PowerSecure International, a provider of energy and smart grid systems to electric utilities, has received $15m of new orders for Interactive Distributed Generation (IDG) smart grid power systems and utility infrastructure projects.
The IDG systems will be deployed in partnership with utilities to support manufacturers, hospitals, and municipal facilities across the country, including installations in Colorado, Oklahoma, and Georgia.
PowerSecure said that these IDG systems will be electronically controlled by its smart grid monitoring center to provide utilities and customers, power during peak electricity demand, and standby power to support customers’ operations around-the-clock.
The new utility infrastructure orders include projects for electric cooperatives and investor-owned utilities to help them with their efforts to upgrade and improve the efficiency of their electric grids.
This $15m of new business is included in the company’s revenue backlog of $117m.The new business includes $12m for the company’s interactive distributed generation systems, and $3m for utility infrastructure projects.
The $12m of distributed generation business includes $9m of project-based business and $3m of recurring revenue contracts. The project-based distributed generation business and the utility infrastructure business is expected to be completed, and revenue recognized, primarily during the last three quarters of 2010.
The distributed generation systems for the recurring revenue contracts are also expected to be installed during the last three quarters of 2010, with associated revenues recognized over the life of the contracts ranging from 10-15 years.
Sidney Hinton, CEO of PowerSecure, said: “We are very pleased to announce another group of new business awards, including awards for our distributed generation systems and utility infrastructure projects.
”Our utility relationships and customer base continues to expand, as this announcement includes our first significant utility infrastructure work in Pennsylvania, and our first IDG project in Colorado.”