Acorn Energy Announces Plan to Acquire Software Innovation, Developer of
Coreworx™
Acorn to extend its reach in intelligent energy infrastructure
Acorn Energy, Inc. (NASDAQ:ACFN)
today announced that it has entered into a letter of intent to acquire Software
Innovation, Inc. of Waterloo, Ontario. Software Innovation is the developer of Coreworx™ a world-leading software tool for capital project collaboration. Coreworx
is currently utilized to manage the
construction of hundreds of major capital projects, including offshore oil
wells, refineries, mining operations and power plants around the world. The contemplated acquisition is part of
Acorn’s goal of improving the productivity of global energy infrastructure. Although terms of the letter of intent were
not disclosed, completion of the transaction remains subject to Acorn’s due
diligence and execution of definitive documentation.
John Moore, CEO of Acorn Energy
stated, "Skyrocketing energy demand has created a global energy infrastructure
crisis. As energy producers drill deeper
for oil and build larger mines and next-generation power plants, the cost and
complexity of these projects are becoming problematic. At the same time,
existing tools for planning and controlling these projects are inadequate and
the supply of experienced professionals is dwindling. Coreworx is the leading productivity tool for effectively
managing the new level of construction complexity in energy and other
infrastructure projects. We were
impressed that Coreworx has been adopted as the corporate standard at energy
construction companies like Chevron and Fluor. We look forward to having Ray Simonson and his team
join the Acorn family of companies. We believe that their ambitious vision, combined with the additional
resources we can bring to bear, will grow Coreworx into a holistic tool for the
intelligent plant of the future."
Ray Simonson, CEO of Software Innovation said, "We
are very pleased to have to the opportunity to work with people who share our
vision and passion for transforming the world energy infrastructure. With the additional resources and support brought
to us by Acorn Energy, we can build on our success in the construction
collaboration arena and launch into the next phase of our strategy - building the intelligent
plant of the future."
About Software Innovation Inc.
Software
Innovation provides unique solutions for Owner-Operators and EPC companies who
manage capital projects. Its flagship
product, Coreworx, is a construction collaboration system to optimize large capital project execution by
supporting the entire project lifecycle and
infusing the resulting asset with intelligence and memory. This integrated
solution dramatically reduces costs and timelines of construction, and mitigates
legal and financial risks. At the same
time it paves the way for more automated and intelligent plant operations. Software Innovation delivers technology
solutions tailored for clients in a variety of vertical markets. Founded in 1997, Software Innovation has offices
in Waterloo, Ontario and Houston, TX and services clients globally. Coreworx is currently in use on more than 400
capital projects with over 70,000 users worldwide. For more information see www.coreworxinc.com.
About Acorn Energy, Inc.
Acorn Energy is a publicly traded holding company
focused on improving the efficiency of the energy grid and reducing the
environmental impact of the energy sector. Acorn Energy’s operating companies leverage advanced technologies to
transform the existing energy infrastructure. Acorn’s strategy is to take primarily controlling positions in companies
led by great entrepreneurs and add value by supporting those companies with marketing,
strategy and business development. Acorn Energy is a global company with
equity interests in Comverge, CoaLogix, DSIT, Gridsense, Local Power and
Paketeria. For more
information visit www.acornenergyinc.com.
Safe Harbor Statement
This press release includes forward-looking
statements, which are subject to risks and uncertainties. The completion of the acquisition of Software
Innovation Inc. described in this release is subject to completion by Acorn Energy,
Inc. of its due diligence and execution of a definitive purchase agreement and
any conditions to closing. There is no
assurance Acorn Energy will be able to complete its acquisition of Software
Innovation. There is also no assurance
that the Coreworx software will develop into a holistic tool for designing the intelligent
plant of the future. A complete
discussion of the risks and uncertainties which may affect Acorn Energy's
business generally is included in "Risk Factors" in the Company's
most recent Annual Report on Form 10-K as filed by the Company with the
Securities and Exchange Commission.
CONTACT:
Christianna Miller
Director of Communications
Acorn Energy, Inc.
(302)656-1707
cmiller@acornenergyinc.com
