ForceField's ESCO Subsidiary Awarded Two LED Street Light Conversion Projects in Connecticut Valued In Excess of $1 Million
20 February 2015 - 11:30PM
ESCO Energy Services ("ESCO") a wholly-owned subsidiary of
ForceField Energy Inc. ("ForceField" or the "Company")
(Nasdaq:FNRG), a seller and distributor of energy products and
solutions, today announced that its ESCO subsidiary has entered
into letter of intent agreements for two LED street light
conversion projects as part of its previously announced selection
to participate in the Connecticut Conference of Municipalities
("CCM") municipal Street Light LED Conversion Program. The
installation of the projects in Plainville, CT and Cromwell, CT,
with an estimated value in excess of $1 million, is expected to be
completed by Q3 2015. The initial installations in both towns will
include the conversion of more than 2,600 street light fixtures
with an estimated annual savings of approximately $225,000.
As previously disclosed, ESCO is currently in active discussions
with more than 20 communities which make up CCM's 153
member-communities; and currently estimates the revenue generation
potential of streetlight projects to be between $25 and $30 million
which will be recognized over a three-to-five year period.
Mitch Barack, ESCO's President and CEO stated, "We are excited
to have been selected by Plainville and Cromwell, the first towns
in Connecticut to implement an LED street light conversion under
CCM's statewide municipal Street Light Conversion Program. We
believe our ability to deliver a fully integrated street light
acquisition and LED conversion program that incorporates an array
of financing options provides us with a competitive advantage as we
aggressively pursue other communities in Connecticut as well as the
significant opportunities in other states and communities across
the US. With increased state and federal initiatives including the
Presidents Challenge for Advanced Outdoor Lighting and the DOE's
Better Building Program, we believe we are only in the early stages
of this multi-billion dollar market opportunity to switch to high
efficiency lighting for street lights and other outdoor
applications."
ESCO's innovative, turn-key Municipal LED Street Light
Conversion Program aids communities in
economically purchasing thousands of existing utility-owned
street lights, and then converting them to state-of-the-art-LED
technology. The program, which includes project assessment and
planning though implementation and maintenance, also enables towns
and cities to fully manage their own street lighting operations
using Noveda Technology's proprietary next-generation street light
management controls and monitoring which helps to "future-proof" a
community's investment in LED technology. The management
system provides clients full control, scheduling and individual
energy metering, dimming and energy monitoring. It can enable
wireless connectivity to central monitoring & controls
providing client's access to a GPS mapping user interface that
identifies the location and status of each fixture and provides a
portal to maintenance records. In addition, the user interface,
dashboards and analytics give clients a full monitoring system. An
optional pole-hit detection technology and a host of other sensor
inputs gear toward enhanced public safety are available.
ESCO's Municipal Street Light Conversion Program is
typically structured with no initial capital outlay required
and is completely paid from the savings generated by the conversion
thus generating immediate positive cash flow
to the municipality. In addition, ESCO's also offers
tax-exempt municipal lease financing to support potential LED
project funding needs of the municipality.
The potential energy savings and greenhouse gas (GHG) reductions
from switching to high efficiency lighting in outdoor applications
are significant. High efficiency lighting has limited market
penetration in parking lots, parking garages, and streetlights,
with recent estimates at 3% or less. For instance, based on the
installed stock LED luminaire efficacies in 2012, the potential
energy savings is about 650 TBtu annually, which equates to more
than $6 billion ( approx. $2.3 billion from streetlights) and 40
million metric tons of CO2 emissions per year. The benefits of high
efficiency lighting go beyond savings. For example, LED lighting
offers extremely long lifetimes, are directional light sources and
thus able to limit light pollution and light trespass, are highly
efficacious, function well in cold temperatures, are not affected
by vibration, and are able to provide a high quality
light. More information can be found in the DOE Fact Sheet. In
addition, you can learn more by going to The Presidential Challenge
for Advanced Outdoor Lighting which tripled the DOE Better
Buildings program goal of upgrading 500,000 light poles, which is
on track to be exceeded, to 1.5 million light poles by May
2016.
About ESCO Energy Services Company
ESCO Energy Services Company, Inc. is one
of the longest-standing lighting retrofit companies in
New England. As an industry pioneer, ESCO has an unparalleled track
record of successfully completing state-of-the-art lighting
conversions for federal, state, and municipal
clients throughout the region and across North
America. On a national level, ESCO is viewed as a company at
the forefront of designing and delivering innovative LED street
lighting and next-generation street light control solutions.
Go to www.goesco.com. or www.lightingretrofit.com
About ForceField Energy Inc.
ForceField Energy Inc. and its subsidiaries comprise a global
company whose products and solutions focus on sustainable energy
solutions and improved energy efficiency. ForceField is a
distributor of LED and other lighting products for a number of
premier LED lighting manufacturers; and through its award-winning
subsidiaries, American Lighting and ESCO, have completed lighting
installations and retrofits as well as energy efficiency upgrades,
for numerous high profile concerns in a variety of industries.
ForceField is also a licensee of modular, heat recovery systems
that convert waste heat into clean electricity.
www.forcefieldenergy.com
Forward-Looking Statements
Except for statements of historical fact, the matters discussed
in this press release are forward looking. "Forward-looking
statements" describe future expectations, plans, results, or
strategies and are generally preceded by words such as "future,"
"anticipates" or anticipated," "believes," "estimated" or
"estimates," "plan" or "planned," "expects" or "projected." These
forward-looking
statements reflect numerous assumptions and involve a variety of
risks and uncertainties, many of which are beyond ForceField's
control that may cause actual results to differ materially from
stated expectations. Some of the factors that could cause actual
results to differ materially from the forward-looking statements
contained herein include (i) failure to obtain adequate financing
to achieve the Company's LED revenue targets and to support working
capital needs; (ii) successful installation and efficacy of the
Company's LED lighting products; (iii) expansion of the Company's
product offerings and services to additional states across the
U.S., (iv) generating additional revenue from the Company's
expected national expansion program, (v) competition within the LED
industry both domestically and internationally, (vi) efficacy of
ESCO's streetlight product offering, (vii) generating $25-30
million dollars from the streetlight program over the next three to
five years, (viii) generating revenue from these letters of intent
in Q-3 2015 and (ix) other factors, without limitation, which are
set forth in documents we file from time to time with the
Securities and Exchange Commission, which are available at
www.sec.gov. For a written description of these factors, see the
section titled "Risk Factors" in the Company's Form 10-K for the
fiscal year ended December 31, 2013 and any updating information in
subsequent SEC filings. The Company disclaims any intention or
obligation to update these forward-looking statements whether as a
result of subsequent events or otherwise, except as required by
law.
CONTACT: ForceField Energy Inc.
Richard ST Julien
(212) 672-1786
www.forcefieldenergy.com
ForceField Energy (CE) (USOTC:FNRG)
Historical Stock Chart
From Jun 2024 to Jul 2024
ForceField Energy (CE) (USOTC:FNRG)
Historical Stock Chart
From Jul 2023 to Jul 2024