Builds on leading position as provider of Energy Efficiency projects in New Jersey
Lime Energy Co. (NASDAQ: LIME) announced today the award of a two-year contract by Public Service Electric & Gas for the implementation of their Energy Efficiency Direct Install Program. PSE&G is one of the largest combined electric and gas companies in the United States and is also New Jersey’s oldest and largest electric and gas utility. The Program, serving municipalities and not-for-profits, is budgeted for $25 million over the next two years.
Lime Energy is one of three primary implementation contractors, and will provide comprehensive multi-measure efficiency projects for municipalities, with territory exclusivity in forty-two Northern New Jersey towns. The projects will be funded in whole by PSE&G, with each municipality re-paying 20% of the project cost through on-bill financing. This 80% incentive allows municipalities to capitalize on PSE&G’s commitment to satisfy increasing power needs through investments in efficiency in their customers’ facilities.
“Lime Energy’s experience in delivering clean energy solutions to this market segment in New Jersey is second to none,” said Adam Procell, Executive Vice President at Lime Energy. “We completed over 400 project audits and installations for municipalities in New Jersey over the past two years through the very successful NJ BPU Direct Install Program, so we have high confidence in our ability to exceed PSE&G’s aggressive goals.”
About Lime Energy Co
Lime Energy is building a clean energy future. As one of the nation’s leading providers of clean energy solutions, Lime brings over 25 years of delivering economically viable efficiency and renewable energy solutions that benefit communities and protect the environment. Lime’s platform includes some of the energy industry’s most experienced professionals and an expansive geographic footprint with over 350 employees at 18 locations in North America. Lime Energy’s services include integrated energy engineering, consulting and the implementation of solutions that enable customers to reduce their facility’s energy consumption, lower their operating and maintenance costs and reduce their carbon footprint. The company’s stock is traded on NASDAQ under the symbol LIME. Additional information is available at www.lime-energy.com or by emailing email@example.com.
This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Lime Energy’s current expectations about its future results, performance, prospects and opportunities. Lime Energy has tried to identify these forward-looking statements by using words and phrases such as “may,” “expects,” “anticipates,” “believes,” “hope,” “intends,” “estimates,” “plan,” “should,” “typical,” “preliminary,” or similar expressions. These forward-looking statements are based on information currently available to Lime Energy and are subject to a number of risks, uncertainties and other factors that could cause Lime Energy’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward- looking statements. These risks include those described in Lime Energy’s most recent Annual Report on Form 10-K or as may be described from time to time in Lime Energy’s subsequent SEC filings; such factors are incorporated here by reference.
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