STAMFORD, CT--(Marketwired - June 21, 2016) - Revolution Lighting Technologies (NASDAQ: RVLT), a leader in advanced LED lighting technology solutions, today announced that its division, Value Lighting, has been recently awarded lighting contracts for multi-family developments throughout the U.S. totaling $4M. This includes its most recent win with Reston Station in Reston, VA, in addition to several large multi-family developments in Washington D.C. and Georgia.
Reston Station, owned, designed, and built by The Bozzuto Group, is located in the highly sought after Reston Station Metro area in Northern Virginia due to its fusion of residential, entertainment, retail, and restaurant options. The residential portion includes 402 high end apartment units, consisting of 40% LED lighting throughout apartment units, corridors, common areas, exits. In addition, the lighting package addresses emergency and site lighting.
"We are excited to provide lighting solutions for The Bozzuto Group's latest multi-family project, Reston Station," said Robert V. LaPenta, CEO and Chairman of Revolution Lighting. "Our recent multi-family contract awards throughout the U.S. showcase Revolution Lighting's strong national footprint to successfully partner with multi-family owners and developers to deliver high quality, high efficiency and value oriented lighting solutions."
This project continues Revolution Lighting's success within the multi-family sector, building on more than 300 multi-family projects. In 2016, a new supply of multi-family units will continue to enter the market at levels not seen since the 1980s; meanwhile, plans for additional construction continue to increase, signaling new lighting opportunities for Revolution Lighting in our traditional markets of Georgia, Texas and Washington D.C. as well as our newly added markets in Arizona and California.
Lighting accounts for 12% of residential energy use, and we are seeing a rapid advance in the incorporation of high efficiency LED lighting solutions, which is up to 85% more efficient. Over the past year we have seen the usage of LED lighting increase from 5% to over 40%. We believe this trend will continue as developers and property managers look to reduce energy and maintenance expenses while increasing the quality of lighting throughout their projects.
About Revolution Lighting Technologies Inc.
Revolution Lighting Technologies, Inc. is a leader in the design, manufacture, marketing, and sale of LED lighting solutions focusing on the industrial, commercial and government markets in the United States, Canada, and internationally. Through advanced LED technologies, Revolution Lighting has created an innovative lighting company that offers a comprehensive advanced product platform of high-quality interior and exterior LED lamps and fixtures, including signage and control systems. Revolution Lighting is uniquely positioned to act as an expert partner, offering full service lighting solutions through our operating divisions including Energy Source, Value Lighting, Tri-State LED, E-Lighting, All-Around Lighting and TNT Energy to transform lighting into a source of superior energy savings, quality light and well-being. Revolution Lighting Technologies markets and distributes its products through a network of regional and national independent sales representatives and distributors, as well as through energy savings companies and national accounts. Revolution Lighting Technologies trades on the NASDAQ under the ticker RVLT. For more information, please visit http://www.rvlti.com/ and connect with the Company on Twitter, LinkedIn and Facebook.