The agreement is only subject to Acorn completing its due diligence to its satisfaction, with the closing expected to occur on or about January 5, 2010. The terms include cash, Acorn stock, conversion of Acorn loans to GridSense stock, and management performance incentives for 2010.
John Moore, CEO of Acorn, said: “GridSense has a solid heritage of innovation as a reliable supplier to hundreds of global utilities. The GridSense team has introduced the first cost effective two way monitoring device for overhead power lines and transformers, the oldest and most vulnerable energy assets in the US. The devices offer a reliable system to close a monitoring gap between the transmission network and the smart meter, providing instantaneous, accurate fault detection.
“The US Department of Energy’s recent announcement of $3.4 billion in grants to spur the transition to a smart energy grid is expected to produce substantial business for companies such as GridSense. The grants will be complemented by over $4 billion in industry funding, with an estimated 80% of the total committed to distribution automation to create a smarter, stronger, more efficient and reliable US electric system.”
GridSense Systems is a provider of remote monitoring and control systems to electric utilities and industrial facilities. These solutions include outage management, power quality monitoring, capacity planning and demand response.
