PowerSecure grabs $15 M in new projects

PowerSecure CEO Sidney Hinton with his Company team

Wake Forest energy services company PowerSecure announced that it has been awarded $13 million of new distributed generation (DG) business and $2 million of new utility infrastructure (UI) business.

The $13 million kept aside for DG business awards include a $9 million solar project and $4 million of DG projects.

The DG projects awards include service expansion for a hospital customer, a DG solution for a federal utility and a new data center project.

The $2 million allocated for UI awards consist of distribution work for the electrical infrastructure of wellheads for oil and gas plant as well as distribution projects for a utility customer.

The $15 million in new business is expected to be recognized properly evenly from the fourth quarter of 2014 through 2015.

PowerSecure CEO Sidney Hinton with his Company team
PowerSecure CEO Sidney Hinton with his Company team

Two weeks ago, it has acquired a Florida data center business for $13 million.

The company could pay an additional $2 million for acquiring the Power Design data center, based on the business unit’s performance.

Past year, Power Design posted $24 million in sales, $7.8 million in pre-tax operating income and comes with a $1 million backlog of business deals.

In total, PowerSecure has added $215 million in new contracts including solar projects, data centers, utility infrastructure projects, and distributed generation projects.

This acquisition positions the firm to accelerate its ability to penetrate data center market. By acquiring PDI’s data center business for mission critical, the team has bolstered the credibility with data centers and end-use customers, said, Sidney Hinton, CEO, PowerSecure.

The 700-employee company has operations in Wake Forest, Raleigh and Morrisville.

PowerSecure’s business lines include emergency backup power generators, solar farm development, energy efficient lighting, and utility infrastructure.

Sabeena Wahid
[email protected]