ELK GROVE VILLAGE, IL and EDISON, NJ, May 20, 2002 — Electric City Corp. has entered into a strategic alliance with PSEG Energy Technologies (PSEG ET) to market Electric City’s EnergySaver and GlobalCommander technologies to PSEG ET’s existing and new customers in New York, New Jersey and Pennsylvania.
PSEG ET is a full-service energy services provider and an unregulated subsidiary of Public Service Enterprise Group Inc.
PSEG ET installed its first EnergySaver unit at a national retail chain store in Paramus, New Jersey. The initial energy savings has been measured at 20 percent with an anticipated payback of 18 months. Pending continued evaluation of the EnergySaver’s performance at the initial installation site, this retailer is evaluating the installation of the EnergySaver program at its 200 stores nationwide.
“We’re very pleased with the EnergySaver’s ability to deliver instant, verifiable energy savings on lighting costs to customers without having to turn off lights or sacrifice appropriate lighting levels,” said Keith Hartman, PSEG ET’s director of Lighting Solutions. “Our alliance with Electric City allows us to provide our customers with a proven technology to help reduce their electrical consumption and save money. It also provides us with a future opportunity to aggregate large-scale energy savings that can be sold back to local energy suppliers through Electric City’s Virtual Negawatt Power Plant system.”
“Our alliance with PSEG ET augments Electric City’s sales efforts cost effectively without increasing overhead,” said John Mitola, Electric City CEO. “PSEG ET has a long and successful history of partnering with energy-related businesses to bring its customers everything from energy procurement and use analysis to mechanical construction, equipment maintenance, facility operation and project financing. They are the leading energy service company on the East Coast. Through PSEG ET’s sales force, we will be able to introduce the EnergySaver and GlobalCommander to thousands of high quality corporate and multi-site customers.”
About PSEG Energy Technologies
Headquartered in Edison, New Jersey, PSEG Energy Technologies (www.PSEGET.com) provides industrial and commercial business customers with a wide variety of energy products and services to assist them in reducing energy costs and improving efficiency. The company currently provides energy, financial and business solutions products and services in excess of 13,000 customers in the Northeast.
PSEG Energy Technologies was launched in 1997. It is a direct subsidiary of PSEG Energy Holdings and an unregulated subsidiary of Public Service Enterprise Group (www.pseg.com). Other PSEG Holdings subsidiaries include PSEG Global, an operator of energy generation and distribution systems around the world, and PSEG Resources, an investor in energy related assets. PSEG has assets of more than $19 billion and ranked 257 in the Fortune 500 list in 1998.
About Electric City
Electric City is a developer, manufacturer and integrator of energy savings technologies and custom electric switchgear and building automation systems. The Company currently markets the EnergySaver(tm), the GlobalCommander® and LightMaster® energy conservation technologies, as well as its proprietary Total Primary Power Package (TP3) switchgear and a full line of Building Automation Systems. Additional information is available at the Company’s website at www.elccorp.com.