Thursday August 30, 9:57 am ET
BOSTON--(BUSINESS WIRE)--Ambient Corporation (OTCBB: ABTG - News), a leader in Broadband over Power Lines (BPL) solutions, announced today that it has retained OTC Financial Network, a division of National Financial Communications Corp. (NFC), for comprehensive investor relations services.
NFC President Geoffrey Eiten said, "Ambient's patented 'green' BPL technology is set to transform the world's electric distribution grids into smart, powerful, high-speed communication networks. Its FCC-certified product portfolio deploys the latest Internet Protocol services over existing power line infrastructures to help utilities and multiple dwelling units increase the reliability and control of electricity generation, while lowering operating and capital costs."
"Major utilities are currently conducting field tests, including Duke Energy, Entergy, FirstEnergy, Consolidated Edison (ConEdison), and San Diego Gas & Electric, and provide an early indication of the Company's impressive growth potential. As utilities increasingly recognize the value in 'smart grids,' Ambient stands to quickly gain market share and offers one of today's most compelling investment opportunities," Eiten added.
John J. Joyce, President and CEO of Ambient, stated, "We look forward to attracting new members of the financial community and enhancing our shareholder communications through a partnership with OTC Financial Network."
Thursday, August 30, 2007
Tuesday, August 28, 2007
Intellon to Provide HomePlug(R) 1.0 with Turbo Solution for Broadband Connectivity for DIRECTV On Demand Service
Intellon to Provide HomePlug(R) 1.0 with Turbo Solution for Broadband Connectivity for DIRECTV On Demand Service
Monday August 27, 8:00 am ET
HomePlug-Based Powerline Communications Technology Will Link DIRECTV's HD DVR Set Top Box to the Home PC or Internet Gateway
OCALA, Fla.--(BUSINESS WIRE)--Intellon Corporation, a leading provider of HomePlug-compatible integrated circuits (ICs) for home networking, networked entertainment, broadband over powerline (BPL) and smart grid applications, today announced that its HomePlug 1.0 with Turbo powerline communications IC will provide No New Wires® connectivity for DIRECTV's Video On Demand service that is scheduled to launch this fall.
DIRECTV On Demand will offer customers access to thousands of titles, including movies, music, popular television shows and more, through their DIRECTV Plus HDDVR. DIRECTV customers who sign up for the new service will have access to a HomePlug-enabled surge protector and a HomePlug powerline-to-Ethernet adapter, manufactured by TII Network Technologies. This will enable the consumer to connect each HR20 set-top box to the Internet for DIRECTV content downloading, using existing home wiring. Set up menus will guide the user or installer through the HomePlug installation in just two easy steps.
"DIRECTV is pleased to offer the HomePlug option to consumers," said Romulo Pontual, DIRECTV's CTO. "Our new DIRECTV On Demand service is designed for ease of use and HomePlug supports that objective by enabling a simple installation process."
"DIRECTV's new DIRECTV On Demand service will provide its customers a new array of content and entertainment options," said Rick E. Furtney, President and Chief Operating Officer of Intellon. "We are pleased that Intellon's HomePlug 1.0 with Turbo powerline communications IC will provide the connectivity solution for DIRECTV's On Demand service."
Monday August 27, 8:00 am ET
HomePlug-Based Powerline Communications Technology Will Link DIRECTV's HD DVR Set Top Box to the Home PC or Internet Gateway
OCALA, Fla.--(BUSINESS WIRE)--Intellon Corporation, a leading provider of HomePlug-compatible integrated circuits (ICs) for home networking, networked entertainment, broadband over powerline (BPL) and smart grid applications, today announced that its HomePlug 1.0 with Turbo powerline communications IC will provide No New Wires® connectivity for DIRECTV's Video On Demand service that is scheduled to launch this fall.
DIRECTV On Demand will offer customers access to thousands of titles, including movies, music, popular television shows and more, through their DIRECTV Plus HDDVR. DIRECTV customers who sign up for the new service will have access to a HomePlug-enabled surge protector and a HomePlug powerline-to-Ethernet adapter, manufactured by TII Network Technologies. This will enable the consumer to connect each HR20 set-top box to the Internet for DIRECTV content downloading, using existing home wiring. Set up menus will guide the user or installer through the HomePlug installation in just two easy steps.
"DIRECTV is pleased to offer the HomePlug option to consumers," said Romulo Pontual, DIRECTV's CTO. "Our new DIRECTV On Demand service is designed for ease of use and HomePlug supports that objective by enabling a simple installation process."
"DIRECTV's new DIRECTV On Demand service will provide its customers a new array of content and entertainment options," said Rick E. Furtney, President and Chief Operating Officer of Intellon. "We are pleased that Intellon's HomePlug 1.0 with Turbo powerline communications IC will provide the connectivity solution for DIRECTV's On Demand service."
Monday, August 27, 2007
Ambient Incorporates Capacitive Coupling into Its Proprietary Network Design
Monday August 27, 8:30 am ET
Ambient's FCC Authorization Expanded
BOSTON--(BUSINESS WIRE)--Ambient Corporation (OTCBB: ABTG - News), a leader in Broadband over Power Lines (BPL) solutions, today announced that it has received an addition to its grant of BPL Equipment Authorization from the Federal Communications Commission (FCC), awarded on September 6, 2006 (press release - September 7, 2006).
This authorization allows Ambient's BPL systems to be commercially deployed with both Ambient inductive couplers as well as Arteche capacitive couplers on medium voltage electrical distribution lines, which increases Ambient's flexibility in network design.
"Arteche believes in the future of the North American Access BPL market and we are pleased to have our couplers incorporated into Ambient's FCC-certified network. As the North American utility infrastructure is in need of modernization, being a part of Ambient's deployments at the beginning stages of smart grid adoption is a very exciting opportunity for Arteche," stated Lander Zugazaga, PLC Coupling Sales Manager at Arteche Group.
The Ambient BPL network, designed to support a variety of utility and consumer services simultaneously, enables utility applications such as system monitoring, demand side management, current and voltage sensing, advanced metering infrastructure, while also offering broadband Internet access and telephony (VoIP - Voice over Internet Protocol) services.
"The FCC expansion of our equipment authorization allows us to utilize capacitive couplers where suitable in our overhead deployments," stated Ram Rao, CTO of Ambient Corporation. "Having an additional option in deploying our BPL communication platform demonstrates Ambient's flexible system architecture and technical leadership in our industry. Arteche, who is a recognized global leader in coupling technology, has designed capacitive couplers, which compliment our BPL networks. We have already installed these couplers in our largest field deployment."
