A limited program build-out will begin in the third quarter of 2008 followed by a full-scale roll out of the program in 2009 through 2012.
If the contract is performed as contemplated, Comverge is expected to recognize revenues of approximately $67 million over the installation and build-out phase as customers sign up and equipment is installed.
Public Energy Solutions is responsible for customer solicitation, assessment of energy reduction potential and equipment and its installation.
Robert Chiste, chairman and CEO of Comverge, said: Comverge has extensive experience implementing demand side management programs for utility energy efficiency and demand response initiatives. This multi-year program illustrates the win-win relationship between Comverge and its utility customers to achieve results by working together.
