ELK GROVE VILLAGE, Ill., June 8, 2010 (GLOBE NEWSWIRE) -- Lime Energy (Nasdaq:LIME) has been named one of the fastest growing companies in the Chicago area for the second year in a row, according to Crain's Chicago Business. Capitalizing on increasing financial, regulatory and public pressure to conserve energy, Lime evaluates clients' energy use, recommends conservation measures and implements them. The process often starts with an energy audit and can include lighting, HVAC, mechanical and electrical systems, water conservation, weatherproofing and implementing renewable energy sources. Lime's customers include commercial and industrial building owners, utilities, energy service companies, and federal and local government entities.
Crain's calculates Lime Energy has grown its revenue by 2,835% over the past five years to $70.8 million in 2009. Revenue got a boost last year from public-sector projects, which included work on military bases, public housing projects, prisons and state and federal offices. That work came despite delays resulting from the federal stimulus package passed early in the year, which prompted many potential clients to hold back projects until they learned whether they would receive government funding.
David Asplund, Lime's CEO, expects those projects to drive business in the second half of this year. "We are also excited about our growing work with utility companies" stated Mr. Asplund. "Energy Efficiency Resource Standards, which require utilities to meet a percentage of energy demand through energy efficiency, have been adopted in 23 states. That requirement led to our first utility project last fall, a $28-million contract to work with small-business clients of National Grid in western New York State and a recent contract to implement the direct install component of New Jersey's Clean Energy Program."
Formerly an energy technology company, Lime has yet to turn a profit since transforming itself into an energy-efficiency services firm in 2007. But Mr. Asplund believes it will be in the black next year stating, "We've got the platform built, so it's now a matter of scaling the business and execution".
About Lime Energy Co.
Lime Energy is a leading provider of energy efficiency services. Our integrated energy engineering, consulting and implementation solutions improve the energy efficiency of our clients' facilities, reduce their operations and maintenance costs, and modernize building infrastructure. We actively assist our clients in managing their carbon footprint to limit the impact of their operations on the environment. Our customers include commercial and industrial building owners, utilities, energy service companies, and federal and local government entities. We deploy a comprehensive set of engineering and implementation solutions that include energy efficient lighting upgrades, energy efficiency mechanical and electrical retrofit and upgrade services, water conservation, weatherization, and renewable energy projects. We provide energy efficiency solutions across all of our clients' facilities, ranging from high-rise office buildings to manufacturing plants, retail sites, mixed use complexes, and large government sites to small, local facilities. The company's stock is traded on NASDAQ under the symbol LIME. Additional information is available at the company's website at www.lime-energy.com or by calling 847-437-1666.
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FORWARD-LOOKING STATEMENTS
This news release and Crain's article 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 in 2010 and beyond 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.