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Company's Success Expected to Continue in 2016 Through Anticipated Strength of U.S. Multi-Family Sector; Partners With Customers Through Unique Services That Deliver Creative and Cost Effective Lighting Solutions Across the Country
STAMFORD, CT --(Marketwired - March 22, 2016) - Revolution Lighting Technologies (NASDAQ: RVLT), a leader in advanced LED lighting technology solutions, today commented on its successful 2015, in which the company completed more than 300 multi-family housing projects. Through its division, Value Lighting, Revolution Lighting worked closely with its customers to supply industry leading lighting solutions, including LED technology, for retrofits and new construction projects across the United States.
Highlighted multi-family housing lighting projects from last year include a million-dollar project for luxury loft apartments in New Jersey, a million-dollar LED lighting project for a Texas multi-family residential complex, a $1.4 million apartment tower in Maryland, and a secured mid-seven figures contract with a large sporting goods retailer to provide LED lighting solutions.
"Value Lighting is uniquely adapted to work within multi-family housing because of our ability to partner with our customers," said Alan Carlquist, President, Value Lighting. "Through premier customer service and broad industry relationships, we provide unique engineering capabilities to evaluate and ensure each customer project achieves a high end solution at a cost effective price, allowing multi-family owners and developers to achieve their aesthetic and budgetary goals."
In 2015, there were 306,000 multifamily units completed and brought to market throughout the U.S., the most in a single year since 1989, producing strong tailwinds that are expected to continue throughout 2016 and 2017. In 2016, new supply of multi-family units will continue to enter the market at levels not seen since the 1980s; meanwhile, plans for additional construction continue to increase, signaling new lighting opportunities for Revolution Lighting. This success is already evident through its recent announcement, highlighting a new $1M LED lighting agreement with Billingsley Development for its latest multi-family development in Texas.
The increased adoption of LED lighting is also expected to continue among developers and property owners as they seek new ways to significantly reduce long term operating expenses that deliver high efficiency homes for residents. Lighting and utilities account for 26% of an average multi-family building's energy consumption. Improved lighting efficiency, including the use of LED lighting technologies can reduce lighting energy use by 85%. Additionally, new findings suggest a strong correlation between sustainable development and tenant satisfaction, which has led to the increased adoption of "green" construction standards, which includes LED lighting. As a result of this growing trend, Value Lighting has experienced a 30% increase in LED adoption within its multifamily projects since 2012.
"We are excited for the terrific work Value Lighting achieved in 2015, utilizing its experience, engineering capability, and industry knowledge to expand the company's presence and continued success throughout the multi-family housing sector," said Robert V. LaPenta, CEO and Chairman of Revolution Lighting Technologies. "The company has already continued its momentum into 2016, securing several new multi-family contracts, while preparing to expand into strong U.S. multi-family markets including New York, Chicago, and Boston."
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.