ForceField's ESCO Subsidiary Prepares to Launch LED Street Light Conversion Program
02 Febrero 2015 - 6:30AM
ESCO Energy Services ("ESCO") a wholly-owned subsidiary of
ForceField Energy Inc. ("ForceField" or the "Company")
(Nasdaq:FNRG), a seller and distributor of energy products and
solutions, today announced that its ESCO subsidiary expects to
receive its first LED streetlight conversion purchase orders this
month as part of its previously announced selection to participate
in the Connecticut Conference of Municipalities ("CCM")
municipal Street Light LED Conversion Program. The installation of
these initial projects is expected to begin during Q2 2015.
As previously announced, through a five year state-wide service
agreement, ESCO's innovative and comprehensive Municipal LED Street
Light Conversion Program in Connecticut
aids communities in economically purchasing
thousands of existing utility-owned street lights, and then
converting them to state-of-the-art-LED technology. The program
also enables towns and cities to fully manage their own street
lighting operations using next-generation street light management
controls and monitoring which helps to "future-proof" a community's
investment in LED technology. ESCO's Municipal
Street Light Conversion Program is typically structured
with no initial capital outlay required and is completely paid from
the savings generated by the conversion thus generating immediate
positive cash flow to the municipality.
ESCO is currently in active discussions with more than 20
communities which make up CCM's 153 member-communities; and
currently estimates the revenue generation potential of streetlight
projects to be between $25 to $30 million which will be recognized
over a three to five year period.
LED streetlights are expected to transform cities and
municipalities across the globe driving significant market
potential over the next decade. IHS Technology reports that of the
140 million streetlights installed worldwide, just over 13 percent
are LEDs, and that percentage is expected to jump to almost 65
percent by 2020. LEDs offer longer lifetimes, lower energy
consumption, and reduced maintenance expenses when compared with
legacy streetlight technologies. They deliver 30 percent to 70
percent in annual electricity savings over their predecessors, are
programmable and are easier to connect to citywide wireless
networks.
Mitch Barack, ESCO's President and CEO stated, "We have begun
developing a strategic marketing effort aimed at establishing ESCO
and ForceField as a leader in the Street and Roadway lighting
space. We believe our ability to offer and deliver a comprehensive
and fully integrated street light acquisition and LED conversion
program that incorporates an array of financing options will set us
apart in that growing vertical. As part of our program delivery, we
also provide zero-landfill recycling of the old street light
fixtures. Certificates of Recycling will be provided for all street
lights received and processed. The zero-landfill recycling program
actually pays the municipality for the value of the recyclable
products we recover. This provides additional value in terms of
contributing to the town's sustainability efforts and an added
advantage of the ESCO comprehensive offering."
Mr. Barack further stated, "Based on our initial activity in
Connecticut, other states are gaining interest in the Municipal LED
Street Light Conversion Program. We are receiving inquiries and we
are actively pursuing a number of opportunities in additional
states and cities across the U.S. interested in implementing
similar programs in their communities."
Richard St-Julien, ForceField Energy's Executive Chairman
commented, "With a strong footprint across North America and
diverse capabilities including comprehensive multi-site
installations, real-time energy monitoring and analytics, and
networked smart streetlight management systems, we are well
positioned to penetrate the multi-billion LED street light market.
With a marked increase in incoming bid requests, the market is
clearly taking notice of our advanced capabilities, the strength of
growing and experienced team, and our continued ability to execute
on diverse projects. We will continue to aggressively pursue
opportunities to expand our global footprint and advanced
capabilities to further serve our current and future customers and
drive significant growth for the next several years."
About ESCO Energy Services Company
ESCO Energy Services Company, Inc. is one
of the longest-standing lighting retrofit companies in
New England. As an industry pioneer, ESCO has an unparalleled track
record of successfully completing state-of-the-art lighting
conversions for federal, state, and municipal
clients throughout the region and across North
America. On a national level, ESCO is viewed as a company at
the forefront of designing and delivering innovative LED street
lighting and next-generation street light control solutions.
Go to www.goesco.com or www.lightingretrofit.com
About ForceField Energy Inc.
ForceField Energy Inc. and its subsidiaries comprise a global
company whose products and solutions focus on sustainable energy
solutions and improved energy efficiency. ForceField is a
distributor of LED and other lighting products for a number of
premier LED lighting manufacturers; and through its award-winning
subsidiaries, American Lighting and ESCO, have completed lighting
installations and retrofits as well as energy efficiency upgrades,
for numerous high profile concerns in a variety of industries.
ForceField is also a licensee of modular, heat recovery systems
that convert waste heat into clean electricity.
www.forcefieldenergy.com
Forward-Looking Statements
Except for statements of historical fact, the matters discussed
in this press release are forward looking. "Forward-looking
statements" describe future expectations, plans, results, or
strategies and are generally preceded by words such as "future,"
"anticipates" or anticipated," "believes," "estimated" or
"estimates," "plan" or "planned," "expects" or "projected." These
forward-looking statements reflect numerous assumptions and involve
a variety of risks and uncertainties, many of which are beyond
ForceField's control that may cause actual results to differ
materially from stated expectations. Some of the factors that could
cause actual results to differ materially from the forward-looking
statements contained herein include (i) failure to obtain adequate
financing to achieve the Company's LED revenue targets and to
support working capital needs; (ii) successful installation and
efficacy of the Company's LED lighting products; (iii) expansion of
the Company's product offerings and services to additional states
across the U.S., (iv) generating additional revenue from the
Company's expected national expansion program, (v) competition
within the LED industry both domestically and internationally, (vi)
efficacy of ESCO's streetlight product offering, (vii) generating
$25-30 million dollars from the streetlight program over the next
five years, (viii) receiving the first purchase orders for the CCM
streetlight program in February 2015 and generating revenue from
these purchase orders in Q-2 2015 and (ix) other factors, without
limitation, which are set forth in documents we file from time to
time with the Securities and Exchange Commission, which are
available at www.sec.gov. For a written description of these
factors, see the section titled "Risk Factors" in the Company's
Form 10-K for the fiscal year ended December 31, 2013 and any
updating information in subsequent SEC filings. The Company
disclaims any intention or obligation to update these
forward-looking statements whether as a result of subsequent events
or otherwise, except as required by law.
CONTACT: ForceField Energy Inc.
Richard ST Julien
(212) 672-1786
www.forcefieldenergy.com
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