STAMFORD, CT--(Marketwired - April 13, 2017) - Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) ("Revolution Lighting"), a global provider of advanced LED lighting solutions, today announced that its operating division, Energy Source, has been named a program contractor within a new Small Business Energy Advantage Program (SBEA) administered by The United Illuminating Company. The program is designed to help commercial and industrial customers with peak energy demand between 10kW and 200kW per month to save money by identifying and offering cost-effective energy efficient turnkey solutions.
This latest contract award by United Illuminating expands on the continued success of Energy Source's small business division. Since 2009, Energy Source has been a leader in annual energy reduction totals among contractors within several key Massachusetts small business programs managed by Eversource, National Grid and UNITIL. Energy Source's territory within this new program will cover 18 Connecticut towns -- Ansonia, Bridgeport, Derby, East Haven, Easton, Fairfield, Hamden, Long Island Sound, Milford, New Haven, North Branford, North Haven, Orange, Shelton, Stratford, Trumbull, West Haven, and Woodbridge -- supporting approximately 20,000 commercial and industrial customers with energy efficient retrofit opportunities. This includes the installation of high efficiency lighting solutions, including Revolution Lighting's high performance LED products, capable of reducing existing lighting energy use by more than 65%.
SBEA program contractors enable small businesses to reduce energy costs by identifying and implementing cost-effective energy efficient opportunities, promote education to encourage replacement of existing equipment with high efficiency options and procure financial incentives. The program will address technologies including lighting, controls, HVAC and motor upgrades, refrigeration controls, and other measures to reduce both electric and gas consumption. This program is funded by The Connecticut Energy Efficiency Fund.
"We are excited to be awarded this new agreement with United Illuminating's Small Business Energy Advantage program, continuing to expand our participation in key state energy efficiency retrofit programs to drive future growth and incremental revenue for the company," said Robert V. LaPenta, CEO and Chairman of Revolution Lighting. "We look forward to working closely with the many businesses throughout the state, offering multi-measure energy efficiency opportunities, including LED lighting, to help them reduce long term operational costs."
Revolution Lighting is a leading provider of energy efficient lighting solutions for small businesses, having completed more than $25 million worth of projects in 2016 alone. With small business contracts in place in Connecticut and Massachusetts, the Company is well positioned to support small business owner's efforts to reduce energy 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.
Cautionary Statement for Forward-Looking Statements
Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties, including statements about the public offering, Revolution Lighting's proposed use of proceeds and statements relating to expectations regarding the completion of the public offering. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Reference is made to Revolution Lighting's filings under the Securities Exchange Act for additional factors that could cause actual results to differ materially, including the Risk Factors described in Item 1A of our Form 10-K for the fiscal year ended December 31, 2015. Revolution Lighting Technologies undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.