MANITOWOC, Wis., April 03, 2019 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), announced today that it has expanded the retrofit of a major national account customer’s lighting systems with Orion’s state-of-the-art LED lighting and wireless IoT enabled control solutions at additional locations nationwide. Orion anticipates additional revenue of $35 million under the contract, which is dependent on the customer's issuance of purchase orders. The contract builds upon an earlier letter of intent for Orion to provide approximately $11 million in turnkey LED lighting retrofit services, most of which were completed in Orion’s fiscal 2019 fourth quarter ended March 31, 2019.
The customer selected Orion for additional LED lighting retrofit business based on Orion’s proven ability to design, develop and install customized, highly energy-efficient, U.S.-manufactured LED lighting solutions on a turnkey basis. Orion’s services will again include initial energy audits, custom design, fixture manufacturing, IoT enabled control systems, IoT system commissioning and full project management through installation at a number of the customer's locations nationwide.
A significant portion of the installations are expected to be completed in Orion’s fiscal 2020 first quarter ending June 30, 2019. The installations will include both Orion LED lighting systems and state-of the-art IoT enabled control systems.
Orion CEO, Mike Altschaefl, commented, “These added projects are not only an endorsement of the values, expertise, product quality, and customer commitment of the entire Orion organization, but also a confirmation of the customer’s satisfaction with our solutions and service to date. We look forward to the successful completion of these installations and are optimistic regarding the potential to secure additional projects with this customer.
“Orion is best differentiated in the large national account arena where we are unique in combining project design and engineering, high product quality, energy efficiency, industry leading customer service, U.S. manufacturing, and quick order turnaround all wrapped in a fully turnkey solution including installation services. The successful execution of these and other projects is a core focus of our organization, as customer satisfaction remains the critical ingredient in attracting both new and repeat LED retrofit business.
“We will provide an update regarding our fiscal 2020 financial outlook with our fiscal 2019 earnings call later this spring.”
About Orion Energy Systems
Orion is a provider of enterprise-grade LED lighting and energy project solutions. Orion manufactures and markets connected lighting systems encompassing LED solid-state lighting and smart controls. Orion systems incorporate patented design elements and controls that deliver significant energy efficiency as well as optical and thermal performance that drive financial, environmental and work-space benefits for a wide variety of customers, including nearly 40% of the Fortune 500.