Titan Energy Worldwide, Inc. released information today that showed $350,000 was generated in service revenues for the month of November, 2010. This total represents the second highest revenue for a single month in the Company’s history. The culmination of successes and increase in service revenues on a regular basis has Titan Energy management projecting that service revenues will exceed $3 million for 2010, another milestone for the leader in power generation products and intelligent energy management services. In fact, the Company estimates service revenues to reach $3.5 million for the year. A service sale is distinguished as a multi-year contract with a customer for service and maintenance of their onsite power generators.
The news announced today comes on the heels of a press release last week in which Titan announced the delivery of a 3 megawatt power generation system to a major casino and hotel complex located in North Dakota, an order worth more than $500,000. The order consisted of three one megawatt Gemini generators manufactured by Generac Power Systems, and 5 automatic transfer switches from ASCO and will provide full load back up power to the casino in case of a grid failure or natural disaster, where a power outage. Given the sheer nature of the casino business, the systems provided and serviced by Titan must meet the most stringent of criteria as any power outage can potentially result in millions of dollars of losses per hour.
Titan is growing rapidly as the Company’s name is becoming synonymous with quality and high standards in the multi-billion dollar onsite power generation industry. Titan has approximately one thousand clients at this point, including national accounts with major corporations. In our ever-evolving digital world where power requirements are at all-time highs, there has been a great deal of industry attention turned to grid systems and onsite power generation systems. It is not just casinos that stand to lose millions of dollars during a power outage, but countless companies in countless industries. Our grid systems are pushing maximum capacity, which further increases the need for back-up power generation systems on all size scales. Titan Energy is there to meet these unmet needs and the revenue numbers are reflecting the growth.
Even with the new levels of revenues, Titan has just begun to tap the market potential. Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide, noted, “There is an estimated 170 gigawatts of onsite power generation residing in as many as 500,000 industrial generators around the nation, enough power to light up several major states. Many of these power systems are poorly or inadequately maintained. Titan’s services will provide automation, control, and reporting capabilities never before seen in this industry. The result will be a powerful new way to manage onsite power generation, further establishing Titan as a leader in energy management.”
More information on Titan Energy Worldwide and its services can be found on the Company’s website at www.titanenergy.com