Thursday, August 23, 2007
BT selects DS2 chips to drive Self Install BT Vision IPTV service
DMN Newswire--2007-8-23--DS2, the leading supplier for Universal Powerline Association (UPA) technology, announced today that its powerline chips have been selected for BT Vision to enable the self-installation option of its digital TV services.
BT selected UPA powerline products because of their capacity to provide high quality service and full self-installation for BT Vision customers.
The DS2 solution includes a unique reference design for the development of powerline products that incorporates a female socket that saves the customer's power outlet for use with other devices. It provides a simple one-touch set-up for HDTV-speed home networks in seconds as well as an environmentally friendly standby mode for energy saving when not in use.
Richard Griffiths, Director of Technology, Strategy & Development for BT Retail and BT Vision, commented: "BT chose DS2 because it delivers a simple to install and very reliable networking technology. We anticipate a big demand for the service and we're delighted to be working with DS2."
UPA technology processes at a maximum gross speed of 200Mbps. BT rigorously tested all networking technologies and found that the capacity of DS2 chips delivers excellent IPTV viewing capabilities. The technology supports the development of products that are fully plug-and-play enabled so there is typically no need to have a technician call to install the service or lay cables, or to use a computer to configure the devices.
Jorge Blasco, President and CEO of DS2 stated: "Using DS2 chips and Reference Designs allows service providers such as BT to offer a simple "power and go" IPTV service. As a chip supplier we are always looking to the future and continuously developing to ensure a first-rate consumer experience. We are now reaching the levels of integration and low silicon costs to support the next step in the development of multimedia applications over Powerline, which will be to embed the technology, as a first step, inside the set-top box. We are excited to be working with BT to deliver innovative new solutions that will take digital TV to the next level."
The Universal Powerline Association (UPA) is an international body that has created specifications and compliance testing worldwide. The UPA Plugtested seal is a guarantee of compliance and interoperability between products. UPA offers the largest choice of interoperable high speed powerline products available on the market.
BT selected UPA powerline products because of their capacity to provide high quality service and full self-installation for BT Vision customers.
The DS2 solution includes a unique reference design for the development of powerline products that incorporates a female socket that saves the customer's power outlet for use with other devices. It provides a simple one-touch set-up for HDTV-speed home networks in seconds as well as an environmentally friendly standby mode for energy saving when not in use.
Richard Griffiths, Director of Technology, Strategy & Development for BT Retail and BT Vision, commented: "BT chose DS2 because it delivers a simple to install and very reliable networking technology. We anticipate a big demand for the service and we're delighted to be working with DS2."
UPA technology processes at a maximum gross speed of 200Mbps. BT rigorously tested all networking technologies and found that the capacity of DS2 chips delivers excellent IPTV viewing capabilities. The technology supports the development of products that are fully plug-and-play enabled so there is typically no need to have a technician call to install the service or lay cables, or to use a computer to configure the devices.
Jorge Blasco, President and CEO of DS2 stated: "Using DS2 chips and Reference Designs allows service providers such as BT to offer a simple "power and go" IPTV service. As a chip supplier we are always looking to the future and continuously developing to ensure a first-rate consumer experience. We are now reaching the levels of integration and low silicon costs to support the next step in the development of multimedia applications over Powerline, which will be to embed the technology, as a first step, inside the set-top box. We are excited to be working with BT to deliver innovative new solutions that will take digital TV to the next level."
The Universal Powerline Association (UPA) is an international body that has created specifications and compliance testing worldwide. The UPA Plugtested seal is a guarantee of compliance and interoperability between products. UPA offers the largest choice of interoperable high speed powerline products available on the market.
Tuesday, August 21, 2007
BPL is Fast, Affordable Answer to Safety of Aging US Infrastructure
BPL is Fast, Affordable Answer to Safety of Aging US Infrastructure
The bridge collapse in Minneapolis two weeks ago and the steam pipe explosion in New York City a few week prior put the aging US infrastructure of roads and utility equipment on center stage for the general public and press. Meanwhile the BPL industry has been talking about this un-sexy (for most people) topic for years ...
Washington, DC (PRWEB) August 21, 2007 -- The bridge collapse in Minneapolis two weeks ago and the steam pipe explosion in New York City a few week prior put the aging US infrastructure of roads and utility equipment on center stage for the general public and press.
Meanwhile the BPL industry has been talking about this un-sexy (for most people) topic for years because BPL technology sits in the "sweet spot" of having the ability to affordably deliver connectivity to everywhere that has power wires -- a ubiquitous network of wires that's already deployed.
That connectivity can be low-tech if needed or deliver speeds that only fiber and some cutting edge microwave systems can compete with, depending on what's needed at each point in a deployment.
Low tech? CenterPoint Energy in Houston is using "utility grade" BPL -- spacing the regenerators further apart and thus delivering less bandwidth but saving money by using less equipment. That approach could be used for other applications that don't need high-speed connectivity such as vibration sensors on bridges, high-tension utility towers, tunnels and anywhere else that needs careful monitoring.
Any number sensors, monitors and controls could be quickly, affordably and easily on utility and municipal infrastructure. Anywhere that's got power wires connected can be hooked up almost instantly -- it's truly plug-n-play -- and anywhere that's not wired for power could be at far lower cost than sending out virtually any other kind of wire or wireless network. Ask any electrician.
Can ConEd wire steam pipes?
Consolidated Edison owns and runs the steam pipes throughout New York City including the one that exploded causing much fear, some injuries and one death. The utility has lots of experience with automation and with BPL -- as has been reported at UPLC conferences by its Director of corporate Planning Tim Frost, who's utility co-chair of the trade association's board of directors.
And BPL firm Ambient in late 2004 was the first firm to use DS2's 200 mbps BPL chips in action in a ConEd steam tunnel delivering telecom and data communications. Further use of BPL at ConEd -- for safety monitoring for example -- is under ongoing study, Frost told us Friday.
Using BPL for monitoring and security including video surveillance was the point of a BPL project ConEd and Ambient did with the New York State Energy Research and Development Authority in 2006, he reminded (NYSERDA).
Any plans to change the utility's steam pipe safety activity would have to wait for a metallurgy study of the pipe that ruptured, a utility representative told us, and that work is expected to be finished in October.
Steam pipes may often represent an application that's not connected with existing electric wires. Even so, we believe few applications needing sensors and possibly automation are a challenge for BPL since most have power wires readily accessible.
