NORTHRIDGE, Calif., Oct. 13 /PRNewswire/ -- US Sensor Systems Inc. (USSI), a subsidiary of Acorn Energy (Nasdaq: ACFN), announced today that Frost & Sullivan, the world leader in technology, market, customer, and economic research has selected the USSI Geophone sensor for its 2010 Technology Innovation of the Year Award for Fiber Optic Sensor Technology for the Oil and Gas Industry. USSI will be exhibiting its fiber optic sensors at the Annual Society of Explorational Geophysicists Expo, the world's largest oil, energy, and mineral exposition which is being held in Denver, CO later this month.
USSI's new fiber optic sensors, powered only by light, are designed to detect intrusions, pipeline leaks, strain, and seismic waves, replacing the existing 50-year old copper wire-based sensors that are in widespread use throughout the oil Exploration and Production (E&P) industry.
"The E&P industry recognizes the need for low cost, permanently installed sensors to enable enhanced oil and gas recovery techniques", said Jim Andersen, CEO of US Sensor Systems. "However, the existing 50 year-old technology is too costly and too unreliable for permanent installations. With no electronic components subject to failure and therefore no electrical power required in our solution, the optical fiber itself is the sensor, it can be supplied at a small fraction of the cost of legacy electronic sensors."
"USSI is an innovative company doing very important work to improve the efficiency of our energy infrastructure" said John A. Moore, Chairman and CEO, Acorn Energy. "This technology addresses a key challenge facing the oil patch in the decades ahead: squeezing additional oil out of the world's known accumulations. USSI's new low cost fiber optic sensor can reduce the cost of the permanently-installed equipment by up to 90 per cent, making it a true game changer for the 4D seismic and Microseismic markets."
"Frost & Sullivan is a global research organization of 1,800 analysts and consultants who monitor more than 300 industries and 250,000 companies. The Company's research philosophy originates with the CEO's 360-Degree Perspective, which in turn serves as the foundation of its TEAM Research methodology. This unique approach enables us to determine how best-in-class companies worldwide manage growth, innovation and leadership," said Research Analyst Amritha Sridharan, of Frost & Sullivan. "Based on the findings of this Best Practices research, Frost & Sullivan is proud to present the 2010 North American Technology Innovation of the Year Award to US Sensor Systems Inc. for their development of Fiber Optic Sensor Technology for the Oil and Gas Industry."
The award will be formally presented at the Frost & Sullivan 2010 Excellence in Best Practices Awards Banquet in San Antonio, Texas in November, 2010. At the meeting, all companies that have achieved world-class performance within their industries for their strategies, processes, and executives will be recognized.
About US Sensor Systems
US Sensor Systems Inc. ("USSI") 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. For more information visit the USSI website at: www.ussensorsystems.com.
About Acorn Energy
Acorn Energy, Inc. (Nasdaq: ACFN) is a publicly-traded holding company with equity interests in CoaLogix, Coreworx, DSIT, GridSense and US Sensor Systems Inc. These companies leverage advanced technologies to transform and upgrade the energy infrastructure around the world. Acorn companies are focused on three problems in the energy sector: improving the efficiency of the energy grid, reducing the risk for owners of large energy assets, and reducing the environmental impact of the energy sector. Acorn's strategy is to take primarily controlling positions in companies led by great entrepreneurs. 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 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.
SOURCE Acorn Energy, Inc.