Prenova, Inc. Posts Record Growth in Third Quarter

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Prenova, Inc., a leading provider of energy management and sustainability solutions, announced today record performance for third-quarter 2008. The company has delivered quarter-over-quarter recurring revenue growth for nine quarters in a row, a clear sign of continued demand for its energy management and sustainability solutions. Prenova manages billions of dollars in energy spend and is on track to save its customers over $75 million in 2008.

2008 has been an exceptional year for Prenova

Prenova, Inc., a leading provider of energy management and sustainability solutions, announced today record performance for third-quarter 2008. The company has delivered quarter-over-quarter recurring revenue growth for nine quarters in a row, a clear sign of continued demand for its energy management and sustainability solutions. Prenova manages billions of dollars in energy spend and is on track to save its customers over $75 million in 2008.

"2008 has been an exceptional year for Prenova," said Michael Nark, President and Chief Executive Officer of Prenova. "These results are proof that industry leaders are serious about reducing energy spend. In a recent Business Roundtable survey, more than a quarter of U.S. business leaders ranked energy as the greatest cost pressure affecting their organizations. Prenova is well positioned to help companies reduce energy-related expenses. Last year alone, we drove close to 1 billion in kWh savings for our customers, and we've significantly increased these savings in 2008."

2008 highlights include:

  • 49% increase in revenue over the prior year
  • 23% increase in customer base
  • 50% increase in customer locations being managed

Energy has become a significant budget item for many organizations and recent price fluctuations have had a big impact on earnings. Unfortunately, very few companies have an effective strategy for dealing with this issue. The problem is that controlling energy spend isn't the responsibility of any one department. Accounting may pay the bills for instance, but they don't negotiate utility rates and they're not focused on reducing consumption. No one has complete ownership of all the factors that determine energy spend. This makes it difficult to develop a plan that can be implemented consistently across the organization.

Prenova helps its customers overcome this challenge. An experienced team works with each customer, developing a customized energy management strategy based on their unique requirements. Utility bills, consumption patterns, and other factors are analyzed to identify immediate opportunities to reduce energy spend. This ensures faster return on investment. With a plan is in place, Prenova begins to execute. Savings are driven by the company's energy procurement, bill payment, building systems monitoring, asset optimization, and sustainability solutions.

About Prenova:
Prenova helps companies reduce energy spend by driving down utility costs and improving energy efficiency. From negotiating with suppliers to optimizing consumption at the site level, Prenova enables its customers to manage energy strategically. That's why companies like Burger King, Eddie Bauer, Home Depot, Rite Aid, and U.S. Cellular turn to Prenova for energy management and sustainability solutions.

For more information, please visit http://www.prenova.com.

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SCOTT BEAVER
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