NEW YORK, Dec. 8, 2014 (GLOBE NEWSWIRE) -- ForceField Energy Inc. ("ForceField" or the "Company") (Nasdaq:FNRG), a seller and distributor of energy products and solutions, today announced that it has signed an exclusive licensing agreement with Bridgewater, New Jersey based Noveda Technologies Inc., a leader in cloud-based, real-time energy and water management systems for Noveda's Intelligent Lighting Management Technology incorporating integrated measurement and verification for use in all LED applications.
Under the terms of licensing agreement, ForceField will retain exclusive rights for the use of Noveda's IntelliNET™ Luminaire Management System (LMS) which involves any combination of lighting controls technology, integrated measurement and verification, and all associated hardware/software which in any way relates to the monitoring and control of electric energy for management of lighting and demonstrates energy savings across LED products. The five-year agreement, which is renewable, covers the United States, Canada and Mexico. Financial terms of the agreement were not disclosed.
The IntelliNET™ LMS provides a 360° view of consumption patterns including energy consumption, financial savings and carbon reduction in real-time, with high impact user interface. By leveraging real-time monitoring data, customers can uncover the source of energy waste and gauge the impact of actions taken to eliminate waste. The cloud based solution is accessible from anywhere utilizing a highly secure communications platform via commercially available wide area networks, WiFi or Cellular technologies. Noveda's IntelliNET™ LMS platform enables customers to integrate their lighting infrastructure into a single intelligent network to manage consumption and lower costs. This is especially useful for applications with several hundreds of light fixtures like street lights and large area lighting including warehouses, industrial complexes and manufacturing plants.
"We believe the Noveda lighting management systems represent the next level in LED lighting and energy efficiency deployment," said Mitchell Barack, President of ESCO Energy Services, Inc. a wholly-owned subsidiary of ForceField. "As we continue to roll out our national LED Street Light Conversion Program, we are seeing increased demand for the lighting control, energy management, and enhanced public safety capabilities the Noveda system offers. We are working closely with the Noveda team to integrate their hardware/software platform into our LED lighting offering. We believe this will help our customers "future-proof" their LED investments."
"As we look to maximize our technology platform across multiple market segments, it is critical to align ourselves with forward thinking partners like ForceField who can move quickly to drive market penetration," stated Govi Rao, President and CEO of Noveda Technologies. "Having worked closely with the ForceField team over the past several months it is clear they have the right capabilities and resources as well as strong client and industry relationships making them the partner of choice for our solutions in the fast changing lighting market. We look forward to working with the ForceField team to drive new opportunities with Fortune 500 clients, small and medium size enterprises, regional utilities as well as educational and government entities including municipalities."
Richard St-Julien, ForceField Energy's Executive Chairman commented, "Continuing to expand our arsenal of advanced energy efficiency technology solutions will further differentiate ForceField within the industry enhancing our ability to win new projects and drive financial performance. Although we are only in the early stages of our development to become a leader in the LED and energy efficiency marketplace, we have already established a strong footprint across North America with diverse capabilities from basic energy audits through comprehensive multi-site installations for small to medium size businesses, Fortune 500 companies, as well as educational and government agencies. Real-time energy monitoring and analytics technology including measurement and verification is becoming a critical element for customers to optimize their energy usage 24/7 to drive down operating costs, improve environmental impact and ensure energy reliability. Noveda's Intelligent Lighting Management System has already played an important role in our recent success in the Connecticut LED Street Light Conversion Program, and we believe it will continue to play an essential role across the Company as we incorporate the technology into existing and new project bids as we move forward."
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 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
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) 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 Noveda's Intelligent Lighting Management System, (vii) generating new opportunities to install Noveda systems with Fortune 500 clients, small and medium size enterprises, regional utilities as well as educational and government entities including municipalities, and (viii) 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.