It's not 'pie in the sky'
Another firm that's worked with NYSERDA on creating and testing "smart grid" applications is Broadband Energy Networks (BEN). The firm proved BPL works now to deliver connectivity for sensing and controls for safety and security.
BEN sees smart grid as a BPL enabled grid -- and imagines its applications going way beyond the automated grid, CEO and Founder Larry Silverman told us. His firm worked for several years with NYSERDA and others to create a real-world approach to smart grid -- at a time when many of the smart grid applications were power point bullets and not yet available.
CenterPoint Energy hired the remote automation -- sensors and controls firm -- to help develop and create its BPL deployment and demonstration center in Houston. "In many of these areas such as tunnels and bridges and other things it's very difficult to get telemetry data out, in other words there often not a good phone connection -- either cellular or a line that you can tap into," explained Silverman.
"You can't get into a cable network and in some cases, tunnels for example, there are very few ways that you can actually get signals in or out. "All of these have electricity running through them and in many cases its accessible and therefore you could use it as a way not only of powering sensors and other devices but also -- if its BPL enabled -- to bring the data back to some place where it can be acted upon." BEN was approached by a utility that wanted vibration sensors for its HV power line towers. Towers "appear to be one of the more vulnerable parts of the electric grid," noted Silverman.
Tunnels are challenge
Tunnels are vulnerable, too, whether for trains or mines, he added. For the reference of future readers of this story, at the time it was written, six miners were reportedly trapped in a Utah coal mine collapse and it wasn't known whether or not they were alive. That's not part of this story but clearly fed the attention on safety in recent public discourse.
BEN some time ago received a call from a firm that had installed a phone system in a subway tunnel by stringing phone wire between emergency phones -- only to find rats were chewing the wire insulation.
BEN suggested the firm install a BPL-enabled VOIP system using the conduit-encased power line feeding the lights. Air quality monitoring -- for safety and for pollution monitoring -- is a serious public concern, noted Silverman, and an application BEN provides.
That can be crucial in a tunnel, mine or factory, he added. The utility industry generates about 40% of the greenhouse gases emitted in the US, said Silverman, and has a responsibility to address it.
What's it going to cost? How much time will it take? Visit BPL Today's website at http://www.bpltoday.com/prweb/bpl.html for answers to these questions and more.
About BPL Today
BPL Today's mission is to chronicle the broadband over power lines industry as power line communications takes on its vital role in creating the 21st century "smart grid," "smart building" and "smart home" -- where ubiquitous connectivity creates a platform for the invention and deployment of new worlds of applications to deliver the value, efficiency and vital economic strength that only high-speed internet can deliver.
GHI LLC
4418 MacArthur Blvd, NW, Suite 202
Washington, DC 20007
800-486-8201 (202-298-8201)
http://www.bpltoday.com/prweb/bpl.html
The bridge collapse in Minneapolis two weeks ago and the steam pipe explosion in New York City a few week prior put the aging US infrastructure of roads and utility equipment on center stage for the general public and press. Meanwhile the BPL industry has been talking about this un-sexy (for most people) topic for years ...
Washington, DC (PRWEB) August 21, 2007 -- The bridge collapse in Minneapolis two weeks ago and the steam pipe explosion in New York City a few week prior put the aging US infrastructure of roads and utility equipment on center stage for the general public and press.
Meanwhile the BPL industry has been talking about this un-sexy (for most people) topic for years because BPL technology sits in the "sweet spot" of having the ability to affordably deliver connectivity to everywhere that has power wires -- a ubiquitous network of wires that's already deployed.
That connectivity can be low-tech if needed or deliver speeds that only fiber and some cutting edge microwave systems can compete with, depending on what's needed at each point in a deployment.
Low tech? CenterPoint Energy in Houston is using "utility grade" BPL -- spacing the regenerators further apart and thus delivering less bandwidth but saving money by using less equipment. That approach could be used for other applications that don't need high-speed connectivity such as vibration sensors on bridges, high-tension utility towers, tunnels and anywhere else that needs careful monitoring.
Any number sensors, monitors and controls could be quickly, affordably and easily on utility and municipal infrastructure. Anywhere that's got power wires connected can be hooked up almost instantly -- it's truly plug-n-play -- and anywhere that's not wired for power could be at far lower cost than sending out virtually any other kind of wire or wireless network. Ask any electrician.
Can ConEd wire steam pipes?
Consolidated Edison owns and runs the steam pipes throughout New York City including the one that exploded causing much fear, some injuries and one death. The utility has lots of experience with automation and with BPL -- as has been reported at UPLC conferences by its Director of corporate Planning Tim Frost, who's utility co-chair of the trade association's board of directors.
And BPL firm Ambient in late 2004 was the first firm to use DS2's 200 mbps BPL chips in action in a ConEd steam tunnel delivering telecom and data communications. Further use of BPL at ConEd -- for safety monitoring for example -- is under ongoing study, Frost told us Friday.
Using BPL for monitoring and security including video surveillance was the point of a BPL project ConEd and Ambient did with the New York State Energy Research and Development Authority in 2006, he reminded (NYSERDA).
Any plans to change the utility's steam pipe safety activity would have to wait for a metallurgy study of the pipe that ruptured, a utility representative told us, and that work is expected to be finished in October.
Steam pipes may often represent an application that's not connected with existing electric wires. Even so, we believe few applications needing sensors and possibly automation are a challenge for BPL since most have power wires readily accessible.
It's not 'pie in the sky'
Another firm that's worked with NYSERDA on creating and testing "smart grid" applications is Broadband Energy Networks (BEN). The firm proved BPL works now to deliver connectivity for sensing and controls for safety and security.
BEN sees smart grid as a BPL enabled grid -- and imagines its applications going way beyond the automated grid, CEO and Founder Larry Silverman told us. His firm worked for several years with NYSERDA and others to create a real-world approach to smart grid -- at a time when many of the smart grid applications were power point bullets and not yet available.
CenterPoint Energy hired the remote automation -- sensors and controls firm -- to help develop and create its BPL deployment and demonstration center in Houston. "In many of these areas such as tunnels and bridges and other things it's very difficult to get telemetry data out, in other words there often not a good phone connection -- either cellular or a line that you can tap into," explained Silverman.
"You can't get into a cable network and in some cases, tunnels for example, there are very few ways that you can actually get signals in or out. "All of these have electricity running through them and in many cases its accessible and therefore you could use it as a way not only of powering sensors and other devices but also -- if its BPL enabled -- to bring the data back to some place where it can be acted upon." BEN was approached by a utility that wanted vibration sensors for its HV power line towers. Towers "appear to be one of the more vulnerable parts of the electric grid," noted Silverman.
