GridSense™, an Acorn Energy Company, Announces Order From a Southeast Asian National Electric Utility in Excess of $1 Million
SACRAMENTO, Calif., July 25, 2013 /PRNewswire/ -- GridSense™, an Acorn Energy (NASDAQ: ACFN) company that develops and markets advanced monitoring solutions for the electric power industry, announced today an order that is an initial success of its efforts to grow internationally and prove its leadership in distribution optimization. The order is for 700 units of GridSense's Distribution IQ and Line IQ and is enabled by Grid InSite™ software. It is valued at in excess of $1 million.
GridSense has secured this order from a major Southeast Asian national utility based on a partnership with a regional smart grid company. The order will be processed and shipped in the third quarter of 2013. The current order represents another conversion of a pilot to an initial commercial order involving 700 units. In the first quarter of 2013, GridSense finalized shipment of an order in excess of $750,000 for a western US utility. The Company currently has forty-six such pilots ongoing.
John Moore stated in connection with this order: "Electric grid reliability is essential for the continued economic expansion of the customer's country. We are excited to be in on the ground floor of the modernization of the electric grid of this emerging nation. We and our local partner are completely committed to the successful rollout of this program and the creation of a valuable reference customer."
"I am encouraged by the traction we are seeing on the back of a more focused approach to satisfying key customer requirements. This traction translates into converting ongoing pilots into initial commercial roll-outs and I am very excited with our current pilots both domestically and internationally," stated Joe Musanti, President and CEO GridSense.
GridSense is a smart grid technology company dedicated to providing innovative, practical and cost effective monitoring solutions to the electric power industry. Utilizing in-depth industry knowledge and understanding of utility requirements, we provide technology and services that help the industry address the limitations of old and aging infrastructure. We apply experience and technical know-how with new insight and ideas to create intelligent, reliable and leading edge technologies that add value to our customers and shape the future of the modern electrical power system. For more information visit (www.gridsense.com).
About Acorn Energy, Inc.
Acorn Energy, Inc. is a holding company whose four portfolio companies help their customers achieve greater productivity, reliability, security, and efficiency—factors which can lead to greater profitability. GridSense provides monitoring for all critical points along the electricity delivery system. OMNIMETRIX remotely monitors emergency back-up power generation systems to increase their reliability. US Seismic supplies fiber optic sensing solutions to increase oil/gas production and lower costs. DSIT provides security solutions from underwater threats to naval and marine based energy assets. For more information visit: http://www.acornenergy.com.
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to risks and uncertainties. There is no assurance that Acorn Energy, Inc. or its operating companies will continue to grow their respective businesses, or that any of them will meet the expectations or execute the initiatives described or referred to above. A complete discussion of the risks and uncertainties which may affect Acorn Energy's business generally and the businesses of its subsidiaries is included in "Risk Factors" in its most recent Annual Report on Form 10-K as filed by Acorn Energy with the Securities and Exchange Commission.
GridSense Contact: Leonce Gaiter
SOURCE Acorn Energy