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
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
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
Comverge just announced that it has been chosen to provide demand response services as part of a new partnership with the state of Pennsylvania. Comverge was chosen using a competitive bidding process to help the state with its demand response pilot system. The program is starting with four government building this summer. If it’s a success, all government buildings in Pennsylvania, including schools, hospitals, jails and prisons, will eventually be given the chance to participate.… Read the rest
Comverge and Itron just announced that they have a reached a milestone in their smart grid collaboration. They have successfully integrated Comverge’s Apollo(TM) demand response platform with Itron’s Open Way(TM) advanced metering infrastructure. The integration will allow utilities to better communicate with energy management devices for demand response events and to manage demand on the grid during times of heavy usage.
In a press release, executives from both companies commented on the milestone:
“This … Read the rest
Comverge (COMV), a demand response up and comer similar to EnerNoc (ENOC), has announced this morning that it has approved regulatory approval for its 15 year, 125 MW contract with Arizona Public Services originally announced in September of last year. It’s the largest commercial & industrial VPC demand response contract in the industry to date and will enable Arizona Public Services to help its customers reduce the amount of electricity that is required at peak … Read the rest
Comverge just announced the release of its new product, the Apollo Demand Response System. The Apollo System is the first demand-response system that links in-home demand-response devices with utility operations and back office applications.
In a company press release, members of Comverge’s leadership team commented on the product:
"Apollo represents a defining step forward for the Demand Response industry and a key component of SmartGrid technology. Utilities will now be able to deploy this enterprise … Read the rest
Comverge (COMV), a demand response provider, released mixed results after the bell today. On the EPS side they reported .28/share (beating estimates by .04) and revenues of $33 million was right in line with expectations. With a revenue growth decrease of 22% over the year ago quarter, that stops a streak of 4 consecutive quarters of accelerating revenue growth. The future looks bright for COMV but this is a company that appears to be … Read the rest
Now that Congress has approved the economic stimulus package (aka the American Recovery & Reinvestment Act) with Obama expected to sign it into law on Tuesday I thought I’d give a run down of what’s in this bill related to green energy initiatives.
Overall, nearly 10% of the entire bill provides funding and tax credits for green energy related projects.
* $11 billion in spending and loan guarantees to build a “smart grid” to move … Read the rest