SOURCE: Titan Energy Worldwide

Titan Energy Worldwide

August 20, 2009 09:00 ET

Titan Energy Becomes MTU Onsite Energy Power Partner in Florida

MINNEAPOLIS, MN--(Marketwire - August 20, 2009) - Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in the manufacturing, marketing and servicing of energy generation products and services, announced today that its subsidiary, Grove Power, Inc., has signed on to become a Power Partner distributor for MTU Onsite Energy, a member of the Tognum Group.

"We are proud to be an official member of the MTU Onsite Energy team, representing their fine line of power generation products in the Florida and Caribbean markets. Execution of the Power Partner Agreement completes our positioning of Grove Power as a major provider of emergency and back up power in this critical region. Through the acquisition of the Industrial business from RB Grove, we directly benefit from a 50-year reputation for generator sales and service in Florida. We intend to build upon that foundation and to grow this market significantly," stated Thomas Black, Chief Operating Officer for Titan Energy Worldwide.

MTU Onsite Energy is one of the world's leading providers of diesel, gas, and fuel cell systems, and the first to offer a complete product line of technology in the industry. The energy systems comprise diesel engines for emergency power generation, basic and peak load, and cogeneration power plants based on gas engines, fuel cells and gas turbines that generate both electricity and heat.

"With a population of nearly 20 million people and a climate that experiences frequent storms and hurricanes, the Florida region is nearly 5 times the size of our Midwest operations. We see the potential for tremendous growth and development in this region and expect Grove Power to develop into a major revenue and profit center for the company," added Mr. Black.

About Titan Energy Worldwide, Inc.

Since 2006, Titan Energy Worldwide has been dedicated to helping companies meet their power generation and energy management needs. To date we have focused on providing thousands of customers with the most advanced power generation equipment to enable their operations to continue uninterrupted during times of power failures or disasters. We have also established a professional service team that helps customers to maintain and manage their power generations assets. From emergency and backup power technologies, to demand response programs and Smart Grid applications, Titan Energy is setting a path for the future in energy management. For more information, please visit the company's website at: www.titanenergy.com.

About MTU Onsite Energy

MTU Onsite Energy is one of the world's leading providers of diesel, gas, and fuel cell systems, and the first to offer a complete product line of technology in the industry. The energy systems comprise diesel engines for emergency power generation, basic and peak load, and cogeneration power plants based on gas engines, fuel cells and gas turbines that generate both electricity and heat.

About Tognum Group

The Tognum Group is one of the world's leading suppliers of engines, propulsion systems and distributed energy systems. These products are based on diesel engines with up to 9,100 kilowatts (kW) power output, gas engines up to 2,150 kW, fuel cells up to 360 kW and gas turbines up to 50,000 kW. In 2008, Tognum generated revenue of more than EUR 3.1 billion and employs more than 8,900 people. Tognum has a global distribution and service structure with 26 fully consolidated subsidiaries, more than 140 sales partners and over 500 authorized dealerships at approximately 1,200 locations.

Forward-Looking Statements

Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of TEWI officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future TEWI actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and TEWI has no specific intention to update these statements.

Contact Information

  • For more information about Titan Energy Worldwide please contact:

    Jeffrey Flannery
    Chief Executive Officer and Chairman
    Titan Energy Worldwide, Inc.
    952-217-0424
    Email Contact