Orion Energy Systems, Inc. (NYSE Amex: OESX), a leading power technology enterprise that designs, manufactures and deploys energy management solutions, announced today that it has reached an agreement with De Lage Landen for the purpose of financing Orion’s Throughput Agreement (OTA) projects.
The program agreement is aimed at making energy efficiency finance more easily available and affordable for companies who desire to benefit from the tremendous energy cost savings delivered through Orion’s energy management products. The agreement differs from recent debt financings that Orion has completed, providing for the transfer of asset ownership directly to De Lage Landen.
Neal Verfuerth, Chief Executive Officer of Orion commented, “This agreement further enhances Orion’s OTA finance strategy and our commitment to align with finance service providers. De Lage Landen recognizes the compelling opportunity around energy efficient solutions and the enormous financial benefits that can be delivered to energy users. They have a strong history of success in providing finance solutions and we are pleased to be able to partner with a global equipment finance market leader.”
Scott Jensen, Chief Financial Officer of Orion also said, “Even as we worked through the program development process, the De Lage Landen team has been outstanding to work with. We’ve already worked together to execute several customer deals with a value of approximately $700,000. This relationship allows us to focus on our core competency of developing and integrating energy efficient products on behalf of our customers and shifts the financing responsibilities to an industry leader in that field.”“We’re excited to partner with Orion,” says Mark McGovern, General Manager, Clean Technology Group, De Lage Landen. “Their go-to-market strategy and comprehensive offerings in lighting, solar, wind and other energy-efficient solutions make them an excellent fit for De Lage Landen. We’ve enjoyed working with them to develop and roll out this new program to support and grow their sales, and we look forward to expanding this relationship in the future.”