EnerNOC Applications Expected to Drive $10 Million or More in Annual Energy Savings
BOSTON, MA, April 9, 2010 – EnerNOC, Inc. (NASDAQ: ENOC), a leading provider of energy management applications, today announced that the Commonwealth of Massachusetts selected EnerNOC to provide a comprehensive Enterprise Energy Management System (EEMS) to reduce energy costs at more than 470 state-owned facilities (see also: “Patrick-Murray Administration Selects Massachusetts Firm to Track, Rein in State Government Energy Usage”). The project is designed to enable the Commonwealth to realize energy savings of 5 to 15 percent, ultimately achieving an expected $10 million per year in energy savings when fully deployed.
The initial three-year project includes deploying EnerNOC’s energy management applications at more than 17 million square feet of state-owned office buildings, colleges and universities, state prisons, state hospitals, and other public buildings, delivering critical real-time energy information to over 1,000 professionals in the Commonwealth. Three of EnerNOC’s energy management applications will be deployed to drive energy savings: EfficiencySMART™, data-driven energy efficiency; SupplySMART™, energy bill analysis and risk management; and CarbonSMART™, enterprise carbon management. The CarbonSMART deployment will represent the largest carbon accounting Software-as-a-Service (SaaS) project in the United States. The relationship between EnerNOC and the Commonwealth may extend for an additional three years to implement Phase II, covering an additional 40 to 50 million square feet of state building space. In addition to energy savings for the Commonwealth, EnerNOC expects that deploying a project of this scale will help to create roughly 50 high-quality, Massachusetts-based jobs.
"Nationwide, as state and local budgets are under intense pressure, legislators are increasingly recognizing that energy management is not only an environmental imperative, but also a financial necessity with the potential to deliver significant relief to taxpayers,” said Tim Healy, Chairman and CEO of EnerNOC. “Massachusetts spends over $200 million on energy every year. Leveraging EnerNOC’s application-driven approach to identify, implement, and track savings on electricity, natural gas, fuel oil, steam, water, and renewable energy resources is a cost-effective way to deliver substantial energy savings year after year, making an immediate impact on the Massachusetts economy.”
“Measuring energy performance for all fuel types in real time, the project will quickly and accurately reveal patterns and pockets of inefficiency that exist even in the best-run buildings, enabling agencies to target energy improvement projects. I am pleased the Commonwealth will be working with EnerNOC, a Massachusetts-based company, on this important effort,” said Energy and Environmental Affairs (EEA) Secretary Ian Bowles.
EnerNOC was selected by the Commonwealth through a Request for Response for the EEMS issued by the Massachusetts Department of Energy Resources (DOER) in December, which yielded 25 proposals, of which five were short-listed and asked to provide detailed proposals in February. A Project Management Team comprising one voting member each from DOER, the Department of Capital Asset Management, the Department of Correction, and Fitchburg State College ranked the proposals and determined that EnerNOC provided the best value of functionalities within the project’s $10 million budget, and that EnerNOC offered the most effective management approach backed by substantial experience relevant to parameters of the EEMS project.
“This project is a great example of the value expected from the promise of the smart grid, and this new relationship is a reflection of EnerNOC’s unique experience as a smart grid leader,” said David Brewster, President of EnerNOC. “Our ability to quickly enable large, multi-site deployments of our applications to drive meaningful savings is particularly compelling in the face of budget cuts at the state and local level. Massachusetts is a leader in forward-thinking energy management strategies. We’re hopeful other government leaders will follow this path of application-driven energy management because globally, the need to better manage such a fundamental portion of government budgets is becoming acute. Every local, state, and federal government can realize the same type of benefits that Massachusetts will realize.”
EnerNOC unlocks the full value of energy management for our utility and commercial, institutional, and industrial (C&I) customers by reducing real-time demand for electricity, increasing energy efficiency, improving energy supply transparency in competitive markets, and mitigating emissions. We accomplish this by delivering world-class energy management applications including DemandSMART™, comprehensive demand response; EfficiencySMART™, data-driven energy efficiency; SupplySMART™, energy price and risk management; and CarbonSMART™, enterprise carbon management. Our Energy Network Operations Center (EnerNOC) supports these applications across thousands of C&I customer sites throughout the world. Using our C&I customers’ energy usage flexibility, we make capacity, energy, ancillary services, and carbon products available to grid operators and our more than 100 utilities on demand as a cost-effective alternative to traditional power generation, transmission, and distribution.
Statements in this press release regarding management’s future expectations, beliefs, intentions, goals, strategies, plans or prospects, including, without limitation, statements relating to the ability of EnerNOC and the DOER to successfully negotiate and enter into a contract for the provision of EnerNOC’s energy management applications, the future success of EnerNOC’s energy management applications and the ability of those applications to drive significant energy savings for the Commonwealth, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, certain of the EnerNOC's contracts and expansion of existing contracts may be subject to approval of state or local regulatory agencies. There can be no assurance that such approvals will be obtained. Forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “could,” “could increase the likelihood,” “estimate,” “expect,” “intend,” “is planned,” “may,” “should,” “will,” “will enable,” “would be expected,” “look forward,” “may provide,” “would” or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to under the section “Risk Factors” in EnerNOC’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as other documents that may be filed by EnerNOC from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, EnerNOC’s actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. EnerNOC is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Sarah McAuley, (617) 532.8195,