Orion Energy Systems Completes Initial Sale of CO2 Credits
MANITOWOC, Wis., Feb 12, 2008 (PrimeNewswire via COMTEX News Network) -- Orion Energy Systems, Inc. (Nasdaq:OESX) announced today that it has successfully completed a sale of 2000 tons of CO2 credits generated by a customer utilizing Orion's energy efficient lighting system.
"We are very excited to have achieved this significant milestone with our HIF technology platform," said Neal Verfuerth, President and CEO of Orion Energy Systems. "Our goal has been to not only create a path for our customers to immediately reduce their lighting electricity costs by 50% while increasing light levels, but to ultimately monetize the emissions offsets resulting from the efficiency gains delivered by Orion's HIF lighting system. With this sale we have successfully generated incremental revenues for our customer while creating a new revenue opportunity for Orion. And of course we are taking an important step to reduce CO2 emissions in the environment, which is a critical situation facing the world today."
Orion replaced the customer's existing high intensity discharge fixtures with its patented high intensity fluorescent lighting system. Orion's energy efficient lighting system reduced this customer's consumption of electricity by over 1.8 million kilowatt-hours per year, resulting in annual energy savings of approximately $100,000. Over a three-year period, CO2 emissions were reduced by 2000 tons, measured and verified, based on the reduction in electricity demand from this project.
About Orion Energy Systems, Inc.
Orion Energy Systems, Inc. (Nasdaq:OESX) is a leading power technology enterprise that designs, manufactures and implements energy management systems, consisting primarily of high-performance, energy efficient lighting systems, controls and related services, for commercial and industrial customers without compromising their quantity or quality of light.
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SOURCE: Orion Energy Systems, Inc.
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