WORCESTER, MA--(Marketwire -08/21/12)- World Energy Solutions, Inc. (XWES), an energy management services firm dedicated to helping customers lower their total energy costs, today announced the formal opening of its new Worcester headquarters at 100 Front Street. To mark the event, the Company held a ribbon-cutting ceremony attended by U.S. Representative Jim McGovern, Worcester Mayor Joseph Petty, Worcester City Manager Michael V. O'Brien, and a host of local government officials, area business leaders, World Energy employees, and other friends and partners of the Company. (Please see accompanying photograph).
Demonstrating its long-term commitment to the City of Worcester, World Energy has executed a 10-year lease for the 20th floor of 100 Front Street, a cornerstone of Worcester's CitySquare. World Energy currently occupies 12,000 square feet, employing nearly 50 employees locally and 100 nationally, a milestone for the Company, up from 58 just one year ago.
"We are delighted World Energy has made Worcester its long-term corporate and operational headquarters and proud to have one of Massachusetts' top and fastest growing energy companies based here in our great city," said Mayor Joseph Petty, City of Worcester. "World Energy has been a valuable partner to Worcester over the years. Not only has it helped the City and other area businesses and institutions get more for their energy dollar, but it has also been a leader in hiring locally and recruiting from our many universities, giving many people an opportunity to make a career in energy and a home in Worcester."
Added Michael V. O'Brien, City Manager, Worcester: "Working together, we have forged a productive partnership with World Energy focused on delivering value to the citizens of Worcester. We congratulate World Energy on its new CitySquare location and look forward to continued success in our fruitful collaboration."
Added U.S. Representative Jim McGovern: "World Energy's successes on both the local and national stage, with customers ranging from the Regional Greenhouse Gas Initiative to the U.S. General Services Administration, the Commonwealth of Massachusetts and Fortune 500 companies around the country, have established it as a leader in energy management while also advancing Massachusetts' reputation as a premier home of innovative businesses."
Founded in Worcester, World Energy has been headquartered in the City for over ten years. Last year the Company acquired three firms, cementing its leadership in the energy auction space, while expanding its product offering to include energy efficiency and services for small and medium sized businesses. In its most recent earnings report, dated August 2, 2012, World Energy announced first half revenue growth of 69% over the prior six month period in 2011, earning $0.04 per share.
"As someone who joined World Energy when we were just a small crew of overachievers in the basement of the old Worcester police station, it is humbling -- and inspiring -- to contemplate all we have accomplished together," said Phil Adams, CEO, World Energy Solutions. "The City of Worcester has played an important role in our success every step of the way, providing an attractive place to do business that is centrally located, affordable and rich in talent.
"Today, speaking from the vantage point of our beautiful new class A office space atop 100 Front Street at City Square, and fresh off record financial results and the hiring of our 100th employee, I couldn't be prouder of our Company or more excited about our prospects as we usher in a new era of growth and achievement at World Energy."
About World Energy Solutions, Inc.
World Energy Solutions, Inc. (XWES) is an energy management services firm that brings together the passion, processes and technologies to take the complexity out of energy management and turn it into bottom-line impact for the businesses, institutions and governments we serve. To date, the Company has transacted more than $30 billion in energy, demand response and environmental commodities on behalf of its customers, creating more than $1 billion in value for them. World Energy is also a leader in the global carbon market, where its World Energy Exchange® supports the ground-breaking Regional Greenhouse Gas Initiative's (RGGI) cap and trade program for CO2 emissions. For more information, please visit www.worldenergy.com.
This press release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to the following: our revenue and backlog are dependent on actual future energy purchases pursuant to completed procurements; the demand for our services is affected by changes in regulated prices or cyclicality or volatility in competitive market prices for energy; and there are factors outside our control that affect transaction volume in the electricity market. Additional risk factors are identified in our Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission.
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