Tunnels are challenge
Tunnels are vulnerable, too, whether for trains or mines, he added. For the reference of future readers of this story, at the time it was written, six miners were reportedly trapped in a Utah coal mine collapse and it wasn't known whether or not they were alive. That's not part of this story but clearly fed the attention on safety in recent public discourse.
BEN some time ago received a call from a firm that had installed a phone system in a subway tunnel by stringing phone wire between emergency phones -- only to find rats were chewing the wire insulation.
BEN suggested the firm install a BPL-enabled VOIP system using the conduit-encased power line feeding the lights. Air quality monitoring -- for safety and for pollution monitoring -- is a serious public concern, noted Silverman, and an application BEN provides.
That can be crucial in a tunnel, mine or factory, he added. The utility industry generates about 40% of the greenhouse gases emitted in the US, said Silverman, and has a responsibility to address it.
What's it going to cost? How much time will it take? Visit BPL Today's website at http://www.bpltoday.com/prweb/bpl.html for answers to these questions and more.
About BPL Today
BPL Today's mission is to chronicle the broadband over power lines industry as power line communications takes on its vital role in creating the 21st century "smart grid," "smart building" and "smart home" -- where ubiquitous connectivity creates a platform for the invention and deployment of new worlds of applications to deliver the value, efficiency and vital economic strength that only high-speed internet can deliver.
GHI LLC
4418 MacArthur Blvd, NW, Suite 202
Washington, DC 20007
800-486-8201 (202-298-8201)
http://www.bpltoday.com/prweb/bpl.html
Friday, August 17, 2007
What Would You Pay To Stay Cool?
Ashlea Ebeling, 08.15.07, 6:00 AM ET
Washington, D.C. - Tucked in the massive energy bill passed by the U.S. House of Representatives Aug. 4 is a provision that uses $2.25 billion in matching grants to promote an energy-saving idea that appeals to both free marketers and environmentalists.
The idea: smart grid technology. In its simplest form, it lets your "smart" electric meter talk back to the utility and record your usage by hour, so you can adjust your habits to take advantage of lower, off-peak rates.
Maybe, for example, you 'd be ready to put off running your dishwasher until 3 a.m. if you could do it with electricity that costs 5 cents a kilowatt hour, instead of 25 cents. (Today, most residential consumers pay a flat rate--a national average of 9 cents a kilowatt hour, though local rates vary widely.)
The government wants smart grids to help prevent blackouts caused by too many people running their air conditioners and their dishwashers at the same time. Environmentalists like the idea because they believe it has the potential to reduce total energy consumption and thus help to curb carbon emissions and stop global warming.
Utilities, however, are concerned about being able to recover the investment needed to switch to this new technology, and about potential backlash when customers see on their bills that they are paying much more to run their air conditioners on so-called "critical" days--like the dog days of August.
But the utilities need smart grid too because it will help them meet new federal standards for power reliability, argues Sterling Burnett, a senior fellow at the National Center for Policy Analysis in Dallas, a free-market think tank. "In almost every region we're soon to be below the safe margin (for reserve energy) for high energy use days," he says. "This is a quick way of reducing demand," he adds. Burnett, naturally, is a fan of deregulation and argues that it helps spawn innovative ways to control costs and rates, including smart grid technology.
As of now, most residential and commercial customers still pay their electric utility a flat rate multiplied by the kilowatt hours they use. A meter man stops by each house and reads the electric meter, or drives by and picks up the reading. "That 's a dumb grid," says Burnett. (In deregulated states, some commercial customers--for example, a big office building or factory using 500 kilowatts or more at once--already have special pricing deals with utilities, with prices varying by the hour.)
But with a smart grid in place, a utility could restructure rates, and then offer all its customers products that allow either the customer, or the utility, to control usage based on demand and hourly rates. Example: A smart thermostat allows a customer to program it so when the electric rate hits a certain price on a summer day, the target temperature in his house becomes two degrees warmer and the air conditioner doesn't run as much. (Comverge (nasdaq: COMV - news - people ), which has sold 4.5 million of these smart thermostats, went public in April.)
Customers who don't want their thermostat on autopilot could change their habits, by keeping the thermostat higher some days and running the electricity-hogging clothes dryer when off-peak prices are in effect. Or, they could decide not to change their power consumption ways and pay a much bigger bill.
Will customer behavior really change? And how expensive must electricity be to spark a change? In a California test that ran from 2003 through 2005, the average customer reduced his usage by 13% during the hottest summer hours when rates were five times higher. Customers with smart thermostats reduced their usage by 27%, and customers with gateway systems, which adjust the electricity use of multiple appliances, reduced their usage by 43% during the peak hours.
"The pilot showed conclusively what could be done," says Ahmad Faruqui, a consultant with the Brattle Group in San Francisco, who advises utilities on the economics of smart grid technology.
All three big investor-owned utilities in California (serving 85% of Californians) are committed to rolling this out to everyone, Faruqui says. The three are Pacific Gas & Electric (amex: PCG.PR.A - news - people ), San Diego Gas & Electric (amex: SDO.PR.A - news - people ), and Southern California Edison (amex: SCE.PR.B - news - people ), which just filed its intent to go to smart grid with the Public Utilities Commission on July 31. The timing of the roll out should be decided by next summer.
Other states are testing smart grid technology with variable pricing too. In Maryland, Baltimore Gas & Electric will begin a pilot next year in 5,000 homes and plans to roll it out to all its customers if the pilot succeeds. In the Chicago region, Commonwealth Edison, a unit of Exelon (nyse: EXC - news - people ), is now expanding a pilot from 1,100 to 120,000 customers. Potomac Electric Power Co. (nyse: POM - news - people ) in Washington, D.C., is doing a test this year. Hawaiian Electric Co. (other-otc: HAWEL.PK - news - people ) plans one for 2008.
Both the House and Senate versions of the pending energy bill encourage the use of smart grid technology, but don't mandate it. Both call for an updated study of the subject. More significantly, the House bill authorizes a Smart Grid matching grant, which could go to either the utilities or the customers, with total funding of $2.25 billion through 2012. That's at least a start towards the $14 to $26 billion the Federal Energy Regulatory Commission estimates it would cost to install the technology nationwide.
In the meantime, for smart grid technology to succeed, states must lift regulatory barriers to allow variable rates, and more utilities must take the plunge, says Arthur "Bud" Vos, vice president of marketing, products and strategy for Comverge. Regulators are dealing with concerns that smart grids will price poor people out of air conditioning in the summer.
