STAMFORD, CT--(Marketwired - November 09, 2015) - Revolution Lighting Technologies (RVLT), a leader in advanced LED lighting technology solutions, today announced that its division, Tri-State LED, secured an agreement for $1.2 million with the Parsippany-Troy Hills School District, as well as a $976,000 contract in collaboration with RVLT's division, Value Lighting, to supply its G3 LED tubes for the New Rochelle Public School System.
The $1.2 million agreement with the Parsippany-Troy Hills School District will supply its G3 LED tubes in 14 school structures throughout the district, located in Northeastern New Jersey, 28 miles west of New York City. The agreement with the City School District of New Rochelle for $976,000 will supply G3 LED tubes in school classrooms, hallways, and gyms, in addition to exterior fixtures.
In 2015 alone, Revolution Lighting has supplied its G3 LED tube technology across approximately 23 public school systems within New Jersey, New York and Connecticut. The continued implementation of Revolution Lighting Technologies LED tubes across public schools adds to the significant growth already achieved this year by RVLT, as the Company previously announced in August that it had installed more than 500,000 G3 LED tubes in educational facilities.
According to the Department of Energy, lighting is a significant consumer of energy use in K-12 schools, second only to space heating. As cited throughout a US Environmental Protection Agency report, school buildings are often able to achieve upwards of 40% energy cost savings through lighting installations and retrofits. With approximately 98,000 public schools nationwide, the market for energy efficient lighting solutions is significant, and represents a tremendous market opportunity for Revolution Lighting Technologies and its G3 LED tubes.
"The energy savings improvement plan (ESIP) and installation of Revolution Lighting Technologies' LED lighting solutions will provide tremendous benefit to the school district," said David Corso, Assistant Superintendent for Business/Chief Finance and Operations Officer/Board Secretary, Parsippany-Troy Hills School District. "This program will create a significant improvement in energy efficiency to reduce operating costs, while ensuring high quality learning environments for our students and teachers."
"Revolution Lighting Technologies, through the hard work and collaboration between our divisions, continues to be the premier provider of LED lighting solutions among public educational facilities," said Robert V. LaPenta, CEO and Chairman of Revolution Lighting. "Public educational institutions continue to expand adoption of LED lighting solutions to reduce operating expenses through improved energy efficiency while ensuring high quality learning environments for its teachers and students. We expect Revolution Lighting to further establish itself as an industry leader, powering the growth of this sector as lighting retrofit opportunities increase throughout New York, New Jersey, and Connecticut."
Tri-State LED, a division of RVLT, played a central role in developing and supporting each retrofit project in New Jersey, while collaborating with another RVLT division, Atlanta-based Value Lighting, to secure the agreement to provide the G3 LED tubes for the lighting retrofit at New Rochelle public school system. This collaboration among its divisions demonstrates RVLT's vision to acquire revenue-producing companies with extensive industry experience, relationships and market leading services to drive future growth.
For more information on Revolution Lighting Technologies, please visit www.rvlti.com.
About Revolution Lighting Technologies, Inc.
Revolution Lighting Technologies, Inc. is a leader in the design, manufacture, marketing, and sale of LED lighting solutions focusing on the industrial, commercial and government markets in the United States, Canada, and internationally. Through advanced technology and aggressive new product development, Revolution Lighting has created an innovative, multi-brand, lighting company that offers a comprehensive advanced product platform. The company goes to market through its Seesmart brand, which designs, engineers and manufactures an extensive line of high-quality interior and exterior LED lamps and fixtures; Lighting Integration Technologies Inc., which sells and installs Seesmart products; Lumificient, which supplies LED illumination for the signage industry; Relume Technologies, a leading manufacturer of outdoor LED products; Sentinel, a revolutionary, patented and licensed monitoring and smart grid control system for outdoor lighting applications; and Energy Source, a full service turnkey solutions provider and installer of LED technology. Revolution Lighting Technologies markets and distributes its products through a network of independent sales representatives and distributors, as well as through energy savings companies and national accounts. Revolution Lighting Technologies trades on the NASDAQ under the ticker RVLT. For additional information, please visit www.rvlti.com.