CPower and OmniMetrix Partner – GuruFocus.com
BALTIMORE and BUFORD, Ga., June 08, 2022 (GLOBE NEWSWIRE) — OmniMetrix™† a provider of remote monitoring and control solutions for standby power generators and other industrial equipment, today announced a new partnership with leading, national energy solutions provider CPower Energy Management, which will enable OmniMetrix standby generator customers to participate in electric grid relief “demand response” programs. OmniMetrix is a subsidiary of Acorn Energy, Inc. (ACFN).
Demand response rewards energy users who conserve energy or switch to standby generators to help grid operators or utilities meet periodic increases in electrical power demand. Across the US, CPower manages more than 5.3 GW of capacity for nearly 2,000 customers at more than 12,000 sites to help the grid when and where it’s needed most through its demand response solutions.
CPower’s demand response solutions, enabled by OmniMetrix’s wireless remote generator monitoring and control, will automatically shift the power load to enrolled customers’ standby generators during peak demand hours, when the grid is stressed and energy prices are high, without any action on the part of the generator owner. In addition to the peace of mind standby generators provide by ensuring reliable power during extreme weather events, consumers are now able to be compensated for allowing their standby power generators to ease peak electrical demand through demand response.
The partnership will also serve as a catalyst for dealers to offer new standby generators on significantly more favorable terms to energy users; these customers will get paid for their demand response participation and the energy their generator contributes for shifting their load.
Glenn Bogarde, SVP – Sales, CPower, commented, “As the weather heats up, we are seeing that grids around the country need flexible resources as defensive assets to ensure reliability, while residential, commercial and industrial customers want grid-edge technologies to secure their resilience. We are pleased to partner with OmniMetrix to pay generator monitoring and control customers to commit to demand response solutions that offer benefits for both sides of the equation.”
Dan Hess, Vice President – Sales, OmniMetrix, commented, “We are excited to partner with CPower to enable our customers and our company to benefit from the recurring revenue potential of demand response programs. Our remote monitoring and control solutions provide the ‘last mile’ connection and controls essential for demand response participation. This partnership builds on the value of wirelessly monitored and controlled standby-generators by providing an ongoing stream of payments to the generator owner. It’s really a win-win for all parties, including the communities where demand response will be providing needed support to the energy grid.”
About CPower Energy Management †www.cpowerenergymanagement.com†
CPower Energy Management is the leading, national energy solutions provider guiding customers towards a clean and dependable energy future. We manage more than 5.3 GW of customer capacity across the US, forming virtual power plants that are good for the grid and great for the community. CPower maximizes the value of our customers’ electricity loads, facility assets and distributed energy resources while delivering flexibility, capacity and other ancillary services to the grid. With more than two decades of experience, we’ve grown to offer more than 55 local energy programs, partnering with grid operators and utilities to serve more than 12,000 sites, delivering approximately 286,000 metric tons of CO2 reductions in 2021 alone. CPower is based in Baltimore, Maryland and is owned by LS Power, a development, investment and operating company focused on the power and energy infrastructure sector.
About OmniMetrix, LLC †www.omnimetrix.net†
OmniMetrix is a pioneer and leader in machine-to-machine (M2M) and Internet of Things (IoT) wireless remote monitoring and control solutions for standby power generators, gas pipelines, air compressors and other industrial equipment. OmniMetrix’s proven, cost-effective solutions make critical systems more reliable. The company monitors tens of thousands of assets for customers, which include 25 Fortune/Global 500 companies. In addition to industrial and residential generators, OmniMetrix solutions monitor critical equipment used by cell towers, manufacturing plants, medical facilities, data centers, retail stores, public transportation systems, energy distribution and federal, state and municipal government facilities. OmniMetrix is a subsidiary of publicly traded Acorn Energy, Inc. (ACFN).
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to risks and uncertainties. There is no assurance that Acorn will be successful in growing its business, reaching profitability, or maximizing the value of its operating company and other assets. A complete discussion of the risks and uncertainties that may affect Acorn Energy’s business, including the business of its subsidiary, is included in “Risk Factors” in the Company’s most recent Annual Report on Form 10-K as filed by the Company with the Securities and Exchange Commission.
William Jones, 267-987-2082
David Collins, 212-924-9800