Acorn Energy Inc. (OTCMKTS:ACFN) Stock In Focus After Recent News
Power Solutions Specialists TX (PSS), has a totally new approach to the generator dealer market. Established in 2020, the company offers factory-level support, training and service to all purchasing dealers. It provides excellent customer service and has the ability to fulfill all stand-by generator needs of its customers, including turnkey installation and maintenance. PSS is a distributor for Briggs and Stratton and provides installation and maintenance services, as well as parts and maintenance kits.
Market Stats
On Monday, ACFN stock gained 6% to $0.53 with 1.3K shares, compared to its average volume of 32K shares. The stock moved within a range of $0.5300 – 0.5799 after opening trading at $0.5799.
Power Solutions Specialists TX Residential Standby Generator Customers Can Benefit by Providing Grid Relief to ERCOT via Innovative OmniMetrix™ Partnership
Power Solutions Specialists TX (PSS) and OmniMetrix, LLC, a subsidiary of Acorn Energy, Inc. (OTCMKTS:ACFN) announced an innovative partnership on July 11, 2022. This collaboration will help homeowners that install next-generation standby generators to earn compensation for offering grid relief, known as demand response, to the Electric Reliability Council of Texas (ERCOT).
OmniMetrix, which provides IoT remote monitoring and control technology that is necessary to enable this capability, partnered with PSS in 2021 to provide monitoring services to Briggs and Stratton backup power generators sold by PSS. Therefore, PSS can set up standby generators at a much lower price point for residential customers that participate in the ERCOT demand response program. Homeowners are ensured of consistent power during weather disruptions, along with significant financial benefits. They are compensated just for signing up and possibly supplying grid offload by running their generators for up to 12 hours per year.
OmniMetrix and its partner, CPower Energy Management (a leading, national energy solutions provider), came up with this program. Across the U.S., CPower manages more than 5.3 GW of capacity for nearly 2,000 customers at more than 12,000 sites to help the grid when and where it is required most, through its demand response solutions.
CPower’s demand response solutions, combined with OmniMetrix’s remote control capabilities, allow the shifting of electricity production to PSS’s top-notch residential standby generators for a few hours each year. This is done when there is extreme pressure on the grid or ERCOT energy pricing is high, without the homeowner needing to take any action. Remote monitoring and control technology ensures generators operate only when needed, so no one will notice when their electricity load is moved from the grid to their generator.
Brian Northway, CEO of PSS, stated that teaming up with OmniMetrix and CPower, gives them an opportunity to offer a cutting-edge demand response solution that makes the standby generators a more pocket-friendly option, while also supporting the stability of the grid for their neighbors and community. Dan Hess, Vice President of Sales at OmniMetrix, is similarly thrilled to develop a relationship with PSS to bring more value to customers via demand response. The program gives access to a competitively priced, fully managed, and reliable generator to residential customers, while they agree to help the grid.
Key Quote
Brian Northway, CEO of PSS, commented, “We know that Texans are concerned about their family’s well-being and comfort being impacted by weather events that can cause prolonged outages in their homes. Working with OmniMetrix and CPower, we can offer this demand response solution that makes our standby generators a more affordable option, while also supporting the stability of the grid for our neighbors and community.”
Traders Corner
ACFN stock is trading above the 20-Day and 50-Day Moving averages of $0.51 and $0.48 respectively. However, the stock is trading below the 200-Day moving average of $0.55.