Washington, D.C. - Tucked in the massive energy bill passed by the U.S. House of Representatives Aug. 4 is a provision that uses $2.25 billion in matching grants to promote an energy-saving idea that appeals to both free marketers and environmentalists.
The idea: smart grid technology. In its simplest form, it lets your "smart" electric meter talk back to the utility and record your usage by hour, so you can adjust your habits to take advantage of lower, off-peak rates.
Maybe, for example, you 'd be ready to put off running your dishwasher until 3 a.m. if you could do it with electricity that costs 5 cents a kilowatt hour, instead of 25 cents. (Today, most residential consumers pay a flat rate--a national average of 9 cents a kilowatt hour, though local rates vary widely.)
The government wants smart grids to help prevent blackouts caused by too many people running their air conditioners and their dishwashers at the same time. Environmentalists like the idea because they believe it has the potential to reduce total energy consumption and thus help to curb carbon emissions and stop global warming.
Utilities, however, are concerned about being able to recover the investment needed to switch to this new technology, and about potential backlash when customers see on their bills that they are paying much more to run their air conditioners on so-called "critical" days--like the dog days of August.
But the utilities need smart grid too because it will help them meet new federal standards for power reliability, argues Sterling Burnett, a senior fellow at the National Center for Policy Analysis in Dallas, a free-market think tank. "In almost every region we're soon to be below the safe margin (for reserve energy) for high energy use days," he says. "This is a quick way of reducing demand," he adds. Burnett, naturally, is a fan of deregulation and argues that it helps spawn innovative ways to control costs and rates, including smart grid technology.
As of now, most residential and commercial customers still pay their electric utility a flat rate multiplied by the kilowatt hours they use. A meter man stops by each house and reads the electric meter, or drives by and picks up the reading. "That 's a dumb grid," says Burnett. (In deregulated states, some commercial customers--for example, a big office building or factory using 500 kilowatts or more at once--already have special pricing deals with utilities, with prices varying by the hour.)
But with a smart grid in place, a utility could restructure rates, and then offer all its customers products that allow either the customer, or the utility, to control usage based on demand and hourly rates. Example: A smart thermostat allows a customer to program it so when the electric rate hits a certain price on a summer day, the target temperature in his house becomes two degrees warmer and the air conditioner doesn't run as much. (Comverge (nasdaq: COMV - news - people ), which has sold 4.5 million of these smart thermostats, went public in April.)
Customers who don't want their thermostat on autopilot could change their habits, by keeping the thermostat higher some days and running the electricity-hogging clothes dryer when off-peak prices are in effect. Or, they could decide not to change their power consumption ways and pay a much bigger bill.
Will customer behavior really change? And how expensive must electricity be to spark a change? In a California test that ran from 2003 through 2005, the average customer reduced his usage by 13% during the hottest summer hours when rates were five times higher. Customers with smart thermostats reduced their usage by 27%, and customers with gateway systems, which adjust the electricity use of multiple appliances, reduced their usage by 43% during the peak hours.
"The pilot showed conclusively what could be done," says Ahmad Faruqui, a consultant with the Brattle Group in San Francisco, who advises utilities on the economics of smart grid technology.
All three big investor-owned utilities in California (serving 85% of Californians) are committed to rolling this out to everyone, Faruqui says. The three are Pacific Gas & Electric (amex: PCG.PR.A - news - people ), San Diego Gas & Electric (amex: SDO.PR.A - news - people ), and Southern California Edison (amex: SCE.PR.B - news - people ), which just filed its intent to go to smart grid with the Public Utilities Commission on July 31. The timing of the roll out should be decided by next summer.
Other states are testing smart grid technology with variable pricing too. In Maryland, Baltimore Gas & Electric will begin a pilot next year in 5,000 homes and plans to roll it out to all its customers if the pilot succeeds. In the Chicago region, Commonwealth Edison, a unit of Exelon (nyse: EXC - news - people ), is now expanding a pilot from 1,100 to 120,000 customers. Potomac Electric Power Co. (nyse: POM - news - people ) in Washington, D.C., is doing a test this year. Hawaiian Electric Co. (other-otc: HAWEL.PK - news - people ) plans one for 2008.
Both the House and Senate versions of the pending energy bill encourage the use of smart grid technology, but don't mandate it. Both call for an updated study of the subject. More significantly, the House bill authorizes a Smart Grid matching grant, which could go to either the utilities or the customers, with total funding of $2.25 billion through 2012. That's at least a start towards the $14 to $26 billion the Federal Energy Regulatory Commission estimates it would cost to install the technology nationwide.
In the meantime, for smart grid technology to succeed, states must lift regulatory barriers to allow variable rates, and more utilities must take the plunge, says Arthur "Bud" Vos, vice president of marketing, products and strategy for Comverge. Regulators are dealing with concerns that smart grids will price poor people out of air conditioning in the summer.
Wednesday, August 15, 2007
DirecTV in Web access deal with Current Group- to offer Phone and Internet via Power Lines !!!
DirecTV in Web access deal with Current Group
NEW YORK, Aug 15 (Reuters) - Top U.S. satellite television provider DirecTV Group (DTV.N: Quote, Profile, Research) said on Wednesday it reached a deal to offer subscribers high-speed Internet and voice services carried by Current Group over electric power lines.
DirecTV will be able to offer its customers the service as early as the end of 2007 with initial coverage extending to the Dallas-Fort Worth, Texas, area for 1.8 million homes and businesses.
The deal is part of DirecTV's plans to expand its high- speed Internet offerings to better compete with rival cable operators.
The agreement will also allow DirecTV to expand to other U.S. markets as privately held Current Group builds out its network. Current's technology allows electric utilities to add Internet services over existing electric wires.
DirecTV and satellite TV operator EchoStar Communications Corp. (DISH.O: Quote, Profile, Research) have raced to match offerings from rival cable operators that sell bundles of video, high-speed Internet and digital phone services.
The two companies have worked closely to seek potential partnerships to offer broadband services over the past few years. DirecTV and EchoStar struck a deal in June to offer over-the-air broadband services from Clearwire Corp. (CLWR.O: Quote, Profile, Research)
Earlier, both struck a deal with WildBlue, a satellite broadband provider, partly owned by John Malone's Liberty Media (LCAPA.O: Quote, Profile, Research), which is expected to assume control of DirecTV after concluding long negotiations with News Corp's (NWSa.N: Quote, Profile, Research) Rupert Murdoch.
