STAMFORD, CT--(Marketwired - January 17, 2017) - Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) ("Revolution Lighting"), a global provider of advanced LED lighting solutions, today announced that the small business portion of its New England based companies have completed approximately $25 million of business in 2016. Through its divisions, Revolution Lighting worked closely with its small business customers to provide "turnkey" energy efficiency retrofit solutions, including the installation of LED technologies.
In mid-2016, Revolution Lighting acquired TNT Energy LLC, a provider of comprehensive energy savings projects for customers within commercial office, municipal, education, health care, industrial and warehouse market sectors. As a portion of its business, TNT Energy is a contract vendor for the Small C&I Business Programs of three utility companies with a defined territory of 120 municipalities throughout Massachusetts, expanding Revolution Lighting's footprint within key small business retrofit markets in the northeast.
Revolution Lighting also achieved significant success through recent contract wins with Eversource's small business programs in Massachusetts, and most recently Connecticut, to support the state's 331,000 small businesses. These programs address technologies including lighting, controls, motors and variable speed drives, energy management systems, HVAC system tune-ups, and other measures to reduce both electric and gas consumption. Access to on-bill financing through its utility will be available, providing additional avenues for project funding to small business customers eligible to participate in the program. Project incentives will play a critical role that could cover up to 70% of qualified project costs to significantly reduce an energy efficiency project's return on investment, offering attractive paybacks as low as one year. This includes incentives funded through the Massachusetts Energy Efficiency plan (2016 - 2018) by the Massachusetts Department of Public Utilities (DPU), known as "Mass Save," securing $2.4B in funding for energy efficiency programs.
"We are excited to expand our presence in key small business retrofit markets, driving continued growth and incremental revenue for the company," said Robert V. LaPenta, CEO and Chairman, Revolution Lighting. "Our continued partnerships with large and small business markets is a testament to our unique capability to help them exceed energy efficiency goals."
The United States consists of approximately 28 million small businesses, according to the U.S. Small Business Administration. LED lighting is approximately 60% more efficient and lasts three times longer than fluorescent lighting, in addition to generating superior light output. On average, small businesses and building owners spend 22% of their annual energy costs on lighting, providing a key opportunity for LED lighting to reduce long term operating and utility costs.
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.