Viridity Energy Congratulates Con Edison on Smart Grid Stimulus Funding

CONSHOHOCKEN, Penn.--(BUSINESS WIRE)--Viridity Energy announced that it will work with Consolidated Edison, Inc. (Con Edison) on its smart grid project after the U.S. Department of Energy (DOE) awarded Con Edison $45 million in smart grid stimulus funding. Viridity Energy will work with Con Edison and the New York City Economic Development Corporation to optimize advanced building technologies and solar generation from City-owned properties into clean, virtual power generation.

“Viridity Energy is proud to be associated with Con Edison’s smart grid demonstration program award and we applaud President Obama, Secretary Chu, DOE and Congress for their foresight and forward-thinking investment in a clean, efficient American electric grid”

Viridity Energy transforms large energy consumers into 24/7 virtual power plants through its VPower™ System, which increases energy efficiency, decreases energy costs and creates continuous revenue that enables the attainment of economic and sustainability goals. Viridity Energy submitted grant applications with several project partners in September and has already received smart grid stimulus funding as a project partner with PECO through a smart grid investment grant announced on October 27, 2009.

“Viridity Energy is proud to be associated with Con Edison’s smart grid demonstration program award and we applaud President Obama, Secretary Chu, DOE and Congress for their foresight and forward-thinking investment in a clean, efficient American electric grid,” said Audrey Zibelman, President and CEO of Viridity Energy. “We commend Con Edison for the leadership and innovation it has shown, both of which are essential when dealing with today’s energy and grid challenges. In addition, we are thrilled to work with the New York City Economic Development Corporation on this demonstration project.”

Viridity’s VPower System provides customers with access to an advanced software platform that evaluates the customer’s overall energy load and optimizes their energy usage on a 24/7 basis. The goal is to integrate and aggregate customers’ load, storage and on-site generation resources into virtual generation that can be used as a reliable resource in the wholesale energy markets and on the grid. With the VPower System, building owners are able to continuously and automatically optimize their systems with the assistance of day-ahead schedules and real time re-optimization. VPower enhances economic value of building resources by increasing the amount of hours that the owner can achieve savings and revenues from the power markets.

About Viridity Energy

Viridity Energy provides large energy consumers with powerful tools to increase energy efficiency and decrease energy costs. Viridity’s unique and flexible VPower™ platform enables customers to dynamically shift and balance energy load, integrate advanced energy technologies and convert existing energy investments into new revenue streams while achieving sustainability goals and contributing to the greater good by stabilizing energy price fluctuations. Headquartered in Conshohocken, Pennsylvania, Viridity was founded in 2008 by former executives of PJM Interconnection. For more information visit www.viridityenergy.com.