- PR Newswire•9 days ago
GREENVALE, N.Y., Oct. 17, 2016 /PRNewswire/ -- Power Efficiency Corporation (OTC PINK: PEFF), has previously announced that it had participated in the Brooklyn Queens Demand Management Auction (BQDM), held by Con Edison, Inc. July 27 - 28, 2016 and won a bid to provide 12 Megawatts (MW) of Demand Response Energy in the summer months of 2017 and 2018. Also as previously announced, participants in the Consolidated Edison program are required to enter into certain contractual agreements with Consolidated Edison which set forth the parameters of the demand reduction requirements which will be accepted by Consolidated Edison, and Power Efficiency Corporation, as with all participants, was required to deliver a standby letter of credit to support its contract with Consolidated Edison. Power Efficiency has entered into a formal agreement and arrangement with a project and financial partner, a newly formed special purpose vehicle which has provided approximately half of the required $793,000 of funds to back the issuance of the letter of credit in favor of Consolidated Edison. Power Efficiency Corporation raised the remaining half with funds obtained in a private placement offering of notes and shares of common stock, and certain management members participated in the funding. As a result, the requirements for the letter of credit under the contract with Consolidated Edison have been satisfied and Power Efficiency Corporation is working with its partner to identify sites and procure equipment to satisfy the 2017 BDQM contract requirements.
- Marketwired•2 months ago
Power Efficiency Corporation announced that it has filed a registration statement on Friday, August 12, 2016, with the Securities and Exchange Commission in order to become a reporting company under the ...
- Marketwired•3 months ago
Power Efficiency Corporation , a one-stop solutions provider to the grid stability problems, as announced in a press release by Consolidated Edison, Inc. , participated in the Brooklyn Queens Demand Management ...
Power Efficiency Corp. (PEFF)
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