Current's investors include Duke Energy Corp. (DUK.N: Quote, Profile, Research), EarthLink Inc. (ELNK.O: Quote, Profile, Research), Google Inc. (GOOG.O: Quote, Profile, Research), Goldman Sachs, General Electric (GE.N: Quote, Profile, Research), Hearst Corporation and TXU Corp. (TXU.N: Quote, Profile, Research). (Reporting by Michele Gershberg and Kenneth Li)
Tuesday, August 14, 2007
Ambient Joins the GridWise Alliance
Ambient Joins the GridWise Alliance
BusinessWire - August 14, 2007 8:30 AM ET
Ambient Corporation (OTCBB: ABTG), a leader in Broadband over Power Lines (BPL) solutions, today announced that it has joined the GridWise(TM) Alliance.
Founded in 2003, the GridWise Alliance is a consortium of public and private stakeholders who are aligned around the vision of a transformed electric system. The Alliance members recognize that emerging energy and information technologies have the potential to radically improve the efficient use of the nation's energy system. New technologies such as smarter meters, automated distribution systems, demand response, thermal and battery storage when carefully woven together with an IT overlay, can bring tremendous value to utilities and consumers alike.
John J. Joyce, President and CEO of Ambient, stated, "As the U.S. is forced to deal with global environmental issues and its aging electrical infrastructure, Smart Grid technologies promoted by the GridWise Alliance will have to be implemented on a national scale. For more than eight years, Ambient has committed to providing utilities with Smart Grid communications through BPL technology."
"The Alliance is pleased to have Ambient Corporation join our growing membership," said Steve Hauser, President of the GridWise Alliance. "Our vision is beginning to take root with significant new initiatives included in new energy legislation currently being discussed in Congress. Communication technologies are clearly a foundational element of the smart grid."
Continued Mr. Joyce, "Ambient's BPL communications network, overlaid on the distribution grid, gives utilities the ability to increase efficiency and reliability by affording a real-time picture of grid wide current and voltage levels while enabling utilities to communicate with and control smart devices. This two-way communication supports a wide variety of customer service and energy delivery applications such as time-of-use rates, demand response, and utility asset management. Ambient is proud to join such a distinguished group of companies working to make our shared vision a reality."
About Ambient Corporation
Ambient Corporation is a pioneer in the Broadband over Power Lines (BPL) industry. Engaged in the design, development and marketing of patented BPL equipment and technologies, Ambient's proprietary technology and in-depth industry experience is designed to provide optimal solutions for the Utility and In-Premise markets, utilizing its Smart Grid capabilities. Headquartered in Newton, MA, Ambient is a publicly traded company (OTC BB: ABTG). Visit Ambient at www.ambientcorp.com.
BusinessWire - August 14, 2007 8:30 AM ET
Ambient Corporation (OTCBB: ABTG), a leader in Broadband over Power Lines (BPL) solutions, today announced that it has joined the GridWise(TM) Alliance.
Founded in 2003, the GridWise Alliance is a consortium of public and private stakeholders who are aligned around the vision of a transformed electric system. The Alliance members recognize that emerging energy and information technologies have the potential to radically improve the efficient use of the nation's energy system. New technologies such as smarter meters, automated distribution systems, demand response, thermal and battery storage when carefully woven together with an IT overlay, can bring tremendous value to utilities and consumers alike.
John J. Joyce, President and CEO of Ambient, stated, "As the U.S. is forced to deal with global environmental issues and its aging electrical infrastructure, Smart Grid technologies promoted by the GridWise Alliance will have to be implemented on a national scale. For more than eight years, Ambient has committed to providing utilities with Smart Grid communications through BPL technology."
"The Alliance is pleased to have Ambient Corporation join our growing membership," said Steve Hauser, President of the GridWise Alliance. "Our vision is beginning to take root with significant new initiatives included in new energy legislation currently being discussed in Congress. Communication technologies are clearly a foundational element of the smart grid."
Continued Mr. Joyce, "Ambient's BPL communications network, overlaid on the distribution grid, gives utilities the ability to increase efficiency and reliability by affording a real-time picture of grid wide current and voltage levels while enabling utilities to communicate with and control smart devices. This two-way communication supports a wide variety of customer service and energy delivery applications such as time-of-use rates, demand response, and utility asset management. Ambient is proud to join such a distinguished group of companies working to make our shared vision a reality."
About Ambient Corporation
Ambient Corporation is a pioneer in the Broadband over Power Lines (BPL) industry. Engaged in the design, development and marketing of patented BPL equipment and technologies, Ambient's proprietary technology and in-depth industry experience is designed to provide optimal solutions for the Utility and In-Premise markets, utilizing its Smart Grid capabilities. Headquartered in Newton, MA, Ambient is a publicly traded company (OTC BB: ABTG). Visit Ambient at www.ambientcorp.com.
Friday, August 10, 2007
Telkonet Reports Strong Revenue Growth for Q2 - Expecting Profitability by Year End
10.08.2007 14:06
Telkonet, (Nachrichten) Inc. (AMEX:TKO), the leader in providing in-building broadband access over existing electrical wiring and innovative energy management systems, today announced significant revenue increases for the second quarter ended June 30, 2007.
Revenues for the second quarter of 2007 were $3.7 million, which is in the upper range of previously stated guidance, as compared to $1.2 million during the second quarter of 2006 and $1.25 million in the first quarter of 2007. During the second quarter of 2007, the company experienced significant revenue growth from several areas including energy management and federal government operations. Net income was a negative $4.6 million for a loss of $(0.07) per share. This compares to a net loss of $7.6 million, or $(0.16) per share for the second quarter of 2006 and a net loss of $5.4 million, or $(0.09) per share for the first quarter of 2007.
Ronald W. Pickett, president and chief executive officer of Telkonet, commented, “We are very pleased to report to our stakeholders that revenues at Telkonet have seen sharp increases over the past few months as several of our major initiatives have begun to produce meaningful revenue streams. We are particularly excited about growth in our energy management and federal government-related businesses with several major projects getting under way late in the second quarter. Additionally, we also experienced strong results from our recently acquired EthoStream business, which has developed into one of the largest high-speed wireless Internet access providers for the hospitality industry.“
Mr. Pickett, continued, “While strong revenue growth was seen in the June quarter, we also made important strides in reducing overall costs. During the quarter, we finalized consolidation of the recently acquired Smart Systems, Inc. and EthoStream businesses-reducing staffs were redundancies occurred. We also implemented a program to perform nearly all of our installs in-house, virtually eliminating the need for outside contractors, resulting in higher margins and meaningful cost savings.“
“During the second half of 2007 and into 2008 we are expecting further acceleration of our revenue growth. We expect our energy management business to flourish over the coming quarters as both electric utilities and building owners seek additional ways to conserve energy. After lengthy delays, several of our federal government-related programs are now well underway and are accelerating and our hospitality business is winning important contracts. We believe these events will allow the Company to further significantly reduce its cash burn during the September quarter and to achieve positive cash flow and profitability on a monthly run-rate basis by year end.“
Telkonet, (Nachrichten) Inc. (AMEX:TKO), the leader in providing in-building broadband access over existing electrical wiring and innovative energy management systems, today announced significant revenue increases for the second quarter ended June 30, 2007.
