MINNEAPOLIS, MN--(Marketwire - Jun 9, 2011) - Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in distributed power generation products and intelligent energy management services, announced today the renewal and expansion of one of its largest service contracts, an agreement to provide generator repair service to more than 1700 stores for a major retail chain. Since 2009, the Company had serviced selected stores of this retailer primarily in the Midwest and Southeast regions. This contract makes Titan the exclusive generator service provider to this retailer on a nationwide scale. The new contract is for a period of 3 years.
"We are honored to have been awarded an exclusive contract by this major Fortune 500 retail chain to provide service and repair work to the back up and emergency power systems at all U.S. stores. We have worked very hard to gain this contract as time and again our service department has proven its ability to respond to our customers' needs and solve problems in a timely and professional manner," said Thomas Vagts, Vice President of Business Development for Titan Energy.
"At the same time, we have developed what we believe is one of the finest automated service programs available, allowing us to service a greater number of customers and provide the same level and quality of service to customers regardless of their location. Our system will allow Titan to greatly expand our ability to service national contracts such as these and take on greater numbers of customers inside and outside of our service territories."
This agreement was executed on May 1, 2011 and calls for Titan to provide emergency and repair service to generators at approximately 450 stores with the remainder being added to Titan's agreement through 2012. The engine generators are a mix of diesel, natural gas and propane fueled units ranging from 20-85Kw each. Titan also maintains and services the 15 peak shaving generator systems that the retailer has enrolled in regional demand response programs.
About Titan Energy Worldwide, Inc.
Titan Energy Worldwide is a provider of onsite power generation, energy management and energy efficiency products and services that help support and improve the performance of our nation's electrical utility grid. We operate in an area of the overall electrical utility infrastructure called Distributed Generation, whereby we specialize in the deployment of power generation equipment at the consumer's facility and the integration of that equipment through monitoring and communication systems with the needs of the utility's electrical grid. These onsite power generation systems support a customer's critical operations during times of power failure and serve as demand response systems that work to reduce energy usage and decrease demand on the electrical grid during peak periods. When managed with the proper intelligent monitoring systems and controls, Distributed Generation offers a vital and significant contribution to the development of the nation's Smart Grid. We contribute the tools and resources to produce immediate and long term improvements in the performance and stability in the energy production and transmission segments of the electrical grid and reduce the need for new power plants. From emergency and back-up 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.