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Technology Stocks : Distributed Energy Systems Corp. (DESC) -- Ignore unavailable to you. Want to Upgrade?

To: Rutgers who wrote (70)	11/1/2005 8:36:05 AM
From: Rutgers	Respond to of 122

DESC's Northern Power to Maintain 11 DTE Energy Technologies Sites Tuesday November 1, 8:30 am ET Multi-Million Dollar Agreement to Provide PowerAdvantage(TM) O&M Service to Distributed Generation Customers biz.yahoo.com WAITSFIELD, Vt., Nov. 1 /PRNewswire-FirstCall/ -- Northern Power Systems, Inc., a subsidiary of Distributed Energy Systems Corp. (Nasdaq: DESC - News), has acquired the rights and obligations related to ten on-site power system maintenance agreements from DTE Energy Technologies, a subsidiary of DTE Energy (NYSE: DTE - News). The commitments, covering 11 distributed generation (DG) sites, range from one to nine years, and include maintenance agreements for seven DG customers in California and New York. The 11 DG service sites include three college campuses, three manufacturing facilities, four "big box" retail store locations and a large hospital. Northern Power, which designs, installs and services similar cogeneration systems in California and New York, won the DTE Energy Technologies assignment over a number of other qualified service companies. The assumption of these service agreements marks the continued expansion of the company's operations and maintenance program. The ten agreements bring Northern Power's recently formed PowerAdvantage(TM) service business to a total of 46 distributed generation systems being maintained on both coasts, representing over 28 megawatts and generating an estimated $17.4 million in recurring revenue for the company between now and 2015. "The selection of Northern Power was based on reputation as well as the financial components of the transaction," said Grady Nance, vice president of operations for DTE Energy Technologies. "We expect our customers will be well served by Northern Power and will receive the long term, high level of support and expertise they have come to expect." David Hemingway, service manager of the PowerAdvantage program said, "These new long-term maintenance contracts reflect the continuing momentum and rapid expansion of our services business, launched earlier this year. The customers are located in our key East and West Coast markets, where we have already developed a strong group of field offices and expert technicians to support these critical systems." Darren Jamison, president of Northern Power added, "This agreement also gives the PowerAdvantage program an opportunity to establish positive and lasting relationships with these key clients beyond the life of the acquired contracts, through possible additional projects as well as extensions of the existing service agreement."