NEW YORK, Feb. 17, 2015 /PRNewswire/ -- Analyst update issued by Small Cap IR. Since our January 29, 2015 initial report on ForceField Energy, Inc. (NASDAQ: FNRG) the company has announced that its ESCO subsidiary has been designated by the State of Massachusetts as a Prime Certified Energy Efficiency Contractor, allowing ESCO to serve as lead bidder on larger projects, and to receive automatic notifications of impending opportunities. The company also announced that it expected to receive initial orders under the Connecticut Conference of Municipalities LED Street Light Conversion Program. The company has estimated $25 to $30 million of revenue potential over the next 3 to 5 years under this program. These announcements have helped drive the company's share price up 8% in the past two weeks.
The LED industry is rapidly growing and has the potential to essentially replace the incandescent light bulb market. According to the January 2015 edition of "LED Lighting: Market Shares, Strategies, and Forecasts, Worldwide, 2015 to 2020" by Research and Markets, the market for LED lighting is expected to reach $63.1 billion by the year 2020. Industry growth is being driven by measures that governments worldwide are taking in order to phase out incandescent light bulbs, and replacing them with more energy-efficient lighting alternatives. Government actions have included regulations to effectively ban the manufacture, importation, or sale of current incandescent light bulbs for general lighting, and only allowing sale of future versions of incandescent bulbs if they are sufficiently energy efficient.
ForceField Energy is a global company focused on sustainable energy solutions and improved energy efficiency. The company operates through two business segments: LED ("Light Emitting Diode") lighting and Organic Rankine Cycle ("ORC") technology, or waste heat. Through its two subsidiaries, American Lighting and ESCO Energy Services, the company has completed lighting installations and retrofitted lighting systems and energy efficiency upgrades for companies across a variety of industries. The company licenses modular heat recovery systems that convert waste heat into clean energy. The company has acquired a 50.3% share of TransPacific Energy ("TPE") and has a distribution agreement to provide TPE's modular ORC units to industrial customers. The TPE solution uses a proprietary blend of refrigerants to capture heat energy from heat sources such as biomass processes, geothermal sources, and industrial flue gases, to convert heat into electrical energy.
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