WORCESTER, Mass., Sept. 16, 2014 (GLOBE NEWSWIRE) -- World Energy Solutions, Inc. (Nasdaq:XWES), a leading energy management firm, today announced it has helped Phillips Academy, a world-renowned college preparatory secondary school, successfully procure over 26 million kWh of electricity to power its campus.
Through a series of competitive online auctions run on July 25, 2014 over the cloud-based World Energy Exchange®, Phillips Academy tested 12 different terms and products for 80 accounts, including 70 residential buildings. Working with World Energy, Phillips Academy received more than 90 bids from seven electricity suppliers over the course of two hours, ultimately securing a competitive fixed rate. Delivery under the new 24-month contract begins in December 2014.
Since entering its prior electricity contract, Phillips Academy had seen energy prices rise significantly, making it important for the institution to use the best process possible to procure its power, school officials said. By leveraging World Energy's auction-based approach, Phillips Academy maximized supplier participation in its procurement event and gained valuable visibility into market pricing across products and terms that enabled it to select a contract that delivered the most value to its campus.
"As an alumnus of Phillips Academy, I am delighted by my alma mater's choice to source electricity through our online platform that promotes competition and price discovery," said Phil Adams, CEO of World Energy Solutions. "Today, more than 100 secondary schools, colleges and universities enjoy the advantages of World Energy's approach to energy procurement, something we call 'Procurement 2.0,' which helps institutions gain control of the energy buying process and extract the best available price from the competitive market."
About Phillips Academy
One of the nation's first independent secondary schools, Phillips Academy – widely known as Andover – stands ready to meet and expand the minds and passions of some of the brightest students in the nation and the world. With 220 faculty members, 300 course offerings, and more than 100 clubs, sports and other programming, Andover offers a broad and deep residential college-preparatory experience. Offering admission on a need-blind basis, Andover seeks to help young people grow intellectually, artistically, athletically and morally. Youth from every quarter from nearly every state and 40 countries study with teachers and scholars who are also coaches, house counselors, advisors, mentors and inspirations. For more information, please see: www.andover.edu.
About World Energy Solutions, Inc.
World Energy Solutions, Inc. (Nasdaq:XWES) is an energy technology and services firm transforming energy procurement and energy efficiency for commercial, industrial, institutional, government and utility customers. The Company's award-winning, cloud-based auction platform, the World Energy Exchange®, its team of energy experts, and a network of more than 500 suppliers and 300 channel partners form an ecosystem that enables customers to minimize their total cost of energy. To date, World Energy has transacted over $45 billion in energy, demand response and environmental commodities, creating more than $3 billion in value for its customers. World Energy is also a leader in the global carbon market, where its World Energy Exchange® supports the Regional Greenhouse Gas Initiative (RGGI), the first mandatory market-based regulatory program in the U.S. to reduce greenhouse gas emissions. For more information, please visit www.worldenergy.com.
This press release contains forward-looking statements which involve risk and uncertainties. The words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "forecasts," "projects," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company has based these forward-looking statements on its current expectations and projections about future events, including without limitation, its expectations of backlog and energy prices, and its expectations in growth in revenue, operating results, operating margins, and free cash flow. Although the Company believes that the expectations underlying any of its forward-looking statements are reasonable, these expectations may prove to be incorrect and all of these statements are subject to risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions, projections or expectations prove incorrect, actual results, performance or financial condition may vary materially and adversely from those anticipated, estimated or expected. Such risks and uncertainties include, but are not limited to the following: the Company's revenue and backlog are dependent on actual future energy purchases pursuant to completed procurements; the demand for the Company's services is affected by changes in regulated prices or cyclicality or volatility in competitive market prices for energy; the potential impact on the Company's historical and prospective financial results of a change in accounting policy may negatively impact its stock price; and other factors outside the Company's control that affect transaction volume in the electricity market. Additional risk factors are identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 and subsequent reports filed with the Securities and Exchange Commission. The forward-looking statements made in this press release are made as at the date hereof. Readers are cautioned not to place undue reliance on forward-looking statements as actual results could differ materially from the forward-looking statements expressed in this press release. Forward-looking statements are provided for the purpose of presenting information about management's current expectations relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, other than as required by securities laws.