Revolution Lighting (RVLT) Announces Receipt of $2.7M of Public Education Facility LED Lighting Contracts
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Revolution Lighting Technologies, Inc. (Nasdaq: RVLT) announced that it has recently been awarded LED lighting contracts within public education facilities totaling $2.7M. Recent awards include 26 schools within the Providence, Rhode Island school system, as well as multiple school projects within New Jersey, New York, and Connecticut.
Revolution Lighting operating divisions were key components in securing and executing these projects; Energy Source led the work for the Providence, RI school system, while Tri-State LED was responsible for the projects in NJ, NY, and CT. This follows an award of $2.25M for public education work in NJ and Pennsylvania announced earlier in 2016.
The 26 school LED lighting retrofit projects within Providence, RI, includes the installation of more than 10,000 of Revolution Lighting's LED tubes throughout various areas including hallways, classrooms, administrative areas, support spaces, and cafeterias. Exterior applications will also be addressed including parking, pedestrian walkways, security and emergency lighting. The incorporation of LED lighting will improve light output within classrooms to provide higher quality learning environments for students, while increasing lighting efficiency by 60%. With LED lighting lasting three times longer than conventional fluorescent lighting, and the Company's market leading 10-year warranty for its LED tube products, Providence's schools will experience significant long-term operational and maintenance cost savings.
"As the leading LED provider among public education, we are excited to partner with our latest schools to incorporate our high efficiency LED lighting solutions," said Robert V. LaPenta, CEO and Chairman of Revolution Lighting. "These projects demonstrate Revolution Lighting's unique expertise and continued success, partnering with schools to maximize economic performance, exceed environmental initiatives and enhance safety and well-being for students and faculty."
These projects continue Revolution Lighting's success within the education sector, as the Company has now completed more than $13.3M of work in 2016. This includes completed LED retrofits for Ideal Academy charter school, Lehman College and Des Moines University. This market penetration is expected to continue as both primary and higher educational facilities aim to replace antiquated lighting systems with energy efficient LED solutions, capitalizing on available incentives and low-interest financing opportunities to significantly reduce project payback.
According to the Department of Energy, lighting is the second largest source of energy use in K-12 schools, behind only space heating and cooling. As cited throughout a U.S. Environmental Protection Agency report, school buildings are often able to achieve upwards of greater than 40% energy cost savings through lighting installations and retrofits. With approximately 98,000 public schools and 4,600 colleges and universities nationwide, energy efficient lighting solutions represent a tremendous market opportunity for Revolution Lighting.
Please visit our website at www.rvlti.com or contact 1-877-578-2536 (firstname.lastname@example.org) for more information about how Revolution Lighting can support your lighting retrofit project.
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