PowerSecure International Inc. on December 16 announced it has been awarded a new contract to deploy a “green” landfill gas power system on behalf of Flint Energies at the Houston County Landfill, in Houston County, Georgia. PowerSecure will install, own, and operate the system, which will turn methane gas from the landfill into clean, “green” electricity. The project provides Flint Energies’ members access to renewable energy at an affordable price, and creates a brand new income stream for the residents of Houston County.
The new multi-year contract increases PowerSecure’s recurring revenue backlog by 35 percent, to approximately $50 million. The project is expected to be complete and commissioned by the end of 2010, and the company expects to begin recognizing revenue from the new system in 2011. The anticipated timing of the revenue recognition for this new long-term contract will be incorporated into the Company’s revenue backlog disclosure issued with its fourth quarter 2009 financial results.
Sidney Hinton, CEO of PowerSecure, said, "We are thrilled that Flint Energies has awarded us the opportunity to build and operate this new renewable energy system. We respect the long and close relationship Flint has with Houston County, and we are committed to delivering a terrific system that will deliver clean, efficient power for years to come.”
About PowerSecure
PowerSecure International Inc. is a leading provider of energy and smart grid solutions to electric utilities, and their commercial, institutional, and industrial customers, as well as Energy Services to the oil and natural gas industry. PowerSecure’s Energy and Smart Grid Solutions businesses provide products and services in the areas of interactive distributed generation, utility infrastructure and energy efficiency. The company is a pioneer in developing interactive distributed generation systems with sophisticated, proactive smart grid capabilities, including the ability to:
1) forecast peak electricity demand and electronically deploy the systems to deliver more efficient, and environmentally friendly power,
2) provide utilities with dedicated electric power generation assets for their demand response needs, and
3) provide customers with the most dependable standby power in the industry.
PowerSecure also provides utilities with regulatory consulting, power system and transmission engineering and construction, and provides businesses with energy efficiency products and services, including its state-of-the art EfficientLights lighting solution for refrigerated cases. The company provides Energy Services to the oil and natural gas industry through its Southern Flow and WaterSecure business units.