Duke Energy, Echelon ink deal .... " value of the contract could exceed $150 million"

Monday, August 10, 2009

Duke Energy, Echelon ink deal

Charlotte Business Journal

Echelon Corp. has signed a long-term services agreement with Duke Energy Corp.

California-based Echelon (NASDAQ:ELON) markets technology that provides utilities with information about the status and operations of their electrical grids.

The initial order totals $15.8 million, with deliveries expected to start at the end of the quarter. Echelon says the value of the contract could exceed $150 million.

Charlotte-based Duke Energy (NYSE:DUK) provides electricity to 4 million customers in the Carolinas, Indiana, Ohio and Kentucky.

“An essential component of Duke Energy’s smart-grid design is a scalable, open, interoperable network that supports not just the initial functions we are deploying today, but allows for additional devices and sensors to be attached to the network in the future,” says Todd Arnold, Duke Energy’s senior vice president for smart-grid and customer systems. “Echelon’s metering infrastructure is a key enabler of that vision with a smart grid approach that includes smart meters, smart concentrators working in conjunction with the meters, and network operating system software.”