SACRAMENTO, Calif. and ST. JOHNSBURY, Vt., Dec. 19, 2013 /PRNewswire/ -- GridSense Inc., an Acorn Energy company (NASDAQ:ACFN), announced today the completion of the sale of its BushingIQ® product line to WEIDMANN Diagnostic Solutions Inc. (a subsidiary of WICOR Holding AG).
BushingIQ® measures a transformer's bushing insulation power factor continuously, under load and in all weather conditions directly on the bushing. It also provides accurate and early indication of incipient bushing failure. It not only determines internal insulation integrity, but also identifies external issues that can affect performance, such as pollution-related surface contamination.
"The BushingIQ® product line is an excellent fit for WEIDMANN'S growing portfolio of power transformer monitoring systems. Bushings are a major cause of catastrophic transformer failure and should be a part of an overall monitoring strategy for large power and sub-station class assets. We believe the BushingIQ® technology is the best available in the industry and we look forward to continued success with the product line," said Jeff Goolgasian, President of WEIDMANN Diagnostic Solutions Inc..
"Divesting BushingIQ® allows GridSense to streamline its manufacturing operations and concentrate on our core suite of products aimed primarily at the distribution transformer segment. This transaction is a true benefit for both organizations," stated Joe Musanti, President of GridSense.
WEIDMANN will directly produce the product under the InsuLogix® B brand name and assumes all warranty, customer and technical support activities for installed units.
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.
The WICOR (WEIDMANN International Corporation) Group develops, produces, and distributes high-voltage insulation materials and components as well as sophisticated diagnostics, oil testing services, and sensors and monitors for transformers (Business Area Electrical Technology), and sophisticated injection molded plastics applications for automotive, industrial and medical technology customers (Business Area Plastics Technology). The WICOR Group is active worldwide in more than 40 locations and employs a staff of 3,750. The headquarters of the WICOR Group is in Rapperswil-Jona , Switzerland. For more information contact: WICOR Americas Inc. Jurg Brunner President and CEO, One Gordon Mills Way, P.O. Box 903, St. Johnsbury, VT 05819-0903 USA Phone: 802-748-8106 E-mail: [email protected] www.weidmann-electrical.com
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 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, Inc.