Viridity Energy Solutions and Consumers Energy to Implement Energy Management & Demand Response Solutions for Michigan Custom...
04 Junho 2018 - 10:00AM
Viridity Energy Solutions Inc. (“Viridity”), a wholly owned
subsidiary of Ormat Technologies, Inc. (NYSE:ORA), today announced
that it has signed agreements with Consumers Energy, Inc.
(“Consumers Energy”), to provide energy management and demand
response software, services, and solutions to Consumers Energy
customers in Michigan. Consumers Energy, Michigan’s largest energy
provider, is the principal subsidiary of CMS Energy (NYSE:CMS),
providing natural gas and/or electricity to 6.7 million of the
state’s 10 million residents in all 68 Lower Peninsula counties.
Under the agreement, Viridity will provide its platform to
enable Consumers Energy Virtual Energy Engineer (VEETM) services.
Specifically, Viridity will serve as the technology and demand
response services provider to Consumers Energy commercial and
industrial customers. Viridity’s market-leading software and
technology platform has been tailored to the progressive energy
programs being implemented by Consumers Energy to assist their
customers in effectively managing their energy costs.
Viridity will provide a range of software and services, which
will be offered under the Consumers Energy brand. Current solutions
include energy usage and demand visualization, energy analytics,
peak shaving optimization, energy storage operations, emergency and
economic demand response programs, customized alerts to customers
for weather, energy prices and energy demand and usage. Viridity
and Consumers Energy will continue to implement other leading-edge
software and solutions to help the utility’s customers efficiently
manage their energy costs, as well as assisting Consumers Energy in
grid management.
“We are excited and honored to have been selected by Consumers
Energy, one of the largest and most progressive utilities in the
U.S., to deliver Distributed Energy Resources (DER) solutions to
its customer base. We are confident that the programs will enable
Consumers Energy to create energy cost savings for its customers,
while also providing grid stability and furthering their carbon
reduction goals. Consumers Energy’s focus on continuous innovation
and superior customer service fits nicely with Viridity’s
market-leading software and DER solutions,” said Mack Treece, CEO
of Viridity.
“Consumers Energy is committed to delivering on our mission,
“World Class Performance Delivering Hometown Service,” and this
newly announced agreement with Viridity reinforces our desire to
provide energy solutions that enhance conservation and develop
demand response options that benefit our customers. We believe
Consumers Energy’s future – and the energy future of Michigan –
will be built on a foundation comprised of innovative programs and
creative partnerships like this one,” said Lauren Youngdahl-Synder,
Vice President of Customer Experience at Consumers
Energy.
ABOUT VIRIDITY ENERGY SOLUTIONS INC.
Viridity Energy Solutions, a wholly owned subsidiary of Ormat
Technologies, Inc., is a leading battery storage and distributed
generation, demand response, and demand management solution
provider. Through its unique, flexible and turn-key VPowerTM
software and services platform, Viridity maximizes energy revenue
and savings for its customers. Viridity empowers customers to cut
their electricity prices through best-in-class proprietary peak
shaving algorithms and its market-leading VPowerTM optimization
software, which ensures the best economic return for each kilowatt
of flexible energy load, including generating revenue for customers
in the wholesale energy markets. Viridity is a market leader in
advanced distributed energy resources (“DER”), with a specific
focus on battery storage. By combining the skills of Viridity with
its parent company Ormat, Viridity brings to market the unique
ability to provide a broad, end-to-end DER solution either as a
service, with no capital outlay by the customer, or as a sale.
Information provided in this press release may contain
statements relating to current expectations, estimates, forecasts
and projections about future events that are "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements generally relate to
Viridity's plans, objectives and expectations for future operations
and are based upon its management's current estimates and
projections of future results or trends. Actual future results may
differ materially from those projected as a result of certain risks
and uncertainties. For a discussion of such risks and
uncertainties, see "Risk Factors" as described in Viridity's parent
company, Ormat Technologies, Inc.'s, Annual Report on Form 10-K
filed with the Securities and Exchange Commission on March 16,
2018.
These forward-looking statements are made only as of the date
hereof, and Viridity undertakes no obligation to update or revise
the forward-looking statements, whether as a result of new
information, future events or otherwise.
www.viridityenergy.com
ABOUT ORMAT TECHNOLOGIES
With over five decades of experience, Ormat Technologies, Inc.
is a leading geothermal Company and the only vertically integrated
Company engaged in geothermal and recovered energy generation
(REG), with the objective of becoming a leading global provider of
renewable energy. The Company owns, operates, designs, manufactures
and sells geothermal and REG power plants primarily based on the
Ormat Energy Converter – a power generation unit that converts
low-, medium- and high-temperature heat into electricity. With 77
U.S. patents, Ormat’s power solutions have been refined and
perfected under the most grueling environmental conditions. Ormat
has 530 employees in the United States and 770 overseas. Ormat’s
flexible, modular solutions for geothermal power and REG are ideal
for the vast range of resource characteristics. The Company has
engineered, manufactured and constructed power plants, which it
currently owns or has installed to utilities and developers
worldwide, totaling over 2,600 MW of gross capacity. Ormat’s
current 851 MW generating portfolio is spread globally in the U.S.,
Guatemala, Guadeloupe, Honduras, Indonesia and Kenya. In March
2017, Ormat expanded its operations to provide energy storage and
energy management solutions, by leveraging its core capabilities
and global presence as well as through its Viridity Energy
Solutions Inc. subsidiary, a Philadelphia-based Company with nearly
a decade of expertise and leadership in energy storage, demand
response and energy management.
ABOUT CONSUMERS & CMS ENERGY
Consumers Energy is a public utility that provides natural gas
and electricity to 6.7 million of Michigan's 10 million residents.
It serves customers in all 68 of the state’s Lower Peninsula
counties. It is the primary subsidiary of CMS Energy. The company
was founded in 1886 and is currently headquartered in Jackson,
Michigan. Its non-utility businesses are focused primarily on
domestic independent power production.
Viridity Energy Contact:Tyler
Breinertbreiner@viridityenergy.com phone: (267) 331-4540
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