ELK GROVE VILLAGE, Ill., May 25, 2010 (GLOBE NEWSWIRE) -- Lime Energy (Nasdaq:LIME) announced today that it has been awarded a competitively bid contract to implement the direct install component of New Jersey's Clean Energy Program, which is a national model for energy efficiency and renewable energy. Under this contract, Lime Energy will operate exclusively in Bergen, Essex and Hudson counties, where the program is available to customers with a monthly electric demand not exceeding 200 kW. The program provides customer incentives of up to 80% of the project cost for upgrades including energy efficient lighting, lighting controls, energy efficient motors, refrigeration, as well as heating, ventilation and air conditioning equipment. As the direct install provider in northern New Jersey, Lime will provide program marketing, project development and engineering, material procurement, database administration and turnkey project implementation.
The program is managed by TRC Energy Services, the market manager for New Jersey's Clean Energy commercial and industrial segment. The direct install concept is designed to provide owners of small commercial and industrial buildings with a comprehensive package of cost-effective energy efficiency measures, resulting in energy savings not typically captured in these types of facilities. The program provides owners with a seamless process for energy efficiency analysis and equipment replacement to reduce energy usage and save operating costs. Based on the overall size of the statewide program, Lime estimates that it has the opportunity to provide more than 8 million kilowatt-hours of energy efficiency resources by delivering the program to several hundred customer facilities during the initial contract period which concludes at the end of 2010. The potential revenue is estimated to be $3.7 million over this period
"This program represents the continued growth of Lime Energy's utility program business which provides a wide range of services for ratepayer-funded energy efficiency programs," stated Adam Procell, President of Lime Energy Consulting and Technical Services. "We hope to provide other work of this type for utilities across the country."
"We are delighted to have the opportunity to work with TRC and the New Jersey Board of Public Utilities, who are recognized leaders in energy efficiency," said John O'Rourke, Chief Operating Officer of Lime Energy. "Lime has been a leader in providing energy efficiency solutions at commercial and industrial facilities for over 20 years and we are eager to bring our experience to this type of utility direct install program."
About New Jersey's Clean Energy Program
New Jersey's Clean Energy Program (NJCEP) – established by the NJ Board of Public Utilities in 2001 – is recognized as a national model for financial incentives, programs and services that help New Jersey residents, business owners and local governments save energy, money and the environment. NJCEP promotes increased energy efficiency and the use of clean, renewable sources of energy including solar, wind, geothermal, and sustainable biomass. The results for New Jersey are a stronger economy, less pollution, lower costs, and reduced demand for electricity. Program incentives and eligibility are subject to change and based on funding availability.
About TRC
TRC creates and implements sophisticated and innovative solutions to the challenges facing America's environmental, energy and infrastructure markets. The Company also is a leading provider of technical, financial, risk management, and construction services to commercial and government customers across the country. For more information, visit TRC's website at www.TRCsolutions.com.
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 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 that less of the overall Program spending or resources will be allocated to the New Jersey market area than Lime Energy has estimated and those risks 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.