MANITOWOC, Wis., Oct. 20, 2020 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), is a provider of LED lighting systems and turnkey project implementation including installation and commissioning of fixtures, controls and IoT systems, ongoing system maintenance and program management. Today, Orion announced it has secured new contract extensions of approximately $41 million for the retrofit of 295 additional locations, representing the next phase of a turnkey LED lighting and controls retrofit project for an existing large national retail customer. The retailer has also awarded Orion projects as the lighting and controls partner for certain new construction projects.
The retrofit contract extensions represent an acceleration of the anticipated pace of retrofit activity for the customer. Orion had previously noted that it expected to secure awards for the retrofit of additional locations, in addition to the completion of retrofits for locations delayed due to COVID-19. After recent contract extensions, Orion now expects to complete the retrofit of at least 400 locations before the close of its fiscal year ending March 31, 2021, representing a total of approximately $56M in product and services revenue.
Orion is optimistic of being selected to complete the retrofit of the retailer’s remaining locations during Q4 of Fiscal 2021 and during Fiscal 2022. Upon completion of the 400 stores referenced in today’s press release, Orion will have completed LED lighting and controls retrofits of approximately 1,280 of this customer’s locations nationwide.
The turnkey retrofit projects include the installation of LED lighting fixtures along with state-of-the-art IoT control integration, to deliver enhanced functionality and data gathering capabilities designed to help facility managers enhance operating performance. Contract services include initial energy audits, project engineering, custom fixture design, fixture manufacturing, IoT enabled control systems, IoT system commissioning and full project management through installation at customer locations nationwide.
Mike Altschaefl, Orion’s Board Chair and CEO, commented, “Today’s additional contract extensions further confirm the value of Orion’s proven, turnkey design-build-install capabilities for customized, highly energy-efficient, U.S.-manufactured LED lighting solutions, delivered on-time and on-budget. Importantly, our growing record of success in executing large national projects creates a unique and compelling value proposition that is a principal focus of our growth strategy and our direct sales efforts.”
About Orion Energy Systems
Orion is a provider of LED lighting systems and turnkey project implementation including installation and commissioning of fixtures, controls and IoT solutions, ongoing system maintenance and program management, helping customers to digitize their business and reduce their carbon footprint.
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Shareholders, potential investors and other readers are urged to consider risks and uncertainties carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at http://www.sec.gov or at http://investor.oriones.com/ in the Investor Relations section of our Website. Except as required by applicable law, we assume no obligation to update any forward-looking statements publicly or to update the reasons why actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.
Twitter: @OrionLighting and @OrionLightingIR
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| Investor Relations Contacts: | |
| Bill Hull, CFO | William Jones; David Collins |
| Orion Energy Systems, Inc. | Catalyst IR |
| bhull@oesx.com | (212) 924-9800 |
| oesx@catalyst-ir.com |