CHATSWORTH, Calif., Sept. 16, 2011 /PRNewswire/ -- US Seismic Systems Inc. (USSI) , a subsidiary company of Acorn Energy, Inc. (NADSAQ: ACFN) is expanding its offering of Ultra High Sensitivity (UHS) fiber optic sensors to include Ocean Bottom Cables (OBC) which are a critical component for the rapidly emerging market for Permanent Reservoir Monitoring (PRM). USSI will exhibit its new product at the Annual Meeting of the Society of Exploration Geophysicists in San Antonio, Texas from September 18-23rd.
Jim Andersen, CEO of US Seismic stated, "As oil production from existing offshore fields continues to decline over the next decade, offshore oil operators must aggressively expand their investments in Enhanced Oil Recovery (EOR) techniques to stem the decline. The introduction of our new product can dramatically reduce the costs associated with PRM, making it a very cost effective alternative to repeated 3D seismic streamer surveys on the same reservoir. We believe our new product can drive the industry toward permanently-installed seabed cables for 4D seismic data acquisition."
The 4D seismic market, of which Permanent Reservoir Monitoring is an integral and increasing part, was estimated to be over $1 Billion in 2010 with the majority of the data being acquired by towed streamers (source: ODS PetroData). Expectations are for the Marine 4D market to exceed $2 Billion annually within the next several years. Currently, several major companies are supplying electronic sensors but many industry experts believe that a new technology is needed to spur widespread adoption of PRM. Fiber optic systems like USSI's solution are expected to lead this revolution because of their improved performance, higher reliability and lower cost.
John Moore, CEO of Acorn Energy stated, "Jim and his team have progressively developed and commercialized USSI technology from defense, oilfield down hole reservoir stimulation and security applications to the 4D marine seismic solution announced today. Given the continued successful evolution of applications for the technology, we are investing aggressively to speed their products to market."
About US Seismic Systems, Inc.
US Seismic Systems Inc. ("USSI"), formerly US Sensor Systems Inc., 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. USSI's new fiber optic geophone was recently awarded the coveted 2010 Oil & Gas Industry Innovation of the Year Award by Frost & Sullivan, the world leader in technology, market, customer, and economic research. For more information visit the USSI website at: www.ussensorsystems.com.
About Acorn Energy, Inc.
Acorn Energy, Inc. is a holding company focused on technology driven solutions for energy infrastructure asset management. Our three businesses in which we have controlling interests improve the world's energy infrastructure by making it more secure by providing security solutions for underwater energy infrastructure (DSIT), more reliable by providing condition monitoring instruments for critical assets on the electric grid (GridSense) and more productive and efficient by increasing oil and gas production while lowering costs through use of ultra-high sensitive seismic tools for more precise pinpointing of oil and gas reservoirs (US Seismic). For more information visit 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 US Sensor Systems Inc. or Acorn Energy, Inc. will continue to grow their respective businesses, execute the initiatives described above or meet the expectations described 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.