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Company Recently Completes $1M LED Lighting Contract for 699-Unit Apartment and Town-Home Complex; Project Utilizes LED Lighting for 98% of Lighting Needs
STAMFORD, CT --(Marketwired - March 03, 2016) - Revolution Lighting Technologies (NASDAQ: RVLT), a leader in advanced LED lighting technology solutions, today announced its continued emphasis on the U.S. multifamily housing sector, which continues to show strong growth, achieving its greatest single year in 2015 in nearly three decades. Revolution Lighting's division, Value Lighting, continues to expand its footprint in response, focusing on providing lighting for multifamily projects, including the continued adoption of LED lighting technologies.
In 2015, there were more than 306,000 multifamily units completed across the U.S., the most since 1989, and a level of supply that is expected to remain elevated through 2016 and beyond. The abundance of new multifamily projects creates a major opportunity for Revolution Lighting to provide its industry leading LED technologies to developers and management groups seeking new ways to reduce operating expenses. Lighting and utilities account for up to 26% of multi-family building's energy use; installation of LED lighting solutions could reduce lighting energy consumption by up to 85%. Combined with state and utility incentive programs to reduce initial installation costs, LED lighting has never been more attractive.
Growing competition among developers and property owners today continues to benefit LED lighting as they seek new ways to attract potential renters and buyers with greater focus toward environmental awareness and healthier living. Growing trends among new multifamily construction include the increased adoption of "green" construction standards, including the use of LED lighting, as new findings suggest a strong correlation between sustainable development and tenant satisfaction.
Revolution Lighting will continue to support these new trends among multifamily development, pursuing lighting opportunities, such as a recent LED project secured by its division, Value Lighting. The $1M contract with Billingsley Construction provided LED lighting solutions for a 699-unit multifamily complex, consisting of apartments and town-homes, located in The Colony, Texas.
The project, called The Hudson at Austin Ranch, sits on 1,700 acres and is the second phase of Billingsley Construction's Lake District. Billingsley worked with Value Lighting to select LED lighting products to meet project goals, including color temperature. Upon completion, 98% of all lighting installed will be LED, making this complex Billingsley's first virtually complete LED lighting project.
"We are excited to provide LED lighting solutions for Billingsley Construction's latest multi-family project, demonstrating Value Lighting's continued success within the multi-family sector," said Robert V. LaPenta, CEO and Chairman of Revolution Lighting. "The continued adoption of LED lighting throughout the multifamily sector is evident. Since 2012, Value Lighting has realized a 30% increase in the adoption of LED lighting among its multifamily projects, and this number is expected to grow as more property owners and developers realize the economic and sustainable marketing benefits of this lighting technology for its residents."
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.