GridSense, an Acorn Energy Company, Announces the sale of the BushingIQ®
product line to WEIDMANN Diagnostic Solutions
SACRAMENTO, Calif. and ST. JOHNSBURY, Vt., Dec. 19, 2013
SACRAMENTO, Calif.and ST. JOHNSBURY, Vt., Dec.19, 2013 /PRNewswire/
--GridSense Inc., an Acorn Energy company (NASDAQ:ACFN), announced today the
completion of the sale of its BushingIQ^® product line to WEIDMANN Diagnostic
Solutions Inc. (a subsidiary of WICOR Holding AG).
BushingIQ^® measures a transformer's bushing insulation power factor
continuously, under load and in all weather conditions directly on the
bushing. It also provides accurate and early indication of incipient bushing
failure. It not only determines internal insulation integrity, but also
identifies external issues that can affect performance, such as
pollution-related surface contamination.
"The BushingIQ^® product line is an excellent fit for WEIDMANN'S growing
portfolio of power transformer monitoring systems. Bushings are a major cause
of catastrophic transformer failure and should be a part of an overall
monitoring strategy for large power and sub-station class assets. We believe
the BushingIQ^® technology is the best available in the industry and we look
forward to continued success with the product line," said Jeff Goolgasian,
President of WEIDMANN Diagnostic Solutions Inc..
"Divesting BushingIQ^® allows GridSense to streamline its manufacturing
operations and concentrate on our core suite of products aimed primarily at
the distribution transformer segment. This transaction is a true benefit for
both organizations," stated Joe Musanti, President of GridSense.
WEIDMANN will directly produce the product under the InsuLogix® B brand name
and assumes all warranty, customer and technical support activities for
GridSense is a smart grid technology company dedicated to providing
innovative, practical and cost effective monitoring solutions to the electric
power industry. Utilizing in-depth industry knowledge and understanding of
utility requirements, we provide technology and services that help the
industry address the limitations of old and aging infrastructure. We apply
experience and technical know-how with new insight and ideas to create
intelligent, reliable and leading edge technologies that add value to our
customers and shape the future of the modern electrical power system. For more
information visit (www.gridsense.com).
About Acorn Energy, Inc.
Acorn Energy, Inc. is a holding company whose four portfolio companies help
their customers achieve greater productivity, reliability, security, and
efficiency—factors which can lead to greater profitability.
GridSense™provides monitoring for all critical points along the electricity
delivery system. OmniMetrix™remotely monitors emergency back-up power
generation systems to increase their reliability. US Seismic supplies fiber
optic sensing solutions to increase oil/gas production and lower costs. DSIT
provides security solutions from underwater threats to naval and marine based
energy assets. For more information visit:http://www.acornenergy.com.
The WICOR (WEIDMANN International Corporation) Group develops, produces, and
distributes high-voltage insulation materials and components as well as
sophisticated diagnostics, oil testing services, and sensors and monitors for
transformers (Business Area Electrical Technology), and sophisticated
injection molded plastics applications for automotive, industrial and medical
technology customers (Business Area Plastics Technology). The WICOR Group is
active worldwide in more than 40 locations and employs a staff of 3,750. The
headquarters of the WICOR Group is in Rapperswil-Jona, Switzerland. For more
information contact: WICOR Americas Inc. Jurg Brunner President and CEO, One
Gordon Mills Way, P.O. Box 903, St. Johnsbury, VT 05819-0903 USA Phone:
802-748-8106 E-mail: firstname.lastname@example.org www.weidmann-electrical.com
This press release includes forward-looking statements, which are subject to
risks and uncertainties. There is no assurance that Acorn Energy, Inc. or its
operating companies will continue to grow their respective businesses, or that
any of them will meet the expectations or execute the initiatives described or
referred to above. A complete discussion of the risks and uncertainties which
may affect Acorn Energy's business generally and the businesses of its
subsidiaries is included in "Risk Factors" in the Company's Form 10-Q for the
third quarter of 2013 filed by the Company with the Securities and Exchange
VP Business Development
Tel: +1 302-245-8743
Investor & Press Contact:
F. Kent Leacock
Tel: +1 925-698-1431
SOURCE Acorn Energy, Inc.
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