Energy management solutions provider PowerSecure International has announced a new $16 million, seven-year contract with an undisclosed utility partner to provide customers with efficient standby power and the utility with access to reliable distributed generation assets.
PowerSecure said that the new contract increases its recurring revenue base by an additional 50%. The company expects the new distributed generation assets to be in place by mid-2008.
Sidney Hinton, CEO of PowerSecure, said: We continue to be excited by the interest our new distributed generation solutions are receiving in the marketplace. These new recurring revenue contracts provide innovative ways for our customers to manage their energy needs, and enable us to complement our project-based revenue business with growing recurring revenue streams.