First joint project between Ameresco and Silver
Spring Networks to modernize more than a quarter million street
lights to help City of Chicago reduce energy consumption and
maintenance costs, and increase public safety
Ameresco, Inc. (NYSE:AMRC), a leading energy efficiency and
renewable energy company, today announced it has contracted with
the City of Chicago for the City’s comprehensive Smart Street
Lighting Project to modernize its infrastructure. Working with
Silver Spring Networks, Inc. (NYSE:SSNI), a leading networking
platform and solutions provider for the Internet of Important
ThingsTM, the project is believed to be the largest city-led
wireless smart street light program in the U.S., and will connect
more than 250,000 street light fixtures across Chicago.
The four-year modernization project is expected to transform
Chicago’s street light system by replacing approximately 85 percent
of the City’s existing street lights with smart LEDs. The
multi-phase project will commence this summer.
“Ameresco is honored to work with the City of Chicago and its
leadership for this historic street light project that will
increase the energy efficiency of the system while helping to
improve visibility and safety throughout City neighborhoods,” said
Louis Maltezos, Executive Vice President, Ameresco. “We’re also
very pleased to support the City’s priority to ensure a diverse
lineup of subcontractors and that City residents will have access
to the jobs created through the Smart Lighting Project.”
“The City of Chicago’s lighting replacement initiative will be
one of the largest modernization programs to date in the U.S., and
we could not be prouder to be part of such an incredible
undertaking,” said Mike Bell, President and CEO, Silver Spring
Networks. “Mayor Emanuel’s commitment to improving the lives of
citizens and neighborhoods across the City of Chicago with state of
the art IoT technology is inspiring. We’re very excited to see it
come to fruition, while laying the foundation for future smart city
applications.”
More than half of the light fixtures in at least the first year
will be assembled at a plant in the City of Chicago, and the
project will use City residents to perform at least 50 percent of
the work on the project. Additionally, the project is striving to
achieve 27 percent Minority Business Enterprise participation and
seven percent Women’s Business Enterprise participation. The first
phase of the project requires a city-wide survey of existing street
light infrastructure, and at least half of the personnel for this
phase will be graduates of Chicago Public Schools career and
technical programs, City Colleges of Chicago construction
technology training programs, and/or ex-offender apprenticeship
programs.
The new smart LED street lights will be owned and operated by
the City of Chicago, supported by Silver Spring Networks’ managed
services and its Streetlight.Vision Control and Management System
(CMS) software. The new LED street lights are expected to consume
between 50 and 75 percent less electricity than the City’s existing
lighting infrastructure. Silver Spring’s IPv6 platform will enable
the City to remotely dim or brighten street lights as needed, as
well as to remotely monitor street lights for proactive maintenance
and faster repairs if failures do occur.
The economics and benefits of the smart street light network
approach will help the City manage their resources prudently, and
achieve sustainability-driven initiatives and goals throughout the
community. The smart street light infrastructure will be integrated
into Chicago’s 311 system.
The Chicago Infrastructure Trust (CIT) led the procurement in
close coordination with the Chicago Department of Transportation
(CDOT), the Chicago Department of Innovation and Technology (DoIT)
and the Chicago Park District. The Chicago City Council approved
the project on April 19, 2017.
About Silver Spring Networks
Silver Spring Networks (NYSE: SSNI) enables the Internet of
Important Things™ by reliably and securely connecting things that
matter. Cities, utilities, and companies on five continents use the
company’s cost-effective, high-performance IoT network and data
platform to operate more efficiently, get greener, and enable
innovative services that can improve the lives of millions of
people. With more than 26.0 million devices delivered, Silver
Spring provides a proven standards-based platform safeguarded with
military grade security. Silver Spring Networks’ customers include
Baltimore Gas & Electric, CitiPower & Powercor, ComEd,
Consolidated Edison, CPS Energy, Florida Power & Light, Pacific
Gas & Electric, Pepco Holdings, and Singapore Power. Silver
Spring has also deployed networks in Smart Cities including
Copenhagen, Glasgow, Paris, Providence, and Stockholm. To learn
more, visit www.ssni.com.
Forward-Looking Statement
This press release contains forward-looking statements about
Silver Spring Networks’ expectations, plans, intentions, and
strategies, including, but not limited to statements regarding the
scope, benefits, and timing of Silver Spring’s engagement with
Ameresco and the City of Chicago. Statements including words such
as “will”, “anticipate”, “believe”, “estimate”, “expect” or
“future” and statements in the future tense are forward-looking
statements. These forward-looking statements involve risks and
uncertainties, as well as assumptions, which, if they do not fully
materialize or prove incorrect, could cause our results to differ
materially from those expressed or implied by such forward-looking
statements. The risks and uncertainties include the successful
implementation and deployment of the engagement, as well as those
described in Silver Spring Networks’ documents filed with or
furnished to the Securities and Exchange Commission. All
forward-looking statements in this press release are based on
information available to Silver Spring Networks as of the date
hereof. Silver Spring Networks assumes no obligation to update
these forward-looking statements.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading
independent provider of comprehensive services, energy efficiency,
infrastructure upgrades, asset sustainability and renewable energy
solutions for businesses and organizations throughout North America
and Europe. Ameresco’s sustainability services include upgrades to
a facility’s energy infrastructure and the development,
construction and operation of renewable energy plants. Ameresco has
successfully completed energy saving, environmentally responsible
projects with Federal, state and local governments, healthcare and
educational institutions, housing authorities, and commercial and
industrial customers. With its corporate headquarters in
Framingham, MA, Ameresco has more than 1,000 employees providing
local expertise in the United States, Canada, and the United
Kingdom. For more information, visit www.ameresco.com.
Forward-Looking Statement
The announcement of a customer’s entry into a project contract
is not necessarily indicative of the timing or amount of revenue
from such contract, of the Ameresco’s overall revenue for any
particular period or of trends in Ameresco’s overall total
construction backlog. Any statements in this press release about
future expectations, plans and prospects for Ameresco, Inc.,
Ameresco’s engagements with the City of Chicago or Silver Spring
Networks, and other statements containing the words “projects,”
“believes,” “anticipates,” “plans,” “expects,” “will” and similar
expressions, constitute forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by such
forward-looking statements as a result of various important
factors, including the timing of the work on this project,
including the ability to perform under the contract without unusual
delay; a customer’s decision to delay our work on, or other risks
involved with, this particular project; availability and costs of
labor and equipment; and other factors discussed in our Annual
Report on Form 10-K for the year ended December 31, 2016, filed
with the U.S. Securities and Exchange Commission on March 3, 2017.
In addition, the forward-looking statements included in this press
release represent our views as of the date of this press release.
We anticipate that subsequent events and developments will cause
our views to change. However, while we may elect to update these
forward-looking statements at some point in the future, we
specifically disclaim any obligation to do so. These
forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this press release. This project was included in Ameresco’s
reported awarded backlog as of March 31, 2017.
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version on businesswire.com: http://www.businesswire.com/news/home/20170627005532/en/
AmerescoCarolAnn Hibbard, 508-661-2264news@ameresco.comorSilver
Spring NetworksAmy Nunnemacher, 669-770-4183pr@ssni.com
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