NEW YORK and LENOX, Mass., Feb. 2, 2015 (GLOBE NEWSWIRE) -- ESCO Energy Services ("ESCO") a wholly-owned subsidiary of ForceField Energy Inc. ("ForceField" or the "Company") (Nasdaq:FNRG), a seller and distributor of energy products and solutions, today announced that its ESCO subsidiary expects to receive its first LED streetlight conversion purchase orders this month as part of its previously announced selection to participate in the Connecticut Conference of Municipalities ("CCM") municipal Street Light LED Conversion Program. The installation of these initial projects is expected to begin during Q2 2015.
As previously announced, through a five year state-wide service agreement, ESCO's innovative and comprehensive Municipal LED Street Light Conversion Program in Connecticut aids communities in economically purchasing thousands of existing utility-owned street lights, and then converting them to state-of-the-art-LED technology. The program also enables towns and cities to fully manage their own street lighting operations using next-generation street light management controls and monitoring which helps to "future-proof" a community's investment in LED technology. ESCO's Municipal Street Light Conversion Program is typically structured with no initial capital outlay required and is completely paid from the savings generated by the conversion thus generating immediate positive cash flow to the municipality.
ESCO is currently in active discussions with more than 20 communities which make up CCM's 153 member-communities; and currently estimates the revenue generation potential of streetlight projects to be between $25 to $30 million which will be recognized over a three to five year period.
LED streetlights are expected to transform cities and municipalities across the globe driving significant market potential over the next decade. IHS Technology reports that of the 140 million streetlights installed worldwide, just over 13 percent are LEDs, and that percentage is expected to jump to almost 65 percent by 2020. LEDs offer longer lifetimes, lower energy consumption, and reduced maintenance expenses when compared with legacy streetlight technologies. They deliver 30 percent to 70 percent in annual electricity savings over their predecessors, are programmable and are easier to connect to citywide wireless networks.
Mitch Barack, ESCO's President and CEO stated, "We have begun developing a strategic marketing effort aimed at establishing ESCO and ForceField as a leader in the Street and Roadway lighting space. We believe our ability to offer and deliver a comprehensive and fully integrated street light acquisition and LED conversion program that incorporates an array of financing options will set us apart in that growing vertical. As part of our program delivery, we also provide zero-landfill recycling of the old street light fixtures. Certificates of Recycling will be provided for all street lights received and processed. The zero-landfill recycling program actually pays the municipality for the value of the recyclable products we recover. This provides additional value in terms of contributing to the town's sustainability efforts and an added advantage of the ESCO comprehensive offering."
Mr. Barack further stated, "Based on our initial activity in Connecticut, other states are gaining interest in the Municipal LED Street Light Conversion Program. We are receiving inquiries and we are actively pursuing a number of opportunities in additional states and cities across the U.S. interested in implementing similar programs in their communities."
Richard St-Julien, ForceField Energy's Executive Chairman commented, "With a strong footprint across North America and diverse capabilities including comprehensive multi-site installations, real-time energy monitoring and analytics, and networked smart streetlight management systems, we are well positioned to penetrate the multi-billion LED street light market. With a marked increase in incoming bid requests, the market is clearly taking notice of our advanced capabilities, the strength of growing and experienced team, and our continued ability to execute on diverse projects. We will continue to aggressively pursue opportunities to expand our global footprint and advanced capabilities to further serve our current and future customers and drive significant growth for the next several years."
About ESCO Energy Services Company
ESCO Energy Services Company, Inc. is one of the longest-standing lighting retrofit companies in New England. As an industry pioneer, ESCO has an unparalleled track record of successfully completing state-of-the-art lighting conversions for federal, state, and municipal clients throughout the region and across North America. On a national level, ESCO is viewed as a company at the forefront of designing and delivering innovative LED street lighting and next-generation street light control solutions. Go to www.goesco.com or www.lightingretrofit.com
About ForceField Energy Inc.
ForceField Energy Inc. and its subsidiaries comprise a global company whose products and solutions focus on sustainable energy solutions and improved energy efficiency. ForceField is a distributor of LED and other lighting products for a number of premier LED lighting manufacturers; and through its award-winning subsidiaries, American Lighting and ESCO, have completed lighting installations and retrofits as well as energy efficiency upgrades, for numerous high profile concerns in a variety of industries. ForceField is also a licensee of modular, heat recovery systems that convert waste heat into clean electricity. www.forcefieldenergy.com
Except for statements of historical fact, the matters discussed in this press release are forward looking. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "anticipates" or anticipated," "believes," "estimated" or "estimates," "plan" or "planned," "expects" or "projected." These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond ForceField's control that may cause actual results to differ materially from stated expectations. Some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include (i) failure to obtain adequate financing to achieve the Company's LED revenue targets and to support working capital needs; (ii) successful installation and efficacy of the Company's LED lighting products; (iii) expansion of the Company's product offerings and services to additional states across the U.S., (iv) generating additional revenue from the Company's expected national expansion program, (v) competition within the LED industry both domestically and internationally, (vi) efficacy of ESCO's streetlight product offering, (vii) generating $25-30 million dollars from the streetlight program over the next five years, (viii) receiving the first purchase orders for the CCM streetlight program in February 2015 and generating revenue from these purchase orders in Q-2 2015 and (ix) other factors, without limitation, which are set forth in documents we file from time to time with the Securities and Exchange Commission, which are available at www.sec.gov. For a written description of these factors, see the section titled "Risk Factors" in the Company's Form 10-K for the fiscal year ended December 31, 2013 and any updating information in subsequent SEC filings. The Company disclaims any intention or obligation to update these forward-looking statements whether as a result of subsequent events or otherwise, except as required by law.
CONTACT: ForceField Energy Inc. Richard ST Julien (212) 672-1786 www.forcefieldenergy.com
Source:ForceField Energy Inc.