GridSense Acquires On-Line Monitoring Inc.

SACRAMENTO, Calif., May 24 /PRNewswire/ -- GridSense, a subsidiary of Acorn Energy (Nasdaq: ACFN), and a leader in advanced monitoring systems that support distribution automation and grid operations of electric utilities worldwide, announces the acquisition of the assets of On-Line Monitoring Inc. ("OMI").  

Based in Exton, PA, OMI is a manufacturer of on-line substation monitoring equipment.  Recognized as a leader in the monitoring of transformer bushings, OMI offers products that provide continuous online testing and measurement of critical substation assets.  The data accumulated from OMI's systems provide utilities with the necessary and actionable information to prevent costly failures which can result not only in forced outages but also in the collateral damage of other costly equipment in the substation environment.  

Lindon Shiao, CEO of GridSense, said, "OMI has capabilities that complement our offerings, especially the Transformer IQ, GridSense's comprehensive transformer monitoring platform.  In addition to reaching new markets for their products through GridSense's extensive global customer base and distribution network, OMI will add critical know-how for new product development and key personnel to buttress the GridSense team."  

Jeff Benach, President of OMI, will join GridSense to help develop new on-line monitoring products for the electric utility market and oversee production of the online bushing and transformer monitoring products. Jeff, an expert in the transformer monitoring market, selected GridSense as a partner based on the flexibility, capability, and cost advantage of the transformer IQ. "When paired together, OMI's PFLive Plus and GridSense's Transformer IQ provide a powerful monitoring tool that will alert the utility engineer when a transformer has a problem. This technology provides an excellent and cost effective solution for determining the health and loading of a transformer without taking it out of service to test it."

"The aging of distribution systems is the most immediate and pressing issue facing electric utilities worldwide," said John Moore, CEO of Acorn Energy. "The acquisition of OMI provides GridSense with an additional tool to strengthen its smart distribution automation platform and enable utilities to predict and prevent outages."

About GridSense Pty. Ltd.

GridSense Pty. Ltd., a wholly-owned subsidiary of Acorn Energy, Inc. (Nasdaq: ACFN), is an industry leader that provides remote monitoring and control systems to electric utilities and industrial facilities worldwide. These solutions which include outage management, power quality monitoring, trouble shooting, capacity planning and demand response, provide network operators with the intelligence to improve efficiencies of grid operations.  GridSense has a range of commercially proven offerings and a growing base of utility customers worldwide.  For more information visit www.gridsense.com.

About On-Line Monitoring Inc.

On-Line Monitoring Inc. manufactures the PFLive family of HV Bushing and Lightning Arrester on-line monitoring equipment. The system uses a unique method of analyzing the insulation quality of these devices. The technology is currently installed on over 3500 bushings worldwide and has provided electric utilities with the security of knowing that their monitored equipment is healthy and functional.

Safe Harbor Statement

This press release includes forward-looking statements, which are subject to risks and uncertainties.  These risks and uncertainties include demand and competition in the market for devices and equipment similar to those manufactured by GridSense and OMI, possible uncertainty about GridSense's and OMI's orders from customers resulting from grants by the US Department of Energy and successful integration of OMI into GridSense.  For disclosure of additional risks and uncertainties which may affect GridSense's business and prospects and Acorn Energy, Inc.'s business generally, see the information under "Risk Factors" in Acorn Energy's most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K as filed with the Securities and Exchange Commission.

SOURCE GridSense Pty. Ltd.