SACRAMENTO, Calif., Nov. 13, 2013 /PRNewswire/ -- – GridSense, an Acorn Energy company (NASDAQ:ACFN), announced today that its Australian operations (CHK GridSense Pty Ltd ("CHK")) recently won a bid valued at $325,000 to initially supply a local Utility company with over 250 TransformerIQ R (TIQ) units for a pilot to monitor distribution transformers. The pilot will arm the Utility with critical network information with an anticipated further rollout of TIQ units across the Utility's distribution network in late 2014 and 2015.
The primary objectives of the pilot are to obtain information which will:
(a) Enhance network operations (such as fault identification, remediation and recovery);
(b) Reduce CAPEX and OPEX through better network planning and asset utilization; and(c) Improve customer service and revenue assurance. Following a successful pilot, it is anticipated that a full rollout would focus on the customer's transformers rated at 50kVA or greater which represent a universe of approximately eleven thousand (11,000) distribution transformers. The backbone of the system is Grid InSite TM (GIS), a powerful device management platform which collates pertinent transformer information from each TIQ and yields performance parameters based on transformer name plate rating in quasi real-time for quick assessment of network performance. Dr. Angelo De Francesco, the General Manager of GridSense in Sydney, believes the key reasons why GridSense won the bid are the simplicity of installation and low maintenance of the TIQ hardware and the flexibility and ease of use of the GIS platform. About GridSense GridSense is a smart grid technology company dedicated to providing innovative, practical and cost effective monitoring solutions to the electric power industry. Utilizing in-depth industry knowledge and understanding of utility requirements, we provide technology and services that help the industry address the limitations of old and aging infrastructure. We apply experience and technical know-how with new insight and ideas to create intelligent, reliable and leading edge technologies that add value to our customers and shape the future of the modern electrical power system. For more information visit ( www.gridsense.com). About Acorn Energy, Inc. Acorn Energy, Inc. is a holding company whose four portfolio companies help their customers achieve greater productivity, reliability, security, and efficiency—factors which can lead to greater profitability. GridSense provides monitoring for all critical points along the electricity delivery system. OmniMetrix remotely monitors emergency back-up power generation systems to increase their reliability. US Seismic supplies fiber optic sensing solutions to increase oil/gas production and lower costs. DSIT provides security solutions from underwater threats to naval and marine based energy assets. For more information visit: http://www.acornenergy.com. Safe Harbor StatementThis press release includes forward-looking statements, which are subject to risks and uncertainties. There is no assurance that Acorn Energy, Inc. or its operating companies will continue to grow their respective businesses, or that any of them will meet the expectations or execute the initiatives described or referred to above. A complete discussion of the risks and uncertainties which may affect Acorn Energy's business generally and the businesses of its subsidiaries is included in "Risk Factors" in the Company's Form 10-Q for the third quarter of 2013 filed by the Company with the Securities and Exchange Commission. CONTACT: Walter Czarnacki, VP Business Development, Tel: 302-245-8743, Email: email@example.com; Investor & Press Contact: F. Kent Leacock, VP External Affairs, Tel: 925-698-1431, Email: firstname.lastname@example.org SOURCE Acorn Energy, Inc.
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