Revenues for the second quarter of 2007 were $3.7 million, which is in the upper range of previously stated guidance, as compared to $1.2 million during the second quarter of 2006 and $1.25 million in the first quarter of 2007. During the second quarter of 2007, the company experienced significant revenue growth from several areas including energy management and federal government operations. Net income was a negative $4.6 million for a loss of $(0.07) per share. This compares to a net loss of $7.6 million, or $(0.16) per share for the second quarter of 2006 and a net loss of $5.4 million, or $(0.09) per share for the first quarter of 2007.
Ronald W. Pickett, president and chief executive officer of Telkonet, commented, “We are very pleased to report to our stakeholders that revenues at Telkonet have seen sharp increases over the past few months as several of our major initiatives have begun to produce meaningful revenue streams. We are particularly excited about growth in our energy management and federal government-related businesses with several major projects getting under way late in the second quarter. Additionally, we also experienced strong results from our recently acquired EthoStream business, which has developed into one of the largest high-speed wireless Internet access providers for the hospitality industry.“
Mr. Pickett, continued, “While strong revenue growth was seen in the June quarter, we also made important strides in reducing overall costs. During the quarter, we finalized consolidation of the recently acquired Smart Systems, Inc. and EthoStream businesses-reducing staffs were redundancies occurred. We also implemented a program to perform nearly all of our installs in-house, virtually eliminating the need for outside contractors, resulting in higher margins and meaningful cost savings.“
“During the second half of 2007 and into 2008 we are expecting further acceleration of our revenue growth. We expect our energy management business to flourish over the coming quarters as both electric utilities and building owners seek additional ways to conserve energy. After lengthy delays, several of our federal government-related programs are now well underway and are accelerating and our hospitality business is winning important contracts. We believe these events will allow the Company to further significantly reduce its cash burn during the September quarter and to achieve positive cash flow and profitability on a monthly run-rate basis by year end.“
Tuesday, August 07, 2007
Brief Power Outage in Queens, New York City, NY
Brief Power Outage in Queens
Monday August 6, 5:25 pm ET
Con Ed: Queens Power Outage Affects 968 Customers
NEW YORK (AP) -- A malfunction in overhead power lines caused a 58-minute outage that affected 968 customers in the Flushing area of Queens on Monday, a Con Edison spokesman said.
The spokesman, Chris Olert, said power went out at 1:32 p.m. and was restored at 2:30 p.m. The area affected included business and residential customers, he said.
City Councilman John Liu, who represents the area, said the number of customers represented about 5,000 people.
"This is at least the fourth blackout to hit the Flushing area within the past nine weeks. The frequency of these blackouts, albeit troubling, is not surprising," Liu said in a statement. "Residents had demanded upgrades to the power grid last summer as well as earlier this summer when the first blackout hit in June."
Monday August 6, 5:25 pm ET
Con Ed: Queens Power Outage Affects 968 Customers
NEW YORK (AP) -- A malfunction in overhead power lines caused a 58-minute outage that affected 968 customers in the Flushing area of Queens on Monday, a Con Edison spokesman said.
The spokesman, Chris Olert, said power went out at 1:32 p.m. and was restored at 2:30 p.m. The area affected included business and residential customers, he said.
City Councilman John Liu, who represents the area, said the number of customers represented about 5,000 people.
"This is at least the fourth blackout to hit the Flushing area within the past nine weeks. The frequency of these blackouts, albeit troubling, is not surprising," Liu said in a statement. "Residents had demanded upgrades to the power grid last summer as well as earlier this summer when the first blackout hit in June."
Ambient Corporation(OTCBB: ABTG), a leader in Broadband over Power Lines(BPL) solutions,to Make Scheduled September Payment on 2006 Debentures in Cash
Ambient
to Make Scheduled September Payment on 2006 Debentures in Cash
08.07.07, 8:53 AM ET
Ambient Corporation(OTCBB: ABTG), a leader in Broadband over Power Lines (BPL) solutions, today announced it has notified the 2006 Debenture holders that it intends to pay the scheduled September 2007 payment in cash, rather than in registered shares of Ambient stock. As part of its continuing efforts to limit the distribution of Ambient stock at a discount-to-market price, Ambient has paid in cash the last two scheduled monthly 2006 Debenture payments. In June 2007, Ambient also prepaid a significant portion of the principal and accrued interest on these 2006 Debentures. Ambient is making the scheduled payment in cash in an effort to limit further dilution associated with these below-market price issuances.
About Ambient Corporation
Ambient is a pioneer in the Broadband over Power Lines (BPL) industry and is engaged in the design, development and marketing of patented, FCC-certified BPL equipment and technologies. Ambient utilizes proprietary technology and in-depth industry experience to provide optimal solutions for Smart Grids and the Broadband Access and In-Premise markets. Headquartered in Newton, MA, Ambient is a publicly traded company (OTCBB: ABTG - News). Visit Ambient at www.ambientcorp.com.
to Make Scheduled September Payment on 2006 Debentures in Cash
08.07.07, 8:53 AM ET
Ambient Corporation(OTCBB: ABTG), a leader in Broadband over Power Lines (BPL) solutions, today announced it has notified the 2006 Debenture holders that it intends to pay the scheduled September 2007 payment in cash, rather than in registered shares of Ambient stock. As part of its continuing efforts to limit the distribution of Ambient stock at a discount-to-market price, Ambient has paid in cash the last two scheduled monthly 2006 Debenture payments. In June 2007, Ambient also prepaid a significant portion of the principal and accrued interest on these 2006 Debentures. Ambient is making the scheduled payment in cash in an effort to limit further dilution associated with these below-market price issuances.
