WORCESTER, Mass., Sept. 23, 2014 (GLOBE NEWSWIRE) -- World Energy Solutions, Inc. (Nasdaq: XWES ), a leading energy management services firm, today announced it has been selected by Western Massachusetts Electric Company (WMECo), an electric utility serving over 200,000 customers in Western Mass., as an approved contractor within its Project Expeditor Program. This new program is designed to help mid-size and large businesses with average monthly demand of over 300 kW reduce energy costs through the implementation of energy efficiency measures.
As a contractor within the WMECo Project Expeditor Program, World Energy is approved by the utility to provide comprehensive energy conservation measures, including lighting, energy management systems (EMS), HVAC, retro-commissioning and installing variable frequency drives (VFD), for customers throughout the WMECo service territory. The cost of these efficiency projects is being supplemented directly by WMECo, with the utility offering up to 40% percent of the total cost of qualifying lighting and mechanical retrofits.
"Winning this designation within WMECo's new energy efficiency program is strong validation of our credentials as one of New England's top energy efficiency firms," said Rick Galipeau, Vice President and General Manager of Energy Efficiency at World Energy Solutions. "We expect the WMECo Project Expeditor Program to drive business growth for us in Western Mass. and have already identified several project opportunities there."
One such project, a $350,000+ retrofit for a top boarding school, has already been signed. The comprehensive implementation will include energy efficient lighting, refrigeration, and VFD controls throughout the campus. The project is expected to be completed this fall.
Today World Energy Solutions is a preferred provider of energy efficiency services in five utility programs in Massachusetts and Connecticut: NSTAR's Direct Install Program for small businesses; NSTAR's Municipal Program for government entities; WMECo's Project Expeditor Program for mid-size and large businesses; and the Small Business Energy Advantage Program for Connecticut Light & Power and The United Illuminating Company.
About World Energy Solutions, Inc.
World Energy Solutions, Inc. (Nasdaq: XWES ) is an energy technology and services firm transforming energy procurement and energy efficiency for commercial, industrial, institutional, government and utility customers. The Company's award-winning, cloud-based auction platform, the World Energy Exchange®, its team of energy experts, and a network of more than 500 suppliers and 300 channel partners form an ecosystem that enables customers to minimize their total cost of energy. To date, World Energy has transacted over $45 billion in energy, demand response and environmental commodities, creating more than $3 billion in value for its customers. For more information, please visit www.worldenergy.com .
This press release contains forward-looking statements which involve risk and uncertainties. The words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "forecasts," "projects," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company has based these forward-looking statements on its current expectations and projections about future events, including without limitation, its expectations of backlog and energy prices, and its expectations in growth in revenue, operating results, operating margins, and free cash flow. Although the Company believes that the expectations underlying any of its forward-looking statements are reasonable, these expectations may prove to be incorrect and all of these statements are subject to risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions, projections or expectations prove incorrect, actual results, performance or financial condition may vary materially and adversely from those anticipated, estimated or expected. Such risks and uncertainties include, but are not limited to the following: the Company's revenue and backlog are dependent on actual future energy purchases pursuant to completed procurements; the demand for the Company's services is affected by changes in regulated prices or cyclicality or volatility in competitive market prices for energy; the potential impact on the Company's historical and prospective financial results of a change in accounting policy may negatively impact its stock price; and other factors outside the Company's control that affect transaction volume in the electricity market. Additional risk factors are identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 and subsequent reports filed with the Securities and Exchange Commission. The forward-looking statements made in this press release are made as at the date hereof. Readers are cautioned not to place undue reliance on forward-looking statements as actual results could differ materially from the forward-looking statements expressed in this press release. Forward-looking statements are provided for the purpose of presenting information about management's current expectations relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, other than as required by securities laws.
For additional information, contact: Dan Mees World Energy Solutions, Inc. (508) 459-8156
