Prenova’s Q1 Results Show Strong Demand for Energy Management Services

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Prenova, a privately held energy management services provider, reports significant revenue growth from new and existing clients, demonstrating that North American business leaders continue to focus on controlling energy costs and reducing energy consumption even as the economy improves.

Despite falling energy prices in 2009, organizations are more focused on controlling energy spend today than they have ever been.

Prenova, Inc., a privately held energy services provider managing over $2 billion in energy spend for dozens of national brands, today announced results for its fiscal first-quarter 2010. The company delivered quarter-over-quarter recurring revenue growth for the fifteenth straight quarter, while year-over-year revenue was up 26%, and average revenue per customer location increased by over 5%. Prenova surpassed 60,000 sites under management during the first quarter as a result of contract renewals, expanded opportunities with existing customers, and the addition of a number of new accounts. These successes helped drive quarterly revenues that were among the highest in the company’s history.

Additional highlights from Q1.2010 include:

  •     Received U.S. patent for Asset Performance Optimization solution
  •     Rolled out Demand Response service offering
  •     Implemented “beta” sites for real time energy management process leveraging direct meter data
  •     Audited over 330,000 utility bills
  •     Processed over 55,000 energy-related work orders

“Despite falling energy prices in 2009, organizations are more focused on controlling energy spend today than they have ever been,” said Michael J. Nark, Prenova’s President and Chief Executive Officer. “Uncertainty about future legislation is definitely a factor in this, but there is also growing awareness that energy is a resource that can and must be managed proactively. Our customers are looking for new approaches that will allow them to achieve lower costs by shifting demand and controlling consumption throughout the day. Prenova’s ability to meet this need with patented technology-enabled services is fueling our growth.”

About Prenova
Prenova helps companies control energy spend by reducing utility costs and improving energy efficiency. We work hand-in-hand with our customers to develop an energy strategy that fits their unique business needs. Then we help them implement this strategy consistently across the organization by providing services that span the entire energy lifecycle. From sourcing energy to controlling energy consumption, Prenova’s solutions can reduce energy spend by 10-20%. That’s why companies like Burger King, Costco, Dollar Tree, Foot Locker, and Home Depot turn to Prenova.

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D. Scott Beaver
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