The new business includes a recurring revenue contract with a multi-billion dollar industrial manufacturer to deploy IDG systems to support a production site
Wake Forest, N.C.-based PowerSecure International, Inc. announced it has received $15 million of new awards for its Interactive Distributed Generation (IDG) smart grid power 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 recently include IDG system installations for a data center, a hospital, and a major food manufacturer.
The $15 million of new IDG 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.
"We are very pleased to announce these new business awards, including a large recurring revenue contract with a major industrial manufacturer," says Sidney Hinton, CEO of PowerSecure. We continue to see our IDG systems being adopted by an increasingly diversified customer base. We are excited about the opportunity to deploy our systems on behalf of our utility partners to support such a terrific group of customers and to deliver them a strong return on their investment.”