MONTCHANIN, Del., April 16, 2012 /PRNewswire/ -- Acorn Energy, Inc. (NASDAQ: ACFN) an energy technology holding company, today announced that it has now fully funded an additional investment of $5 million in US Seismic Systems, Inc. (USSI) to accelerate the growth of USSI's business.
"A major portion of this new investment is being used to enhance our infrastructure to support the increasing quantities of systems being quoted to our oilfield customers," stated Jim Andersen, CEO of USSI. "We are increasing automation in the manufacturing and testing of our products, implementing computerized manufacturing control and tracking systems, and expanding our production staff."
In addition, USSI has acquired a license from Northrop Grumman Guidance and Electronics Company, Inc. for complementary technology to its Ultra High Sensitivity (UHS) fiber optic geophones.
John Moore, CEO of Acorn Energy stated, "We are very excited about the technological progress at USSI. Our Board has ensured that Jim and his team have all the resources they need to meet a growing market opportunity. We will make additional capital available as USSI scales their operation further."
Acorn Energy will host an investor day at the California headquarters of USSI on May 9th to showcase its domain changing technology for the seismic sensor industry. This technology spearheads USSI's fast-growing market position as a critical resource supporting oil and gas exploration and drilling. Further details about the investor day will be provided in the next few weeks.
About Acorn Energy, Inc.
Acorn Energy, Inc. is a holding company focused on making energy better by providing digital solutions for energy infrastructure asset management. The four businesses in which we have controlling interests, improve the world's energy infrastructure by making it: more secure - providing security solutions for underwater energy infrastructure (DSIT); more reliable - providing condition-based monitoring to critical assets on the electric grid (GridSense, OmniMetrix) and more productive and efficient - increasing oil and gas production while lowering costs through use of permanent ultra-high sensitive seismic tools that allow for a more precise picture of reservoirs (US Seismic). For more information visit: http://www.acornenergy.com.
About US Seismic Systems, Inc.
US Seismic Systems Inc. ("USSI"), designs, integrates, manufactures, and sells fiber optic sensing systems and solutions for the Energy and Defense markets. USSI utilizes all-optical fiber sensing technology for its state-of-the-art sensors. USSI's proprietary optical fiber and electronics combine to form the sensor system. It is designed to replace the legacy electronic-based sensor systems at a lower cost and with improved performance and reliability. For more information visit the USSI website at: www.ussensorsystems.com.
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to risks and uncertainties. There is no assurance that the Company and its operating companies will be able to achieve the expected growth in revenue or meet the other expectations 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 the Company's most recent Annual Report on Form 10-K as filed by the Company with the Securities and Exchange Commission.
Paul G. Henning
SOURCE Acorn Energy, Inc.