HUNTERSVILLE, N.C.--(BUSINESS WIRE)--Lime Energy Co. (NASDAQ: LIME) announced today the award of a two year contract valued at approximately $22 million by National Grid for the implementation of their Small Business Direct Install Program for the Western New York Region. The program serves small commercial customers with annual demand of less than 100 kW and helps to offset the cost of implementing energy efficiency upgrades. The program will provide an estimated $15 million in incentives to National Grid customers, and has the potential to save participating small businesses over 77,000 megawatt-hours of annual energy usage – significantly lowering the cost of doing business in New York.
National Grid serves approximately 600,000 residential, commercial and industrial counties in large portions of the ten Western New York counties. Launched in 2009 in response to the State’s Energy Efficiency Portfolio Standard (EEPS), aimed at reducing by 15% of energy usage statewide by 2015, National Grid’s Small Business Program has been a major contributor to the EEPS initiative thanks to the success that Lime and National Grid have shared. The program is one of the most ambitious SBDI programs ever undertaken.
Lime Energy, the leading provider of energy efficiency to small businesses, has been the exclusive provider of comprehensive energy efficiency upgrades for this program in Western New York since 2009. In that time, we have helped more than 6,000 National Grid customers lower their energy costs while upgrading their facilities, delivering over $33 million in incentives to cover project costs. We have consistently exceeded the program savings goals and delivered over 150,000 megawatt hours of energy efficiency resources, which is equivalent to powering almost 16,000 homes for one year. The program has created training opportunities and green jobs which continue to employ many workers displaced from other failing sectors of the economy.
“Lime Energy is excited to continue our commitment to assist small businesses in Western New York while playing a significant role in the State’s Energy Efficiency Portfolio Standard,” said John O’Rourke, President & CEO of Lime Energy. “National Grid has been a terrific partner and leader in energy efficiency. This award demonstrates our clients’ continued confidence in Lime Energy’s ability to deliver reliable and cost effective energy efficiency for small businesses.”
About Lime Energy Co.
Lime Energy is building a new energy future. As a leading national provider of energy efficiency for small business customers, Lime designs and implements direct install programs for our utility clients which consistently exceed program savings goals. Our award-winning, integrated services programs provide utilities with reliable energy efficiency resources while delivering the highest levels of customer satisfaction. This next generation approach is helping utilities across the country to go deeper and broader with the cheapest, cleanest and fastest energy resource that we have – energy efficiency.
About National Grid
National Grid (LSE:NG; NYSE:NGG) is an electricity and gas company that connects consumers to energy sources through its networks. The company is at the heart of one of the greatest challenges facing our society - to create new, sustainable energy solutions for the future and developing an energy system that underpins economic prosperity in the 21st century. In the northeast US, we connect more than seven million gas and electric customers to vital energy sources, essential for our modern lifestyles. In Great Britain, we run the gas and electricity systems that our society is built on, delivering gas and electricity across the country. National Grid delivers electricity to approximately 3.3 million customers in Massachusetts, New York and Rhode Island. It manages the electricity network on Long Island under an agreement with the Long Island Power Authority (LIPA), and owns over 4,000 megawatts of contracted electricity generation, providing power to over one million LIPA customers. It is the largest distributor of natural gas in northeastern U.S., serving approximately 3.4 million customers in New York, Massachusetts, and Rhode Island.
For more information please visit our website: www.nationalgridus.com. Follow us on Twitter, Watch us on You Tube, Friend us on Facebook, Find our photos on Flickr.
FORWARD-LOOKING STATEMENTS
This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Lime Energy's current expectations about its future results, performance, prospects and opportunities. Lime Energy has tried to identify these forward-looking statements by using words and phrases such as "may," "expects," "anticipates," "believes," “hope,” "intends," "estimates," "plan," "should," "typical," "preliminary," or similar expressions. These forward-looking statements are based on information currently available to Lime Energy and are subject to a number of risks, uncertainties and other factors that could cause Lime Energy's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward- looking statements. These risks include those described in Lime Energy's most recent Annual Report on Form 10-K or as may be described from time to time in Lime Energy's subsequent SEC filings; such factors are incorporated here by reference.
