Energy Focus Awarded A Total Of $4.9 Million In Lighting Installation Contracts Including Projects Retrofitted With LED Lighting
SOLON, Ohio, May 7, 2013 (GLOBE NEWSWIRE) -- Energy Focus, Inc. (OTCQB:EFOI) today announced the Company, through Stones River Companies LLC, its wholly owned subsidiary, has been awarded contracts for government buildings totaling $4.9 million in the first four months of 2013. The orders represent approximately 50% growth over the same period last year, and include installations of LED lighting in public housing projects and schools.
"We are pleased to see strong growth momentum in our lighting retrofit business, as government entities at national, state and local levels have embarked on initiatives to achieve higher energy efficiency," said James Tu, Executive Chairman of Energy Focus. "We are particularly excited about the increasing appeal of LED lighting over fluorescent even in projects that have fewer hours of operation, such as schools. LED technology, which was considered futuristic even a year ago, is rapidly gaining acceptance as an economically compelling alternative to fluorescent. The energy savings LED technology offers coupled with the rapidly falling initial cost of LED products, has shortened the payback period to an attractive range."
"Most lighting retrofit companies continue to resist the use of LED lighting due to either a lack of in-house capabilities to test, validate and stand behind the products or the high acquisition cost of LED products. Energy Focus, however, as a cost effective, high performance LED lighting manufacturer can and is proposing an all-LED design option for every lighting retrofit project we quote. We believe that the inflection point for LED to replace fluorescent in the lighting retrofit market has arrived in 2013. We look forward to aggressively participating in this emerging, multi-billion-dollar market opportunity with our distinctly competitive LED products made possible by our Navy-proven technologies and agile global sourcing network," added Mr. Tu.Forward Looking Statements Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For more information about potential factors that could affect the financial results of Energy Focus, please refer to the Company's SEC reports, including its Annual Reports on Form 10-K and its quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date hereof. Energy Focus disclaims any intention or obligation to update or revise any forward-looking statements.
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