About Ambient Corporation
Ambient is a pioneer in the Broadband over Power Lines (BPL) industry and is engaged in the design, development and marketing of patented, FCC-certified BPL equipment and technologies. Ambient utilizes proprietary technology and in-depth industry experience to provide optimal solutions for Smart Grids and the Broadband Access and In-Premise markets. Headquartered in Newton, MA, Ambient is a publicly traded company (OTCBB: ABTG - News). Visit Ambient at www.ambientcorp.com.
Monday, August 06, 2007
Telkonet SmartEnergy Selected by Prestigious Babson College to Reduce Energy Consumption
Monday August 6, 8:30 am ET
Installed in McCullough Hall dormitory to eliminate wasteful heating and cooling of rooms
GERMANTOWN, Md.--(BUSINESS WIRE)--Telkonet, Inc. (AMEX:TKO - News), the leader in providing in-building broadband access over existing electrical wiring, today announced that Babson College, located in Wellesley, Mass., has selected Telkonet SmartEnergy to manage the in-room energy consumption in the 120 room dormitory, McCullough Hall. Telkonet SmartEnergy, which incorporates the proven technology developed by Smart Systems International (SSI), eliminates wasted energy from heating and cooling unoccupied rooms. The system uses packaged terminal air conditioner (PTAC) controllers and occupancy sensors to adjust and maintain a room's temperature, sensing when the room is vacant or occupied.
Shelley Kaplan, associate vice president of facilities for Babson College, commented, "McCullough Hall was the perfect candidate for an energy management system, with its expensive, energy-intensive electric heating. We needed to take control of our energy costs, as we were paying to heat and cool students' rooms when they were in class and away during summer and Christmas breaks. Manually changing the temperature in each room was labor-intensive and inconsistent. After researching various energy management companies, we found the SSI technology to be the most cost-effective and reliable. Based on a trial, installation costs were lower by using wireless occupancy sensors, eliminating costly wiring. Recovery time was quick, with rooms returning back to the student's temperature setting within minutes upon their return. Most importantly, with the trial resulting in energy consumption savings of 30%, we can anticipate a payback within 2 years or less. Based on funding availability, we will look at installing the energy management system in our conference center/hotel next."
Installed in McCullough Hall dormitory to eliminate wasteful heating and cooling of rooms
GERMANTOWN, Md.--(BUSINESS WIRE)--Telkonet, Inc. (AMEX:TKO - News), the leader in providing in-building broadband access over existing electrical wiring, today announced that Babson College, located in Wellesley, Mass., has selected Telkonet SmartEnergy to manage the in-room energy consumption in the 120 room dormitory, McCullough Hall. Telkonet SmartEnergy, which incorporates the proven technology developed by Smart Systems International (SSI), eliminates wasted energy from heating and cooling unoccupied rooms. The system uses packaged terminal air conditioner (PTAC) controllers and occupancy sensors to adjust and maintain a room's temperature, sensing when the room is vacant or occupied.
Shelley Kaplan, associate vice president of facilities for Babson College, commented, "McCullough Hall was the perfect candidate for an energy management system, with its expensive, energy-intensive electric heating. We needed to take control of our energy costs, as we were paying to heat and cool students' rooms when they were in class and away during summer and Christmas breaks. Manually changing the temperature in each room was labor-intensive and inconsistent. After researching various energy management companies, we found the SSI technology to be the most cost-effective and reliable. Based on a trial, installation costs were lower by using wireless occupancy sensors, eliminating costly wiring. Recovery time was quick, with rooms returning back to the student's temperature setting within minutes upon their return. Most importantly, with the trial resulting in energy consumption savings of 30%, we can anticipate a payback within 2 years or less. Based on funding availability, we will look at installing the energy management system in our conference center/hotel next."
Thursday, August 02, 2007
ABC News7: News story about DS2 200 mbps PLC Superior Techology
ABC News7: News story about DS2 200 mbps PLC Superior Techology
http://www.youtube.com/watch?v=oIi6j08Cnm8
http://www.youtube.com/watch?v=oIi6j08Cnm8
Wednesday, August 01, 2007
Ambient Closes $7.5 Million Private Placement
Company Continues to Strive Towards Objectives Set Forth in 2007 Annual Meeting of Stockholders
BOSTON--(BUSINESS WIRE)--Ambient Corporation (OTCBB: ABTG), a leader in Broadband over Power Lines (BPL) solutions, today announced that it has closed on a private placement to an institutional investor of $7.5 million in principal amount of its newly issued 8% Senior Secured Convertible Note.
The institutional investor in this funding originally advanced Ambient a $4 million bridge loan that was announced on June 4, 2007, and has now rolled the short-term loan into a three-year Convertible Note. The Note is convertible into Ambient stock at $0.075.
Pursuant to the agreement, the Note matures on July 31, 2010, and requires no repayment of principal until the maturity date. Interest on the note does not begin accruing until July 2008; with first quarterly interest payment due in September 2008.
Commenting on the raise, John J. Joyce, President and CEO of Ambient, stated, “This investment allows Ambient to continue advancing our deployments while meeting the goals and objectives set forth in our 2007 Annual Meeting of Stockholders.”
The 8% Senior Secured Convertible Note is secured by a lien on Ambient’s assets, and as part of the terms of this transaction, the investor received warrants to purchase shares of Ambient’s common stock at per share exercise prices of $0.075 and $0.06.
Additional information relating to the Senior Secured Convertible Notes, the warrants, and related matters were included in Ambient’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 31, 2007.
BOSTON--(BUSINESS WIRE)--Ambient Corporation (OTCBB: ABTG), a leader in Broadband over Power Lines (BPL) solutions, today announced that it has closed on a private placement to an institutional investor of $7.5 million in principal amount of its newly issued 8% Senior Secured Convertible Note.
The institutional investor in this funding originally advanced Ambient a $4 million bridge loan that was announced on June 4, 2007, and has now rolled the short-term loan into a three-year Convertible Note. The Note is convertible into Ambient stock at $0.075.
Pursuant to the agreement, the Note matures on July 31, 2010, and requires no repayment of principal until the maturity date. Interest on the note does not begin accruing until July 2008; with first quarterly interest payment due in September 2008.
Commenting on the raise, John J. Joyce, President and CEO of Ambient, stated, “This investment allows Ambient to continue advancing our deployments while meeting the goals and objectives set forth in our 2007 Annual Meeting of Stockholders.”
The 8% Senior Secured Convertible Note is secured by a lien on Ambient’s assets, and as part of the terms of this transaction, the investor received warrants to purchase shares of Ambient’s common stock at per share exercise prices of $0.075 and $0.06.
Additional information relating to the Senior Secured Convertible Notes, the warrants, and related matters were included in Ambient’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 31, 2007.
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