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$2.4B "Mass Save" State Energy Efficiency Funding Program Provides Small Business Program Customer Incentives From 2016-2018; Newly Won Contract Expands Revolution Lighting's Small Business Customer Base, Providing Turnkey, Energy Efficiency Retrofit Solutions
STAMFORD, CT --(Marketwired - March 16, 2016) - Revolution Lighting Technologies (NASDAQ: RVLT), a leader in advanced LED lighting technology solutions, today announced that its operating division, Energy Source, has been awarded a three-year agreement within Eversource's Small Business Program. The newly won contract provides Energy Source with a defined territory to identify and support small business customers within commercial and industrial sectors with an average peak demand of 300kW or less per month, offering cost-effective energy efficiency turnkey solutions.
The Small Business Program provides services to identify and implement cost-effective energy efficiency opportunities, promote education to encourage replacement of existing equipment with high efficiency options and procure financial incentives. As a Small Business Program vendor, Energy Source has been assigned eleven specific territories in Massachusetts, including the municipalities of Bellingham, Hopkinton, Holliston, Medway, Ashland, Sherborn, Millis, Norfolk, Dover, Medfield and Walpole.
The program will address technologies including lighting, controls, motors and variable speed drives, energy management systems, HVAC system tune-ups, and other measures to reduce both electric and gas consumption. Access to on-bill financing through its utility will be available, providing additional avenues for project funding to small business customers eligible to participate in the program.
Project incentives will play a critical role that could cover up to 70% of qualified project costs to significantly reduce an energy efficiency project's return on investment, offering attractive paybacks as low as one year. Incentives for the Small Business Program are funded through the recent approval of the Massachusetts Energy Efficiency plan (2016 - 2018) by the Massachusetts Department of Public Utilities (DPU), known as "Mass Save," securing $2.4B in funding for energy efficiency programs.
"We are excited to be awarded this new three-year agreement with Eversource's Small Business Program, expanding our presence in key energy efficiency retrofit markets to drive future growth and incremental revenue," said Robert V. LaPenta, CEO and Chairman of Revolution Lighting. "This agreement, combined with Energy Source's recent award recognition by National Grid as a leading contributor within its Project Expediter Program for the eighth consecutive year, demonstrates our unique capability to partner with business customers large and small to exceed energy efficiency goals."
The United States consists of approximately 28 million small businesses, according to the U.S. Small Business Administration. On average, small businesses and building owners spend 22% of their annual energy costs on lighting, providing a key opportunity for LED lighting to reduce long term operating and utility costs. LED lighting is 60% more efficient and lasts three times longer than fluorescent lighting, in addition to generating superior light output.
About Revolution Lighting Technologies, Inc.
Revolution Lighting Technologies, Inc. is a leader in the design, manufacture, marketing, and sale of LED lighting solutions focusing on the industrial, commercial and government markets in the United States, Canada, and internationally. Through advanced technology and aggressive new product development, Revolution Lighting has created an innovative, multi-brand, lighting company that offers a comprehensive advanced product platform. The company goes to market through its Seesmart brand, which designs, engineers and manufactures an extensive line of high-quality interior and exterior LED lamps and fixtures; Lighting Integration Technologies Inc., which sells and installs Seesmart products; Lumificient, which supplies LED illumination for the signage industry; Relume Technologies, a leading manufacturer of outdoor LED products; Sentinel, a revolutionary, patented and licensed monitoring and smart grid control system for outdoor lighting applications; and Energy Source, a full service turnkey solutions provider and installer of LED technology. Revolution Lighting Technologies markets and distributes its products through a network of independent sales representatives and distributors, as well as through energy savings companies and national accounts. Revolution Lighting Technologies trades on the NASDAQ under the ticker RVLT. For additional information, please visit www.rvlti.com.