Comverge (COMV) Snags Deal With Virginia Utility

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10:06:35 am on July 30, 2009

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)) Demand Response Management System software in its programs.

As part of the 5 year Virtual Peaking Capacity contract, Comverge will have exclusive rights to provide demand-response services to the utility’s commercial  and industrial customers during the contract term. All of the utility’s demand-response programs will be managed using Comverge’s Apollo platform.

In a press release, Comverge’s Interim President and CEO, Michael Picchi, commented on the deal:

“The rollout of such a comprehensive demand response program from one of the nation’s largest energy producers confirms the utility industry’s growing investment in demand side management and momentum toward the smart grid vision of the future. The selection of Comverge’s Apollo platform as the software of choice for both the residential and C&I programs further validates Comverge’s foothold as the industry’s most comprehensive demand response and smart grid solutions provider servicing all customer classes.”

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