Energy Focus, Inc. Wins $1 Million Ohio Development Grant to Develop High Performance Solar Powered LED Lighting Solutions
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SOLON, Ohio, Feb. 1, 2011 (GLOBE NEWSWIRE) -- Energy Focus, Inc. , a leader in providing energy efficient lighting solutions, today announced that its research and development team has recently been selected to receive a $1 million Ohio Third Frontier Photovoltaic's Program ("PVP") grant to develop high performance stand alone solar powered outdoor lighting solutions.
Roger Buelow, Energy Focus CTO commented. "We're excited about being selected for the Third Frontier grant. This funding will allow us to combine our advanced solar photovoltaic and LED lighting technologies to create an exciting new product category for Energy Focus. Present outdoor lighting fixtures typically use 75-250 watt HID bulbs for illumination – significantly more power than can be generated and stored cost-effectively with solar. With only a fraction of the power required, our high performance solar powered LED solutions become practical."
According to Crain's Cleveland Business, Mr. Mark Kvamme, interim director of the Ohio Department of Developments recently announced that he plans to reshape the program so that "over 50% should be used to finance projects with near-term payoff." Energy Focus' solution will be market ready within 2 years and therefore support Mr. Kvamme's progressive goal.
Joseph Kaveski, CEO, Energy Focus, added: "This new grant represents our first funding from Ohio's Third Frontier Program. We are pleased that the state of Ohio has recognized the potential Energy Focus' new SO-LED (Solar-LED) technology has for creating clean energy solutions as well as for creating new products and jobs in Ohio."
About the Ohio Third Frontier Photovoltaic Program
The goal of the Ohio Third Frontier Photovoltaic Program ("PVP") is to accelerate the development and growth of the photovoltaics industry in Ohio by direct financial support to organizations seeking to: investigate near-term specific commercial objectives with respect to products, processes, or services; commercialize new products, commercialize manufacturing processes or technologies, or adapt or modify existing components or systems that can reduce the cost of photovoltaic systems or address technical and commercialization barriers; or demonstrate market readiness. For more information, see http://thirdfrontier.com/PhotovoltaicProgram.htm.
About Energy Focus, Inc.
Energy Focus, Inc. is a leading provider of energy efficient LED lighting products and turnkey energy efficient lighting solutions, holding 69 relevant lighting patents. Our solutions provide energy savings, aesthetics, safety and maintenance cost benefits over conventional lighting. Our long-standing relationship with the U.S. Government includes numerous research and development projects for the DOE and DARPA, creating energy efficient LED lighting systems for the U.S. Navy fleet and the next generation Very High Efficiency Solar Cell. Customers include supermarket chains, the U.S. government, state and local governmental agencies, retail stores, museums, theme parks and casinos, hotels, swimming pool builders and many others. Company headquarters are located in Solon, OH, with additional offices in Nashville, TN, Pleasanton, CA, and the United Kingdom. For more information, see www.energyfocusinc.com.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding our future business outlook, our products, our solutions, and our work with leading customers including governmental agencies. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Actual results may differ materially from the results predicted. For more information about potential factors that could affect Energy Focus financial results, please refer to the Company's SEC reports, including its Annual Reports on Form 10-K and its quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date hereof. Energy Focus disclaims any intention or obligation to update or revise any forward-looking statements.
CONTACT: Media Contact:
Energy Focus, Inc., Public Relations Office
(440) 715-1295
pr@energyfocusinc.com
Investor Contact:
Brion Tanous
CleanTech IR, Inc.
310-541-6824
btanous@cleantech-ir.com
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