PowerSecure International has signed $20 million in new contracts for its backup energy supply solutions and services.
The company, which moved to Wake Forest from Utah earlier this year, reported $25 million in revenues from contracts with firms other than Publix Super Markets – its primary customer – in its most recently quarterly-earnings report.
PowerSecure (Nasdaq: POWR) said the new contracts include deals for its distributed generation, federal and utility engineering business units. The company was known as Metretek Technologies prior to its name change this summer.
“Over the past 18 months, we have worked hard to build the strategic, long-term utility partnerships needed to win sustainable non-Publix business,” said Sidney Hinton, PowerSecure’s chief executive officer, “and we are now seeing the results of this effort in the form of new contracts that substantially strengthen and broaden our revenue base. The $45 million of recent non-Publix business is largely a result of our utility partnering platform, which we expect to be a key part of our ability to continue to generate important revenue gains in the months and years ahead.”