter, bringing its total C+I megawatts under management to over 2,100.
The expanded partnership with the Department of General Services is built on a successful demand response pilot program that Comverge conducted with the Commonwealth of Pennsylvania and makes Comverge the preferred Curtailment Service Provider for the state. Based on the success of the pilot, the new agreement expands the partnership from the initial four participating government facilities to give all state-run buildings, including hospitals, educational and correctional facilities, access to the various demand response programs offered within the PJM Interconnection. Since the expansion in early 2010, Comverge has already provided more than 50 MW of load reduction through state facilities.
"Pennsylvania is committed to changing the way we think about energy," said Pennsylvania Senator, Bob Mensch. "To achieve that goal, we have passed the most progressive energy standards in the country and also partnered with Comverge, a company with extensive energy management experience. Comverge's comprehensive energy management solutions will help us meet the aggressive energy efficiency targets we've put forward in Act 129 and improve the reliability of our electric grid. The programs they have developed will put dollars back into our budget, while helping people who live and do business in our state save money."
The expanded partnership with the Commonwealth extends Comverge's footprint in the state and follows the announcement in March 2010 of a 3-year agreement with PECO, Pennsylvania's largest utility, to provide a comprehensive program to support the PECO Smart Ideas(SM) initiative. Comverge's comprehensive energy management platform will help support Pennsylvania Act 129 targets of reducing energy consumption by 3 percent and peak demand by 4.5 percent by a 2013 deadline.
"The commercial and industrial sector is a strategic market for us and one with huge potential for growth," said Comverge President and CEO, R. Blake Young. "The expanded partnership with the Pennsylvania Department of General Services is strong validation of our C+I capabilities and further demonstrates the important role that our intelligent energy management programs can play in helping meet progressive legislation such as Pennsylvania Act 129. Moving forward, we will continue to work closely with our utility, commercial and industrial partners to further expand our presence in the C+I market."
About Comverge
With more than 500 utility and 2,100 commercial customers, as well as five million residential installations, Comverge brings unparalleled industry knowledge and experience to offer the most reliable, easy-to-use, and cost-effective intelligent energy management programs. We deliver the insight and control that enables energy providers and consumers to optimize their power usage through the industry's only proven, comprehensive set of technology, services and information management solutions. 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, but are not limited to energy savings resulting from anticipated reductions in base load and peak load energy consumption and certain assumptions upon which the 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 in Pennsylvania and PJM, commercial and industrial products, regulatory changes, grid operator rule changes, 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.
CONTACT: Comverge, Inc.
Kristin Mastrandrea
973.434.7157
kmastrandrea@comverge.com
