Noveda Technologies Awarded Funding Under New Jersey's Clean Energy Manufacturing Fund

November 2, 2009

$3.3 Million Grant Will Help Company Expand, Create Green Jobs and Support NJ's Clean Energy Goals

BRANCHBURG, N.J., Nov. 2 /PRNewswire/ -- Noveda Technologies, the leader in web-based energy monitoring systems, today announced that it has received $3.3 million in funding from the New Jersey Board of Public Utilities (BPU) under the state's new Clean Energy Manufacturing Fund (CEMF). The grant will support Noveda's rapid growth in the green technology sector.

Noveda is the second company to receive a CEMF award. The program, specifically designed to support companies looking to site or materially expand a Class I renewable energy or energy-efficient product manufacturing facility in New Jersey, will bolster the state's national leadership role in establishing a green economy by ensuring companies have the resources they need to sustain, grow and prosper while addressing the goals of Governor Corzine's Energy Master Plan.

Noveda Technologies received the funding to support the purchase of equipment and machinery and to make leasehold improvements. Specifically, Noveda will be able to increase production of its SmartSource(TM) metering and data collection units. This project is expected to result in total public/private investment of more than $6.6 million, and Noveda expects to expand from its current staff of 17 to 100 by 2013.

"Noveda is excited to receive this funding under CEMF. With the support of the state, we look forward to providing green jobs to New Jersey residents and continuing to help our customers reduce their energy costs and carbon footprints," said Edward Brzezowski, President and Founder of Noveda.

Founded in 2007, Noveda Technologies manufactures equipment that monitors a building's energy, mechanical and environmental systems in real-time. Customers use the monitoring equipment to identify opportunities to reduce energy use through low- and no-cost operations and maintenance improvements. For example, the Liberty Science Center in Newark, NJ, reduced its annual energy consumption by 42 percent by using the Noveda system. Noveda is currently monitoring over 150 buildings in the United States and Asia, including major New Jersey sites such as: the Newark Public School System, Morristown's Wastewater Treatment Plant, and the largest wind farm on the east coast at the Atlantic County Utility Authority.

"Noveda has had tremendous early stage success and the CEMF funding will allow us to double the size of our company in the coming year," said Kelly Sickles, Chief Financial Officer for Noveda. "We're grateful for the funding and are committed to helping New Jersey reach its energy reduction goals."

"Energy efficiency reduces utility bills for the ratepayer and benefits all of us in the state by reducing infrastructure costs, air pollution and greenhouse gas emissions," said BPU President Jeanne M. Fox in announcing the award. "That is why energy efficiency is such an integral part of Governor Corzine's comprehensive Energy Master Plan."

About Noveda Technologies:

Founded in 2007, award-winning Noveda Technologies is an innovative leader in real-time energy monitoring and visualization for conventional and renewable energy systems. Noveda's web-based software and services provide solutions to help optimize building energy efficiency, lower energy costs and reduce carbon footprint. The company's diverse client base includes commercial, government, nonprofit and educational institutions. For more information, visit www.noveda.com or call 908-534-8855.

SOURCE Noveda Technologies, Inc.