NEW YORK, July 30, 2014 (GLOBE NEWSWIRE) -- ForceField Energy Inc. ("ForceField") (Nasdaq:FNRG), a designer, seller and distributor of energy products and solutions, today announced it had entered into a cross-marketing agreement with Branchburg, New Jersey based Noveda Technologies, a leader in cloud-based, real-time energy and water management systems; to deliver advanced solutions for energy and water efficiency to customers worldwide. As part of the agreement, both companies will offer an extended and complimentary line of solutions to their respective customers including LED lighting solutions, advanced lighting controls, real-time monitoring and SaaS (Savings as a Service). Noveda products, installed in over 3,500 locations world-wide are also used by several Fortune 100 global corporations in key market segments including big box retail, financial services, commercial, industrial, education and the government. Noveda customers also include leading utility companies PSE&G and Hydro Ottawa, as well as one of the nation's most powerful environmental groups, NRDC.
Noveda Technologies' suite of products and services are designed to lower energy costs by optimizing building performance thus lowering operating costs for customers. Noveda develops and markets real-time energy and water monitoring systems to lower energy and water usage through sustained behavior change as well as through intelligent controls for all lighting technologies. Noveda's patented technology and high impact User Interface is the only integrated solution of its kind worldwide, providing diagnostic and predictive intelligence based on big data analytics.
In 2013 Noveda launched NESaaS™ - its signature 'Energy Savings as a Service' business, with fully financed efficiency solutions, requiring zero capital expenditures from customers:
- An integrated solution that provides monitoring, controls and 100% funding in a service contract
- No capital expenditures are required by the client
- Customer pays monthly from savings generated
- Customer retains up to 40% of the savings over
"Gaining access to ForceField's broad range of high efficiency LED products and solutions, installation capabilities and access to project financing enables us to meet the fast grow growing demand of our customers who are committed to taking the "next logical step" in reducing their energy costs," stated Govi Rao, President and CEO of Noveda Technologies. "ForceField's LED lighting portfolio provides a perfect complement to Noveda's real-time energy monitoring systems enabling us to optimize energy usage and integrate intelligent controls for advanced lighting technologies. We believe the combination will enable us to provide best in class LED lighting solutions for our current and future Fortune 500 clients, small and medium size enterprises and government entities."
Richard St-Julien, ForceField Energy's Executive Chairman commented, "Noveda's presence in numerous high profile locations offers us immediate access to a highly diverse and fast growing client base world-wide that is demanding LED lighting and other practical energy and water efficiency solutions. The revenue potential that could be derived from Noveda's existing customer locations is enormous. With 24/7 advanced monitoring and analytics technology, Noveda provides unique alerting and predictive analytics to enable significant savings and improve energy efficiency to customers. By informing clients of problems in real-time within their facilities to avoid costly, unmanaged energy waste, we further strengthen the effectiveness of our turn-key solutions for our customers. The advanced technology enables clients to more precisely monitor and maximize cost saving and reduce their operating costs, a key element in a client's decision to implement a new or retrofit LED lighting solution. This agreement which provides us immediate access to a large existing base of select multi-location clients, combined with our recent acquisition and LOI for an additional acquisition of an LED company, underscores ForceField's aggressive efforts in the rapidly expanding energy efficiency market."
About Noveda
Noveda Technologies is an innovative leader in real-time, web-based energy and water monitoring. The company's patented software solutions help reduce energy and water usage, optimize performance of renewable energy systems, and reduce the carbon footprint for customers across commercial, retail, government, education, and utility sectors. Noveda also offers sustainability communication tools that leverage social media to educate and empower stakeholder communities and make the smart grid a reality today. The company has users in over 33 countries with representatives in the US, UK, India and Israel. For more information go to http://www.noveda.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 lighting products for a number of premier LED lighting manufacturers; and through its subsidiary American Lighting, is an award winning-contractor that has completed lighting installations 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. Its patented technology is based upon the Organic Rankine Cycle (ORC) and uses proprietary, multiple-component fluids that are environmentally sound.
Forward-Looking Statements
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) achieving 2014 revenue and other financial guidance; (ii) the Company's ability to obtain adequate financing to achieve its LED objectives; (iii) the successful installation and efficacy of the Company's LED lighting products; (iv) successful integration of ESCO's operations into ForceField; (v) the Company's ability to successfully raise sufficient capital to effectuate the ESCO acquisition as well as for additional working capital to (vi) closing the transaction before October 15, 2014, (vii) the transaction being accretive to ForceField's earnings, (viii) accelerated combined growth, synergistic cost savings and performance subsequent to closing, (ix) the enormous revenue potential for the cross licensing agreement with Noveda and (x) 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.