DENVER, Colo., Sept. 9, 2002 — Metretek Technologies Inc. recently announced that its PowerSecure subsidiary has been awarded a contract to install a distributed generation system at a location operated by one of the country’s largest discount retailers.
The project, valued at approximately $300,000 in revenues to PowerSecure, is expected to be completed in the fourth quarter of 2002. The retailer, with annual revenues in excess of $30 billion, operates approximately a thousand stores throughout the U.S.
According to Sidney Hinton, president and CEO of PowerSecure, the order follows several months of discussions covering the customer’s requirements and PowerSecure’s experience and capabilities in the design and installation of made-to-order DG systems.
“Winning a project with a retailer of this stature constitutes, we believe, a powerful endorsement of PowerSecure’s abilities as a developer of proven and reliable DG systems,” said Hinton, “and we are optimistic that it will lead to additional business with the customer.”
Distributed generation involves the design and construction of electric generation equipment and controls directly within a commercial or industrial customer’s facility. The onsite equipment provides the customer’s facility with supplemental and backup power generation capacity, and, in many cases, may also provide the customer with stable power quality and a real-time means by which to mitigate electricity price spikes such as those currently being seen across the country.
Metretek Technologies, Inc. through its subsidiaries — PowerSecure, Inc.; Metretek, Incorporated; and Southern Flow Companies, Inc. — is a diversified provider of energy technology products, services and data management systems to industrial and commercial users and suppliers of natural gas and electricity.
Source: Metretek Technologies, Inc.