Energy Focus (EFOI) Soars On $12.3 Million Efficient Lighting Contract

The purchase of Stones River Companies by Energy Focus (EFOI) is already paying big dividends.  The company announced that its new subsidiary has been awarded $12.3 million in new contracts across seven projects for efficient lighting retrofits which will reduce energy use and improve light quality.  The project are already underway and expected to be completed this year.

CEO of EFOI Joseph Kaveski commented on the financial impact saying, “We are pleased to announce this great start in 2010. I can only applaud the efforts of Rob and his team in securing these projects. Energy Focus will recognize about $7.2 million of the $12.3 million since certain project work began just prior to the completion of the SRC acquisition. However, Energy Focus will receive the cash benefit of the $12.3 million in receivables generated by these secured contracts. With these contracts secured and more already on the horizon for 2010 we see our new lighting solutions business playing an important role in Energy Focus achieving both growth and becoming cash flow positive in 2010.”

While EFOI will only see $7 of the $12 million, that’s still a significant chunk for a company that did just over $10 million in revenues for all of 2009.

EFOI is soaring today, up nearly 50% at one point.

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