PowerSecure Announces $15 Million of New Awards

PowerSecure International, Inc. POWR today announced it has received $15 million of new awards for its Interactive Distributed Generation® smart grid power systems (IDG® systems). This new business includes a recurring revenue contract with a multi-billion dollar industrial manufacturer to deploy IDG systems to support a production site. Additionally, the awards announced today include IDG system installations for a data center, a hospital, and a major food manufacturer. The $15 million of new Interactive Distributed Generation business includes $4 million of project-based business and an $11 million recurring revenue contract. The project-based business is expected to be completed, and revenue recognized, primarily during the fourth quarter of 2010 and the first quarter of 2011. The distributed generation system for the recurring revenue contract is expected to be installed during the second quarter of 2011, with associated revenues recognized over a fifteen year period.