PowerSecure (POWR) Announces $10 Million In New Orders For Smart Grid, LED Products

PowerSecure (POWR) has announced some new contracts this morning to the tune of $10 million for its Interactive Distributed Generation® (IDG®) smart grid power systems (making up $7 million), and LED lighting products (making up $3 million). While the IDG systems will be installed across a wide range of customers, the LED lighting contract consists of primarily one order from a major US retailer which wants to retrofit refrigerate cases with LED efficient lighting.  No word on the retailer, but it is the first order from this retailer. 

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Eighty percent of this revenue is expected to be recognized this year, while the rest will be spread over fifteen years as recurring revenue.

Sidney Hinton, CEO of PowerSecure, said, "We are pleased to announce these new business awards for our IDG Systems and LED lighting products. We are excited to announce that a new major retailer has started installing our EfficientLights lighting in their stores, and we are very eager to prove the strong value our product can bring to their operations. In addition, our new IDG System sales include a nice combination of turnkey and recurring revenue business, with installations for a wide range of customers.”

Shares of POWR are up a few percent on the news today.  While it’s probably a bit too early to be calling a bottom in shares of POWR, they sure look compelling after a big correction over the past several months.

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