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EAST HANOVER, N.J., Feb 17, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Comverge, Inc. (Nasdaq: COMV), a leading provider of smart grid, demand management, and energy efficiency solutions, announced today the achievement of a major milestone, the delivery of its five millionth demand management device. With over two decades of experience in the electric infrastructure industry, Comverge has delivered more demand management devices than any other company in the industry. The milestone was achieved as The American Recovery and Reinvestment Act of 2009 (Stimulus Plan) was nearing final approval.
Comverge has a long history of product innovation and offers the most comprehensive portfolio in the industry including these smart grid products: SuperStat(R) smart programmable thermostat, the Digital Control Unit(TM) (DCU), and the PowerPortal(R) in-home display (IHD). These devices are managed and controlled with Comverge's recently announced Apollo(R) Demand Response Management System. Comverge has leveraged its extensive experience gained with the deployment of over 5 million devices to be capable of complying with future Smart Grid infrastructures. These smart grid products integrate various technologies, such as ZigBee(R), to allow Comverge's utility customers to deploy these products and secure immediate system load reductions. The rapid shift towards communicating thermostats and AMI compatible devices requires the use of multi-functioning, fully integrated software - as provided through Comverge's Apollo Platform. This enterprise software suite forms the foundation of a utility's back office demand side management system and includes such forward thinking capabilities as the integration of alternative energy sources (solar and wind) and electric vehicle to grid (V2G) applications. It is anticipated that these advanced technologies will play a significant role in smart grid applications under the Stimulus Plan.
The American Recovery and Reinvestment Act of 2009 stipulates appropriations of $4.5 billion for Electricity Delivery and Energy Reliability under Title IV - Energy and Water Development. Specifically, those "funds shall be available for expenses necessary for electricity delivery and energy reliability activities to modernize the electric grid, to include demand responsive equipment." The law calls for these appropriations to be implemented through programs authorized under the energy bill that passed in December 2007, known as the Energy Independence and Security Act of 2007. The Electric Power Research Institute (EPRI) recently estimated that Demand Response and Energy Efficiency could reduce electricity consumption by 218,000 megawatts over the next two decades. This equates to the avoidance or reduction of over 2,000 one hundred megawatt power plants. Comverge expects to work with its utility customers, as well as its commercial, residential, and industrial customers, to fully participate in the contemplated programs with the objective of creating new jobs as well as accelerating the drive to national energy independence.
"At a critical juncture in the determination of the future of our country's energy infrastructure and the expected impact of the federal stimulus package in shaping that future, surpassing this milestone demonstrates the success of Comverge's solutions and confirms its role as a leader in Smart Grid programs," said Robert M. Chiste, chairman, president and CEO of Comverge. Mr. Chiste continued, "We are well positioned to create jobs and contribute to the national drive to energy independence through the rapid adoption of our demand management and energy efficiency programs. Our utility customers rely on Comverge's deep experience and our broad smart grid product portfolio to advise them in advancing their smart grid and demand management initiatives."
About Comverge
Comverge, with over 2200 megawatts of clean energy capacity under management, is a leading provider of clean energy solutions that improve grid reliability and supply electric capacity on a more cost effective basis than conventional alternatives by reducing base load and peak load energy consumption. For more information, visit www.comverge.com. Apollo, Maingate, PowerPortal and SuperStat are registered trademarks of Comverge, Inc.
For Comverge Investors
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements include the delivery of more demand management devices than any other company, expected credits to be received under the The American Recovery and Reinvestment Act of 2009, the deployment of and compatibility with certain AMI equipment and certain assumptions upon which such forward-looking statements are based. The forward-looking statements in this release do not constitute historical facts, do not constitute guarantees of future performance and involve a number of factors that could cause actual results to differ materially, including risks associated with Comverge's business involving our products, the development and distribution of our products and related services, regulatory changes, grid operator rule changes, economic and competitive factors, our key strategic relationships, and other risks more fully described in our most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Comverge assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
For Additional Information
Michael Picchi
EVP - Chief Financial Officer
Comverge, Inc.
770.658.5042
mpicchi@comverge.com
Chris Neff
Director of Marketing
Comverge, Inc.
973.947.6064
cneff@comverge.com
SOURCE Comverge, Inc.
http://www.comverge.com
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