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PowerSecure (POWR) Gets Contract For Smart Grid Enabled Distributed Power Systems
PowerSecure (POWR) is announcing a total of around $12 million in new business with $11 million of that to be completed within the next near and the rest being longer term recurring revenue to be recognized over the next five years. No word on who the customer is, but PowerSecure will provide its smart grid enabled power systems to support critical municipal infrastructure and manufacturing facilities and will incorporate PowerSecure’s NexGear switches, providing connection to the their monitoring center. This enables the delivery of more efficient power during peak electricity demand, ensuring reliable, cheaper power for end users.
Sidney Hinton, CEO of PowerSecure, said, “We are very pleased to announce these new orders for our smart grid technology. In partnership with utilities, our IDG® systems are being adopted by a wide range of customers to support their energy needs. Our systems deliver a strong return on investment for utilities and their customers, and our track record of success makes us uniquely positioned in the marketplace to address the growing need for power solutions that make the grid smarter and more efficient.”
After gapping up nearly 10% today, POWR is currently trading flat and remains below key resistance levels of the 50 and 200 day moving averages.
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