Lime Energy Partners with Ocean Place to develop P4P opportunity

Lime Energy announces that Ocean Place Resort and Spa has signed a partnering agreement under the NJ Clean Energy’s P4P to help identify and implement energy reduction and conservation measures

Clean Energy Solutions will maximize cost savings and New Jersey incentives

Lime Energy Co. (NASDAQ: LIME) announced today that  Ocean Place Resort and Spa has signed a partnering agreement under the NJ Clean Energy’s P4P to help identify and implement energy reduction and conservation measures to help reduce the resort’s consumption by a minimum of 15%.  Consisting of 254 guest rooms and event space, Ocean Place was built in 1989 and encompasses 255,000 square feet.

The investment grade audit follows Lime’s preliminary audit which identified energy conservation measures and infrastructure upgrades that would save Ocean Place over 35% in annual energy consumption.  Lime Energy’s analysis will also establish those measures that qualify for NJ Clean Energy Pay for Performance (P4P) incentives.  “Lime Energy has completed the largest P4P clean energy project in New Jersey to date,” said Al DiGuilio, Vice President of Energy Efficiency. “The combination of Lime’s clean energy expertise and experience with the P4P program with Ocean Place’s commitment to improve their facility will result in another best-in-class energy project in New Jersey.”

According to Ocean Place’s Director of Engineering Dan Walradt, environmental awareness and concern has become a significant factor in the decisions they make on a daily basis. “Many of our clients express interest in understanding the initiatives we are taking to reduce our carbon footprint. With over 250,000 square feet of conditioned space, Ocean Place can play a significant role in energy conservation.  Of course, it is equally important that the energy conservation measures (ECM’S) make financial sense for the business and operating expenses.  The Pay for Performance Program (P4P) will be a great fit for Ocean Place since it will have a positive impact on both.”

The P4P audit will evaluate every area of the building from the envelope down to each piece of mechanical equipment that consumes energy.  The project will be part of a large renovation planned to begin this fall. “We know how important it is that we do it right, and take everything into consideration when selecting replacement equipment and control systems,” said Walradt. “We are very excited to move forward on our vision of being an industry leader in our market as well as being a positive role model in our community.”

 

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 info@lime-energy.com.

 

FORWARD-LOOKING STATEMENTS
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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Contacts:

Investor Relations
Glen Akselrod
Bristol Capital Ltd.
(905) 326-1888
glen@bristolir.com

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