ELK GROVE VILLAGE, Ill., Aug. 25, 2009 (GLOBE NEWSWIRE) -- Lime Energy (Nasdaq:LIME) announced today their Applied Energy Management (AEM) subsidiary has been awarded an increase to its existing contract to provide energy efficiency services for the New York Power Authority (NYPA). The maximum value of the services that may be purchased by NYPA from AEM was increased from $10 million to $20 million, although there is no minimum purchase requirement under the contract. Under the five year contract, awarded last year, Lime is providing, through its AEM subsidiary, energy efficiency upgrades including the implementation of energy efficient lighting, lighting occupancy controls and energy efficient motors for selected facilities in the five boroughs of New York City and parts of Westchester County. Services include conducting feasibility studies, evaluating existing and proposed systems, developing designs, purchasing equipment, supervising installation, and final equipment commissioning. The increase does not change the original contract's five year term.
According to Jim Smith, President of AEM, "This contract represents the types of services that Lime performs through its AEM subsidiary for other Energy Service Companies across the country. We are delighted to have the opportunity to do additional work with NYPA in their Southeastern New York (SENY) program and look forward to being a continued contributor to the SENY Program Implementation Plan."
About NYPA
NYPA is the nation's largest state-owned electric utility, with 18 generating facilities across New York State, and more than 1,400 circuit-miles of transmission lines. NYPA is a leader in promoting energy-efficiency, advanced energy technologies, and electric transportation initiatives.
About Lime Energy Co.
Lime Energy is a leading provider of integrated energy engineering, consulting and implementation solutions specializing in improving the energy efficiency of our clients' facilities, reducing their operating costs and carbon emissions. We focus on two specific markets: the commercial and industrial market, including utilities, and the public sector market, working primarily with energy service companies ("ESCOs"). Our clients include commercial and industrial businesses, property owners and managers, utilities, and ESCOs serving U.S. government and educational institutions. We focus on deploying solutions to reduce the energy-related expenditures of our client's facilities and the impact of their energy use on the environment, including energy efficient lighting upgrades, energy efficiency mechanical and electrical retrofit and upgrade services, water conservation, weatherization and renewable project development and implementation. 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," "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 2009 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks are described in Lime Energy's current Annual Report on form 10-K or as may be described from time to time in Lime Energy's subsequent SEC filings; and such factors are incorporated here by reference.