Power technology company named finalist for energy efficiency program of the year after winning in the sustainable technology category last year
MANITOWOC, Wis. — Orion Energy Systems (Nasdaq: OESX) has been named a finalist for the prestigious Platts Global Energy Awards, often described as the Academy Awards of the energy industry.
Orion’s innovative, patent-pending Orion Virtual Power Plant was nominated in the category of Energy Efficiency Program of the Year. Other finalists for the award include Johnson & Johnson, IKEA North America, Staples Corp., Pacific Gas and Electric Co., and Exelon Corp., among others.
Platts receives more than 200 nominations from companies, individuals and organizations from more than 30 countries. There are nearly 20 energy-related categories.
Last year, Orion won the Platts Global Energy Award for the single most innovative and sustainable green technology of 2008 for its integrated system, which includes its high-intensity fluorescent Compact Modular™ lighting platform, its InteLite® wireless control system and the Apollo® solar light pipe, which harvests daylight and focuses it to the facility floor using no electricity for up to 10 hours a day.
The Orion Virtual Power Plant, or OVPP, delivers guaranteed energy savings to Orion’s customers while providing needed relief to the stressed electric grid, all with no capital expense or technological risk.
Under the Orion Virtual Power Plant supply agreement, companies purchase negawatts — whereas one negawatt is equal to one kilowatt-hour of electricity that isn’t generated as a result of implementing Orion’s energy-saving lighting platform. The fixed-rate payments for the negawatts delivered will be used to pay for the implementation of Orion’s energy-saving technology. Given that the fixed rate is less than current utility rates, companies are left with free cash flow even after making the negawatt payments.
As Orion remains responsible for the deployed assets during the negawatt delivery period, the customer’s technology risk is removed. After the pre-determined negawatts are delivered, customers assume full ownership of the technology and benefit from the entire amount of negawatts delivered across the technology’s remaining useful life.
Orion has secured 111 million negawatts of energy from 46 companies representing 53 energy-efficiency lighting projects.
“We’re honored to once again be in such good company as a finalist for this prestigious award,” said Orion’s Chief Executive Officer Neal Verfuerth. “Being named a finalist validates our thought leadership and innovation designed to help companies reduce their carbon footprint and energy costs without compromising their operations, and without any upfront costs — something extremely important in this fragile economy.”
The Platts award winners will be announced on Dec. 3 in New York City. Each year more than 500 senior energy executives from around the world gather to attend the black-tie awards ceremony.
Orion’s innovation and technology recently won the praise of President Barack Obama, who applauded Orion in a White House speech promoting clean energy, the creation of green collar jobs and the importance of energy efficiency. Obama challenged Orion and other clean energy companies to “mount a historic effort to end once and for all our dependence on foreign oil.”
Orion has deployed its energy management systems in 4,796 facilities across North America, including 119 of the Fortune 500 companies. Since 2001, Orion technology has displaced more than 459 megawatts, saving customers more than $642 million and reducing indirect carbon dioxide emissions by 5.5 million tons. Orion’s technology was recently internationally recognized with a Platts Global Energy Award for the single most innovative and sustainable green technology of 2008.
Orion Energy Systems Inc. (Nasdaq: OESX) is a leading power technology enterprise that designs, manufactures and implements energy management systems, consisting primarily of high-performance, energy-efficient lighting platforms, wireless controls systems and direct renewable solar technology for commercial and industrial customers without compromise. For more information, visit http://www.oesx.com.
Director Corporate Communications