Shares of Servidyne (NASDAQ:SERV) jumped nearly 43 percent today after announcing that it has started work on its $ 5.8 million Georgia project. In mid-day trading, shares of Servidyne had given back some ground to $ 2.81 per share on heavy volume of nearly 300,000 shares compared to its average daily volume of only 4,000 shares. This lightly traded stock has a market cap. of just over $ 10 million and a 52-week range between $ 1.53 and $ 7.24.
Servidyne announced that it is starting work on an approximately $ 5.8 million design-build retro-commissioning (RCx) project for the Georgia Department of Corrections (GDC), under a contract with the Georgia Environmental Finance Authority (GEFA). The project is the second largest of the 135 energy efficiency projects being coordinated by GEFA as a result of the State’s receipt of $ 63.1 million through the American Recovery and Reinvestment Act (ARRA). Upon its completion, the State estimates that this RCx project will save Georgia’s taxpayers more than $ 2 million a year in avoided energy costs.
Servidyne’s engineers will immediately commence the process of auditing more than 170 buildings at 60 GDC locations in order to identify and prioritize the energy savings opportunities that can be achieved through retro-commissioning. Servidyne will then perform the energy savings work at the approximately 5.64 million square feet of GDC facilities over the next 12 to 15 months, with the assistance of local contractors and other small businesses.
“Servidyne was awarded this project in August, as we reported in our recent SEC Form 10-Q Quarterly Report, and it represents a significant contract for our Company on many levels,” noted Alan R.
Abrams, Servidyne’s Chairman and CEO. “First and foremost, it is a great honor and opportunity, and we are pleased to have been selected by GEFA based on our corporate experience and expertise. It also is an important and ambitious endeavor for our home state, and we believe it represents one of the nation’s largest retro-commissioning projects currently underway. This energy savings project will employ dozens of contractors, and should benefit a number of small business owners throughout the State.”
Retro-commissioning is the systematic process of assessing and then improving the overall energy efficiency of existing building systems. Upgrades and changes implemented during RCx projects may include optimizing building controls, restoring building equipment and systems to their original settings, optimizing HVAC systems, and reducing facility water consumption. The focus of RCx is to identify low cost energy efficiency improvement opportunities that offer short and simple financial paybacks.
Established in 1925, Servidyne, Inc. is headquartered in Atlanta, Georgia, and operates globally through its wholly–owned subsidiaries. The Company provides comprehensive energy efficiency and demand response solutions, sustainability programs, and other products and services that significantly enhance the operating and financial performance of existing buildings.
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