Comverge Surpasses Half a Billion Dollars in Future Contracted Revenues

Future Contracted Revenues Increase 150% in Two Years Driven by Major AMI Related and Virtual Peaking Capacity(R) Contract Awards

EAST HANOVER, N.J., Jan. 28 /PRNewswire-FirstCall/ — Comverge, Inc. (Nasdaq: COMV), a leading provider of smart grid, demand management, and energy efficiency solutions, announced today that its future contracted revenues have surpassed $500 million, a significant milestone recently achieved with the signing of contracts with Progress Energy Carolinas and Pepco Holdings, Inc. Comverge expects over $350 million, or 70%, of this contracted revenue to be earned by December 31, 2012 and the remainder to be earned through 2018.

Future contracted revenues represent Comverge’s estimate of total payments that it currently expects to receive in connection with providing demand response and energy efficiency solutions to utilities and grid operators under long-term contracts and pursuant to open market bidding programs. Regulatory approval is pending on contracts that total approximately 25% of the future contracted revenue referenced in this release. For a list of assumptions regarding future contracted revenues, see “Payments from Long-Term Contracts” in our most recent Form 10-Q filed with the SEC on November 12, 2008.

“At the time of Comverge’s initial public offering less than two years ago, our future contracted revenues were $201 million. Signing new long term contracts over the past two years has allowed Comverge to increase future contracted revenues by a net amount of more than $300 million, or 150%. As we have frequently stated, a large future contracted revenue base provides visibility to future operating performance and growth and it is one of the three key metrics that our management team and Board of Directors focus on in driving long-term value creation for our shareholders,” said Robert M. Chiste, chairman, president and CEO of Comverge.

“We believe our utility customers recognize the value of energy efficiency and demand management in building a smarter electricity grid to attain a more reliable, independent and clean energy future,” continued Chiste. “With half a billion dollars of future contracted revenue and what we believe is a strong pipeline of future projects, we are positioned to continue executing on growing our three long-term value creation metrics of megawatts owned under long-term contracts, megawatts sold in open market programs and future estimated payments from long-term contracts.”

About Comverge

Comverge, with over 2200 megawatts of clean energy capacity under management, is a leading provider of clean energy solutions that improve grid reliability and supply electric capacity on a more cost effective basis than conventional alternatives by reducing base load and peak load energy consumption. For more information, visit http://www.comverge.com. Virtual Peaking Capacity is a registered trademark of Comverge, Inc.

For Comverge Investors

This release contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. These forward looking statements include our assumptions and expectations regarding future contracted revenues, anticipated payments and timing of revenue recognition from long-term contracts, the receipt of regulatory approval of existing and future contracts and our success in consummating and performing under projects in the future. Additionally, you should be aware that we have made assumptions on which these forward-looking statements are based and our assumptions, while we believe them to be reasonable, may not be accurate. The forward-looking statements in this release do not constitute guarantees of future performance and involve a number of factors, including the accuracy of our assumptions, that could cause actual results to differ materially, including risks associated with Comverge’s business involving our products, the development and distribution of our products and related services, regulatory changes, grid operator rule changes, economic and competitive factors, our key strategic relationships, and other risks more fully described in our most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Comverge assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.

    For Additional Information
    Michael Picchi
    EVP - Chief Financial Officer
    Comverge, Inc.
    770.658.5042
    mpicchi@comverge.com

    Chris Neff
    Director of Marketing
    Comverge, Inc.
    973.947.6064
    cneff@comverge.com

[Via http://www.prnewswire.com]

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