PowerSecure (POWR) Snags 10M In New Business

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09:11:59 am on August 2, 2010

PowerSecure just announced that it has received $10 million worth of  new orders for its Interactive Distributed Generation smart grid power systems and utility infrastructure projects. The contracts include a contract with a major retailer that will provide recurring revenue, along with contracts to install Interactive Distributed Generation systems in data centers, hospitals, municipal buildings, and manufacturing facilities.

$8 million of the new orders is for Interactive Distributed Generation systems, while the remaining $2 million is for utility infrastructure. Project-based revenue is expected to be recorded during the second of half of this year. Revenue from recurring contracts will be recorded starting in the second half of this year with recurring revenues until 2015.

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In a press release, Sidney Hinton, CEO of PowerSecure, commented on the news:

“We are very pleased to announce these new business awards. We are thrilled to report that another major retailer is deploying its first group of IDG systems, and we look forward to proving our value to earn the opportunity to expand our relationship with this new customer. We are committed to exceeding the expectations of our utility partners and customers and delivering them strong returns on investment on all of the projects we announced today.”

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