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Charlotte Business Journal Article: "Lime Energy Wins National Energy Award"

Lime Energy  has won a national energy-efficiency award from the Alliance to Save Energy for its utility-sponsored program to reduce energy use at small businesses.

Lime Energy Wins National Energy Award

Lime is one of six businesses and one individual slated to receive awards from the organization at its Evening with the Stars of Energy Efficiency event Oct. 2 in Washington, D.C.

Lime was chosen for the award for its Small Business Direct Install program, undertaken to assist small-business customers of National Grid, Long Island Power Authority and Central Hudson Gas and Electric, all utilities in New York.

Expanding efforts

In 2012, Lime’s program accounted for 81,332 megawatt-hours of power savings for customers in its program. That exceeded the goals for the three companies combined by 15% and represented 40% of the small business savings statewide in New York last year.

Alliance President Kateri Callahan says Lime’s program is bringing “the benefits of energy efficiency to the often overlooked, but critically important, small-business sector.”

Lime CEO John O’Rourke says the program is important to his company’s growth as well.

“Lime’s success in New York has paved the way for program adoption around the country, and Lime is currently implementing nine small business direct install programs in six states,” he says.

Lime, based in Huntersville, contracts to provide energy efficiency programs for utility customers across the country.

Financial reporting

The company has continued to operate as usual despite financial reporting issues that have stretched out over the last year. It has signed contracts with utilities in Ohio and North Carolina, and it has remained a player in the effort to turn the Carolinas into a national hub for energy industry manufacturing and research.

In July 2012, Lime disclosed it had discovered that it misreported about $15 million worth of revenue in 2010 and 2011. The company acknowledged some of the revenue was fictitious, although some of the revenue was improperly reported before the company had received it. It says it did receive that latter revenue in later quarters.

In late December, the company announced it found more misreporting, going back as far as 2008. It did not say how much more revenue may have been misreported.

The company has not made a regular quarterly financial report or annual earnings report since May of 2011.

The company will not issue any new earnings reports until the misreported revenue is cleared up and its earnings restated.

The company said recently it expects to resolve the reporting issues by the end of this month and will issue restated earnings for most past quarters at that time.

It expects to issue an earnings report for the first quarter of this year by July 31.


Original article posted on Jun 25, 2013

Senior Staff Writer- Charlotte Business Journal

John Downey covers the energy industry and public companies for the Charlotte Business Journal.

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