Microfield Group Applauds Landmark Federal Energy Independence Act to Be Signed into Legislation Today
Nation’s First Government Mandated Action Plan on Demand Response Expected to Accelerate Growth across Energy Automation Industry
KEY HIGHLIGHTS OF ENERGY ACT:
- U.S. Congress passes comprehensive legislation that emphasizes commitment to smart grid, demand response technologies
- Energy Act includes provision requiring all 50 states to consider and promote energy efficiency through demand response technologies
- Provides Significant Validation for Company’s Next Generation Automated Technology
PORTLAND, OR–(BUSINESS WIRE)– Microfield Group, Inc. (”Microfield”) (OTCBB: MICG - News) an innovator in the demand-response marketplace, announced today that the U.S. Congress has passed the sweeping Energy Independence and Security Act of 2007 that is expected to accelerate the proliferation of demand response services to every state in the nation. The Company, which has already been selected to be the primary provider of demand response services by the Commonwealth of Virginia, is in an advantageous position to capitalize on this landmark bill with a range of industry-first energy automation technologies.
The energy act is expected to be signed into legislation today by President George W. Bush.
“This energy bill ushers in a new era in the history of American energy policy that we believe will provide significant growth opportunities for EnergyConnect,” said Rodney M. Boucher, Chief Executive Officer of Microfield Group. “We could not be more pleased with the passing of this bill and look forward to using our milestone agreement with Virginia as the template to expand our reach to every state in the country.”
The energy bill enacts the creation of a smart grid/demand response network as a national policy. It also creates a smart grid task force to report on the development of this policy within the year. Additionally, it establishes a smart grid advisory panel to spearhead the development of new smart grid technologies, such as those offered by EnergyConnect. It also authorizes $100 million to support smart grid technology research and development.
About EnergyConnect, Inc.
EnergyConnect, Inc. is the leading provider of Energy Automation services. More than just demand response, EnergyConnect’s Energy Automation solutions proactively engage energy market participants, Independent System Operators, Regional Transmission Organizations and Electric Utilities. EnergyConnect is on the web at www.EnergyConnectInc.com.
About Microfield Group, Inc.
Microfield Group is the first company to deploy market-disruptive energy automation technology in the demand response marketplace. Utilizing an industry-leading intellectual property portfolio, The Company’s EnergyConnect platform and technology enables large consumers of energy — such as buildings, campuses and factories — to exploit previously untapped revenue opportunities in the wholesale market for electricity. EnergyConnect products transform passive consumers of energy into active producers and participants to deliver the cleanest, most efficient and lowest cost supply of electric energy available.
Microfield’s senior management team has identified an initial $12 billion sector of the $300 billion market for electricity in the United States. This virtually untapped target market, consisting of large commercial, industrial and governmental energy consumers, is located within 20 of the nation’s largest metropolitan centers.
EnergyConnect’s real time auto-response technology allows demand response participants to capitalize on hourly price fluctuations and daily commitments in the electricity supply, as well as emergency response services to improve grid economics and maintain grid reliability. In addition to these previously unavailable revenues streams, EnergyConnect’s industry leading technology allows the company to meet the unique needs of each participant, resulting in a significantly larger target market with ample opportunities for growth.
For investor-specific information and resources, including news and stock quotes, please visit www.trilogy-capital.com/autoir/micg_autoir.html.
Forward-Looking Statements
This press release includes statements that may constitute “forward-looking” statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause or contribute to such differences that include, but are not limited to, competitive factors, the success of new products in the marketplace, dependence upon third party vendors, and the ability to obtain financing. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
Contact:
Microfield Group, Inc.
Randy Reed, Chief Financial Officer, 503-419-3364
or
Trilogy Capital Partners
Financial Communications
Ryon Harms, 800-592-6067
ryon@trilogy-capital.com
Posted on Wednesday, December 19th, 2007 - Press Releases