Comverge just announced that it has successfully added more than 100 MW capacity to NV Energy’s demand response system. The project involved taking NV Energy’s existing 20 MW system and increasing its capacity by 100 MW. Comverge completed this task within 2 years of the contract being awarded. This is one of the industry’s fastest implementation timeframes to date.
In a press release, executives from both companies commented on the news:
“This program was … Read the rest
Shares of Comverge (COMV) will likely come under further selling pressure tomorrow morning on news the company has filed a shelf registration statement with the SEC which permits the company to offer and sell up to $100 million in securities. While the company has no immediate plans to offer shares, it gives them the flexibility to raise cash quickly should the need arise. Considering COMV took out support of the 50 day moving average today, … Read the rest
Piper Jaffray is upgrading Echelon (ELON) this morning following the big Duke Energy (DUK) contract announced yesterday. The firm is upgrading the company from Underweight to Neutral and is raising the price target from $6 to $10.
Hat tip to StreetInsider.com for the following analyst comment:
Piper analyst says, “Echelon announced a framework agreement with Duke Energy (NYSE: DUK) that includes an initial order for 120,000 smart meters and data concentrators and Ohio; … Read the rest
Echelon (ELON) is rocketing higher this morning after the company announced it will be the long term supplier for Duke Energy’s (DUK) smart grid system to be deployed initially in Ohio with smart grid expansion plans in Indiana as well. The company provides electricity to 4 million customers across North & South Carolina, Indian, Ohio and Kentucky and is the nation’s 3rd largest utility. The company has received regulatory approval to deploy their smart grid … Read the rest
Ardour Capital upgraded Comverge (COMV) this morning from Accumulate to Buy and raised the price target to $17.
Hat tip to StreetInsider.com for following analyst comment:
“COMV’s 2Q09 revenues were in line with our estimates and the Company is on track to meet FY09 targets. We are impressed with COMV’s progress in the build-up of its megawatts under management portfolio. In our view, strategic partnerships put COMV in a strong position to drive future growth.” … Read the rest
EnerNOC (ENOC) is off after hours following the announcement that it has filed a preliminary prospectus with the SEC to offer up to 3,750,000 shares of common stocks with proceeds being used for biz expansion, strengthening its working capital position, future acquisitions and R&D. Considering the run the stock has had, the move isn’t much of a surprise. ENOC will offer 3 mill of shares and certain shareholders will offer the rest. … Read the rest
I think Echelon (ELON) is a stock to watch this morning. We’ve seen other demand response/smart grid players (with the exception of Itron) such as EnerNoc (ENOC) and Comverge (COMV) take off like a rocket and now it may be Echelon’s turn. The company beat estimates last night by .06/share, posting a narrower loss of .23/share. Revenues also came in better than expected at $22.60 mill vs the $21.8 analyst expected. Guidance is a bit … Read the rest
Comverge just announced that its demand-response software has been chosen by a Virginia utility. The utility and Comverge have signed a multi-faceted agreement which includes the following elements:
A 5-year, 117 megawatt (MW) commercial and industrial (C&I) Virtual Peaking Capacity((R)) (VPC) contract
An agreement for Comverge to supply the utility with 150,000 advanced metering infrastructure (AMI)-enabled energy management devices to be used it its customer’s homes.
An license for the utility to use Comverge’s Apollo((TM)) … Read the rest
Earlier this morning, Jefferies upgraded EnerNoc (ENOC) from Hold to Buy following its strong earnings report last night. Canaccord Adams is positive on the company as well, reiterating its Buy rating on the company and raising the price target from $28 to $32.
Hat tip to StreetInsider.com for the following analyst note:
“Strong execution across the board, as better-than-expected MW additions and expense control drove the significant top-/bottom-line beat. Looking ahead, with gross margins … Read the rest
EnerNoc (ENOC) is emerging as a demand response leader and is well on its way to becoming the first to profitability (ahead of rivals Comverge and Echelon). The company blew away EPS estimates again this quarter, reporting a non GAAP loss of .12/share vs expectations of a .33 loss. Revenues were better than expectations as well, coming in at $42 million vs the expectation of $39 million.
Helping to push the stock higher after hours … Read the rest