ALBANY, N.Y. and WORCESTER, Mass., June 24, 2014 (GLOBE NEWSWIRE) -- World Energy Solutions, Inc. (Nasdaq:XWES), a leading energy management services firm, today announced it teamed with channel partner Energy Partner Consultants to successfully procure over 30 million kWh of electricity for The College of Saint Rose in Albany, New York. In keeping with the College's progressive principles, more than 3 million kWh of power will be sourced from renewables.
Through a series of competitive online auctions run on the cloud-based World Energy Exchange® on June 11, 2014, The College of Saint Rose tested 12 different terms and products, selecting a fixed-price product for 80 of its campus accounts. Working with World Energy and Energy Partner Consultants, the College received 83 bids in one hour, ultimately saving more than $650,000 over its prior contract while deepening its commitment to the environment. Delivery under the new 34-month contract begins in July.
With its purchase of green power, the College will reduce its carbon dioxide emissions by 762 metric tons each year. This reduction is the equivalent of each of the following:
- Removing 160 passenger vehicles from the road each year
- Reducing demand for 1,772 barrels of oil each year
- Reducing the need for 4.1 railcars worth of coal each year
- Reducing the equivalent demand of "brown energy" to power 105 homes each year
(Source: EPA Greenhouse Gas Equivalencies Calculator)
"Working with World Energy and Energy Partner Consultants on this strategic procurement brought us many benefits," said Marcus Buckley, Chief Operating Officer at The College of Saint Rose. "The market expertise of their people combined with the transparency and competitive dynamics of the auction helped us get into the right energy product at the right price, while advancing our environmental stewardship."
Added Phil Adams, CEO of World Energy Solutions: "With energy prices on the rise, colleges across the country are learning to adopt best practices in energy procurement, including online auctions, to heighten competition for their business and extract the best price from the market. We commend The College of Saint Rose for using a procurement process that successfully supports its business and environmental goals."
About The College of Saint Rose
The College of Saint Rose (www.strose.edu) is a dynamic, progressive college of 4,700 students in the heart of New York's capital city where teaching is the first priority. With a rigorous liberal education curriculum, 70 undergraduate majors, 53 master's degrees and 25 graduate certificates, and a mission of service to the urban community, the Saint Rose experience empowers students to improve themselves and the world around them.
About World Energy Solutions, Inc.
World Energy Solutions, Inc. (Nasdaq:XWES) is an energy technology and services firm transforming energy procurement and energy efficiency for commercial, industrial, institutional, government and utility customers. The Company's award-winning, cloud-based auction platform, the World Energy Exchange®, its team of energy experts, and a network of more than 500 suppliers and 300 channel partners form an ecosystem that enables customers to minimize their total cost of energy. To date, World Energy has transacted over $45 billion in energy, demand response and environmental commodities, creating more than $3 billion in value for its customers. World Energy is also a leader in the global carbon market, where its World Energy Exchange® supports the Regional Greenhouse Gas Initiative (RGGI), the first mandatory market-based regulatory program in the U.S. to reduce greenhouse gas emissions. For more information, please visit www.worldenergy.com.
This press release contains forward-looking statements which involve risk and uncertainties. The words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "forecasts," "projects," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company has based these forward-looking statements on its current expectations and projections about future events, including without limitation, its expectations of backlog and energy prices, and its expectations in growth in revenue, operating results, operating margins, and free cash flow. Although the Company believes that the expectations underlying any of its forward-looking statements are reasonable, these expectations may prove to be incorrect and all of these statements are subject to risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions, projections or expectations prove incorrect, actual results, performance or financial condition may vary materially and adversely from those anticipated, estimated or expected. Such risks and uncertainties include, but are not limited to the following: the Company's revenue and backlog are dependent on actual future energy purchases pursuant to completed procurements; the demand for the Company's services is affected by changes in regulated prices or cyclicality or volatility in competitive market prices for energy; the potential impact on the Company's historical and prospective financial results of a change in accounting policy may negatively impact its stock price; and other factors outside the Company's control that affect transaction volume in the electricity market. Additional risk factors are identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 and subsequent reports filed with the Securities and Exchange Commission. The forward-looking statements made in this press release are made as at the date hereof. Readers are cautioned not to place undue reliance on forward-looking statements as actual results could differ materially from the forward-looking statements expressed in this press release. Forward-looking statements are provided for the purpose of presenting information about management's current expectations relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, other than as required by securities laws.
CONTACT: Dan Mees World Energy Solutions, Inc. (508) 459-8156 firstname.lastname@example.org
Source:World Energy Solutions, Inc.