SACRAMENTO, Calif., Jan. 8, 2014 /PRNewswire/ -- GridSense, an Acorn Energy company (NASDAQ: ACFN), announced that a Central American utility recently placed an order for 150 TransformerIQ® monitoring units and requisite ancillary support hardware. The utility previously ordered TransformerIQ units and tested their capability. This new order valued at more than $250,000 encompasses a variety of communications options that will be tested as part of the second stage of preparation for a potentially larger project.
"This project highlights the growing need in Latin and South America for power companies to better manage theft on the network. The Transformer IQ allows distribution companies the opportunity to monitor and identify areas on the network that see the largest number of losses and verify meter readings," stated Francis Fisher, Sales Director GridSense.
Fisher continued, "The customer has told me that transformer monitoring is the key to their smart grid strategy. They believe that they will have monitoring on all of their transformers in the future once they have determined a communication path. They have a total of 50,000 transformers and monitoring will allow them to better understand losses, both technical and non-technical (theft)."
About 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 GridSense will receive further orders from this customer or that Acorn Energy, Inc. or any of 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 under "Risk Factors"" in the Company's Form 10-Q for the third quarter of 2013 filed by the Company with the Securities and Exchange Commission.
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SOURCE Acorn Energy