Comverge, Inc. has entered into two new multi-year contracts with Austin Energy, the nation's ninth largest community-owned electric utility. The first contract is for the purchase of additional Comverge energy management devices, including Comverge Superstats, and the second is for the installation of those devices, as well as other similar products, in residential and commercial properties throughout Austin Energy's coverage area. These contracts, and their respective extension options, are expected to generate nearly $20 million in revenue to Comverge over a five-year period and will provide Austin Energy customers with the opportunity to optimize their energy savings. These contracts have been approved by the Austin City Council and are, therefore, not subject to further regulatory approval.
Austin Energy, which currently manages one of the nation's largest smart thermostat-based demand response programs and is recognized for its energy efficiency and renewable energy programs, has worked with Comverge for nearly a decade. In 2000 the pioneering utility company entered into the first multimillion dollar order for the purchase of Superstats, Comverge's energy-efficient programmable communicating thermostats. This product has been the mainstay of Austin Energy's Power Partner energy program.
