ELK GROVE VILLAGE, Ill., April 13, 2010 (GLOBE NEWSWIRE) -- Lime Energy (Nasdaq:LIME) announced today that its energy efficiency solutions for its banking customers have reached a major milestone. Taken together, U.S. banks have saved 50 million kWh from efficiency upgrades performed by Lime Energy, which is equivalent to taking 5,700 cars permanently off the road. Significant energy efficiency improvements have been made by Lime Energy in 4,800 bank branches in 45 states, representing several of the nation's largest bank operations. In addition to the branches, Lime Energy has also upgraded 5 million square feet of administration buildings and data centers. In all, the company has secured $1.2 million in rebates and incentives from over 30 utility providers.
"We have become highly proficient at evaluating energy savings in banking facilities," says Dan Parke, President of Lime Energy. "After completing 4,800 branches, we can now be very accurate in our projections for cost savings. By nature, bankers are cautious and risk-averse, and they want assurance that when they invest in energy efficiency, they will get their money back quickly from a high return on investment. They also want to be sure that customer service is not impacted in the least, and with our experience, we can confirm that as well," continued Mr. Parke.
According to Pradeep (PK) Kapadia, VP of Lime Energy, "We can predict the savings very accurately based on our experience given bank branch operations are often tied to a set schedule, so energy use does not change much from day to day or from year to year. Similarly, bank data centers have a constant load because most of their equipment runs all hours during the year. We have three primary strategies for banking," continued Mr. Kapadia. "First, we install new equipment that uses less energy to perform the same function as older, less efficient technology. The other main strategies are to use sensors and controls to turn things off when they don't need to be on; and to match the energy use to the need, such as providing the proper light levels, together with appropriate space temperature and relative humidity for the various tasks that are performed in a banking facility."
In addition to the dollar savings, this work from Lime Energy also provides the following environmental benefits each year:
- 66.5 million fewer pounds of Carbon Dioxide
- the leading cause of Global Warming
- 260,000 fewer pounds of Sulfur Dioxide
- the leading cause of Acid Rain
- 165,000 fewer pounds of Oxides of Nitrogen
- the leading cause of Smog and Acid Precipitation
"Going forward, these banks that we have worked on will continue to save energy and maintenance costs, plus there are tens of thousands more in need of our service. We look forward to reaching the next milestone of 100 million kWh saved," concluded Mr. Parke.
About Lime Energy
Lime Energy is a leading provider of energy efficiency solutions. Our services include integrated energy engineering, consulting and implementation of solutions which enable our customers to reduce their facilities' energy consumption, lower their operating and maintenance costs and reduce their carbon footprint. We focus on solutions which include lighting, mechanical and electrical upgrade services, water conservation, weatherization and renewable project development and implementation. We provide these solutions to the commercial and industrial markets, utilities and the government sector across a wide range of facilities including high-rise office buildings, manufacturing plants, retail sites, mixed use complexes and large government sites. 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 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," "intends," "estimates," "plan," "should," "typical," "preliminary," "hope," 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 the future to differ materially from those expressed in, or implied by, these forward- looking statements. These risks include those risks referenced in Lime Energy's current Annual Report on Form 10-K and Quarterly Report on Form 10-Q or as may be described from time to time in Lime Energy's subsequent SEC filings; such factors are incorporated herein by reference.