GridSense, an Acorn Energy Company, Announces Sale of Over 500
Pole-top & Underground TransformerIQ™ Monitors to Major
Oct. 16, 2012 /PRNewswire/ -- GridSense, an Acorn Energy
(NASDAQ: ACFN) company that develops and markets advanced
monitoring solutions for the electric power industry announced the
sale of 500 TransformerIQ™ advanced monitoring units
to a major California
utility. The 500 TransformerIQ™ devices will be
used to monitor and secure valuable data from overhead and
underground transformers dispersed throughout the utility's
residential distribution grid. The order represents an almost
$1 million first sale for this new
product, and will be processed and shipped in the fourth
quarter. Assuming successful integration, the ultimate
potential product sales volume with this utility could, over time,
approach over 100,000 units across their network.
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"This sale is an integral part of the ongoing relationship we
are developing with this major California utility," said Lindon Shiao, Chief Executive of
GridSense. "The general public often equates the
controversial smart meter on their home with the term smart
grid. In fact, sophisticated Distribution Automation (DA)
devices like TransformerIQ™ strategically placed
throughout the network are really what the grid needs to become
smarter. These devices can yield large economic benefits,
similar to those of energy efficiency programs, but without
requiring 300 million Americans to change their daily habits."
Greentech Media recently released a report stating, "Because
automation of distribution systems, substations, and transmission
grids offers more rapid and greater return on investments than
smart meter programs, we believe that the DA market represents the
greatest opportunity to reap the benefits of the smart grid."
John Moore, CEO of Acorn Energy
stated, "I am very excited about how Lindon has positioned
GridSense and with the Big Brother alliances he has developed to
break into this new market. This utility is known as an early
adopter and integrator of novel smart grid technologies. We
take great pride in our developing relationship with this marquee
customer. The biggest surprise to economic forecasters is
going to be the impact of digital energy technologies like
TransformerIQ™. They allow progressive utilities
to affordably and quickly change their grid from thirty day batch
processing to real-time self healing networks. Digital energy
technologies like TransformerIQ™ will enable utilities
to affordably reduce outage times and improve the reliability of
the grid. The US Department of Energy estimates the cost of
grid inefficiencies to the US economy to be $180 Billion each year. There are over
thirty million pole-top and underground transformers in the US
alone that are targets for our solution."
Adds Mr. Shiao, "I expect an acceleration of adoption of the
pole-top and underground TransformerIQ™ by other
utilities once we launch the GridInSite™ software platform in
the first quarter of 2013. GridInSite™ will
provide unprecedented real-time situational awareness of critical
assets like transformers and overhead lines to grid operators."
About GridSense Inc.
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.
About Acorn Energy, Inc.
Acorn Energy, Inc., the
digital energy company is a holding company focused on making
energy better by providing digital solutions for energy
infrastructure asset management. The four businesses in
which we have controlling interests, improve the world's energy
infrastructure by making it: more secure - providing security
solutions for underwater energy infrastructure (DSIT); more
reliable - providing condition-based monitoring to critical assets
on the electric grid (GridSense, OmniMetrix) and more productive
and efficient - increasing oil and gas production while lowering
costs through use of permanent ultra-high sensitive seismic tools
that allow for a more precise picture of reservoirs (US Seismic).
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 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 its most recent Annual Report on
Form 10-K and its most recent 10-Q as filed by Acorn Energy with
the Securities and Exchange Commission.
Contact: Leonce Gaiter
SOURCE Acorn Energy, Inc.