A Three-Year Performance Contract that Will Deliver Clean Energy Solutions to Businesses Across Central Texas
Newark, NJ, April 12, 2016 – Lime Energy Co. (NASDAQ: LIME) has been awarded a three-year contract with an expected value of $9 million to implement a Small Business Direct Install (SBDI) program for Oncor Electric Delivery Company (Oncor). Oncor will provide roughly $1.57 million in annual incentives for eligible commercial customers to improve efficiency in their businesses. Oncor and Lime Energy intend to deliver 6,680 MWh of energy savings and 1.6 MW of demand reduction in the following regions: Tyler, Waco, and Midland-Odessa. The program will be marketed under the Main Street Efficiency brand and will be available through 2019.
Through the Main Street Efficiency Program, Oncor will extend incentives to small and mid-size businesses with peak demand under 200kW, offering to pay up to 90% of the project cost to install energy efficiency measures in their commercial space. These updates may include upgrades to commercial refrigeration as well as new LED technology for both interior and exterior lighting. The program is designed to provide customers with a completely turn-key experience – Lime Energy will audit their facilities to identify potential savings, install the new technology, safely recycle the old equipment, and also provide financing to eligible customers.
Lime Energy’s business programs have helped revitalize cities across the country. “When businesses improve efficiency to lower their operating costs, they are able to reinvest those savings to strengthen both their businesses and their communities,” says Adam Procell, Lime Energy’s President and CEO. “Energy efficiency is one of the fastest, lowest cost methods to accelerate economic growth and Lime Energy is committed to delivering cost-effective clean energy solutions to communities across Texas.”
In addition to the immediate financial benefits this program will provide for small and mid-size business customers served by Oncor, Lime Energy will be able to create six local green jobs and provide a steady flow of projects for dozens of local electrical contractors.
“Small business and rural communities are important components of our customer base. This program will allow those customers to identify and implement energy efficiency improvements that can positively impact their businesses,” says Michael Stockard, the Director of Energy Efficiency at Oncor.
To learn more about Lime Energy please visit www.lime-energy.com.
About Lime Energy
Lime Energy is building a new energy future. As a leading national provider of energy efficiency for small business customers, Lime designs and implements direct install programs for our utility clients which consistently exceed program savings goals. Our award-winning, integrated services programs provide utilities with reliable energy efficiency resources while delivering the highest levels of customer satisfaction. This next generation approach is helping utilities across the country to go deeper and broader with the cheapest, cleanest and fastest energy resource that we have – energy efficiency.
Oncor is a regulated electricity business that operates the largest distribution and transmission system in Texas, delivering power to more than 3 million homes and businesses and operating approximately 119,000 miles of transmission and distribution lines in Texas.
This press 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 remainder of 2016 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks and uncertainties are 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 herein by reference.
Corporate Communications Director