SAN JOSE, Calif., March 13, 2013 /PRNewswire/ -- Echelon Corporation ( NASDAQ: ELON), the world's leading energy control networking solution provider, today announced significant validation for its grid modernization solutions. Echelon has also been awarded a 20,000 follow-on smart meter order as part of a project in Basel, Switzerland, and a 1,400 smart meter pilot in Vienna, Austria, for its advanced grid sensors, which also provide smart metering functionality.
In addition, Echelon announced that it has won the 2013 European Smart Metering Award for top Network and Communications Company in the Solution Provider category. The awards are determined by an independent panel of judges that includes utility industry experts from a range of European companies. Echelon was selected as "a company that surpassed all others [in their category] due to their strong focus on consumer outputs and extensive use of open-source technologies."
"Echelon's multi-application platform is gaining traction in our target markets as our customers realize the value of reliability, and efficiency with clear and measurable return on investment," said Michael Anderson, senior vice president and general manager, Grid Modernization markets, at Echelon. "In addition to the validation that accompanies these pilots and projects, it's gratifying to receive awards from your peers and especially from those as prestigious a source as the European Smart Metering Awards."
Echelon's partner, Ubitronix System Solutions GmbH, was awarded a 20,000-follow-on unit smart meter project in Basel by Industrielle Werke Basel (IWB). Basel is Switzerland's third most populous city, and the ongoing project was won based upon the positive results from last year's 25,000-unit Echelon smart meter deployment. In addition to remote reading of metering and power quality data by the utility, consumers will gain access to current consumption and rate information; remote control of electrical loads; the ability to integrate renewables; and control of rate structure, which will provide them more accurate data to reduce errors and minimize the cost of metering. Installation has started and will continue through 2013.Through its Austrian partnership with Kapsch, Echelon was awarded a 1,400-unit pilot at WIEN ENERGIE Stromnetz GmbH, the largest Austrian utility with over 1 million customers. The pilot – which covers Vienna, Lower Austria, and Burgenland – is expected to begin in May and is based upon extensive laboratory, safety, and internal testing of Echelon's smart meters. The pilot will utilize Echelon's power line technology to measure electricity in 15-minute intervals, employing various security mechanisms, including 128 bit encryption, to ensure reliable and secure data communication and collection. This project is the first phase for WIEN ENERGIE Stromnetz GmbH to fulfill Austria's aggressive grid optimization and modernization plan to transition 95% of its 5 million households to smart meters by 2019, a year in advance of the European Union 2020 mandate. About Echelon Corporation Echelon Corporation (NASDAQ: ELON) is an energy control networking company with the world's most widely deployed proven, open standard, multi-application platform, selling complete systems and embedded sub-systems for smart grid, smart city, and smart building applications. Our platform is embedded in more than 100 million devices, 35 million homes, and 300,000 buildings, and it powers energy savings applications for smart grids, smart cities, and smart buildings. We help our customers reduce operational costs, enhance satisfaction and safety, grow revenues, and prepare for a dynamic future. More information about Echelon can be found at http://www.echelon.com. Visit the Smart Energy Blog by Echelon. Echelon and the Echelon logo are registered trademarks of Echelon Corporation registered in the United States and other countries. Other product or service names mentioned herein are the trademarks of their respective owners. This press release may contain statements relating to future plans, events or performance. Such statements may involve risks and uncertainties, including risks associated with market acceptance of Echelon's technology by itself or combined with other applications or offerings in Switzerland, Austria or elsewhere, the risk that Echelon's offerings by themselves or combined with other applications or offerings do not perform as designed or do not offer the expected benefits and savings; risks associated with international sales; the timing of orders and the possibility that a project could be cancelled or that Echelon will not receive orders for a full deployment; and other risks identified in Echelon's SEC filings. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Echelon undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Contact: Colleen Martell+1 (408) 832-0147 firstname.lastname@example.org SOURCE Echelon Corporation
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts