PLYMOUTH, WI — Orion Energy Systems, an award winning designer and manufacturer of energy management products and services, announced that Expansion Capital Partners, LLC of New York City and San Francisco have made a $4.5 million Series C investment in Orion.
Privately held, Orion has more than 380 stockholders. Orion now does business with 60 of the Fortune 1000 companies.
“In the face of the current heat wave in the U.S., Orion’s exceptional energy management solutions and demand response potential, their existing base of Fortune 1000 customers, and their proven leadership in innovation and quality manufacturing, make us confident in the company’s ability to continue their strong growth,” stated Diana Propper, General Partner of Expansion Capital Partners. “Ultimately, we invested in Orion, because of its innovative systems and solutions, which deliver extraordinary energy cost savings that at the same time lowers carbon emissions.”
In the last year alone, Orion lighting systems helped customers save more than $37 million and 600 million kilowatt hours (kWh). Based on EPA estimates, Orion’s current installations prevent 11.7 million tons of greenhouse gas (carbon dioxide) from being emitted into the atmosphere over the lifetime of the fixture, the equivalent of 3.2 million tons of carbon. Other savings include the reduction of 50,880 tons of sulfur dioxide (SO2) emissions, which affect acid rain; 24,540 tons of nitrous oxide (NOX), which is another greenhouse gas; and 444 pounds of mercury. The savings in electricity usage is the environmental equivalent of removing 1.7 million cars from the road, saving 992 million gallons of gasoline or 23.6 million barrels of oil.
“This $4.5 million investment by a highly reputable clean energy venture capital firm like Expansion Capital Partners is validation of Orion’s technology, business model and management. Our partnership with Expansion Capital will help Orion Energy Systems to accelerate our efforts to develop and deploy new technologies and solutions for large scale energy management,” said Neal Verfuerth, Orion’s CEO and President. “At a time when demand for electricity is at record levels and electricity rates continue to rise at a record pace, we are proud of the positive impacts our products and solutions provide to the nation’s energy supply, the environment and our customers’ bottom lines.”
About Orion
Orion Energy Systems has been innovating in the energy and lighting business since 1996. Orion Energy Services of Plymouth earned the 2006 first-place award in the 35th annual Governor’s New Product Awards and was rated the highest by Wisconsin Society of Professional Engineer judges amongst all the other GNPA entrants. In 2005, Neal Verfuerth, President of Orion Energy Systems, received one of Wisconsin’s most prestigious awards, Ernst & Young’s Manufacturing Entrepreneur of the Year. In the same year, Orion Energy Systems was named Manufacturer of the Year for the second time and Orion was the recipient of the Wisconsin Partners for Clean Air Award given by the Wisconsin DNR. In 2002, Orion also was named the Wisconsin Manufacturer of the Year Grand Award in the Emerging Growth category.
Orion is a designer and manufacturer of energy efficient lighting solutions for the school, gymnasium, manufacturing, warehousing, and commercial markets. Orion provides capacity displacement solutions for supply side management, transmission management, and demand side management for the electricity industry.
For more information, please contact:
Stephen Heins, Vice President of Corporate Communications
Orion Energy Systems
1204 Pilgrim Road
Plymouth, WI 53073
sheins@oriones.com
920-892-9340, ext. 226
or visit the web site at www.oriones.com.
About Expansion Capital Partners, LLC
Expansion Capital Partners, LLC, invests venture capital exclusively in expansion-stage, Clean Technology enterprises. The firm targets companies that offer dramatic improvements in resource efficiency and productivity, while creating more economic value with less energy and materials, or less waste and toxicity. Clean Technology Fund II, LP, invests in US and Canadian enterprises. The fund makes initial investments of $2M to $5M, with its Partners taking active, value-add Board roles. Expansion Capital has offices in New York and San Francisco
