Willdan Selected for Sixth Consecutive Time to Deliver Puget Sound Energy Small Business Program
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Insights
The extension of Willdan Group, Inc.'s contract with Puget Sound Energy (PSE) to deliver the Small Business Direct Install program is a significant development within the energy services industry. This contract, valued at $18 million, is poised to have a material impact on Willdan's financials, considering the size and duration of the agreement. The focus on energy efficiency measures aligns with the broader industry trend towards sustainable energy solutions and could signal growing market demand for such services.
From an energy sector perspective, the contract's emphasis on small businesses, particularly in the lodging and agricultural sectors, suggests a strategic targeting of niche markets that have been historically underserved. This could potentially open up new revenue streams for Willdan and enhance customer loyalty. Additionally, the program's track record of delivering 112M kWh in energy savings indicates a proven model of success that could attract further contracts and partnerships, benefiting Willdan's long-term growth prospects.
Willdan Group's renewed contract with PSE reflects a broader market trend where energy providers are increasingly investing in energy efficiency programs. Such programs are not only beneficial for the environment but also serve as a cost-saving initiative for small businesses. This can improve Willdan's market positioning as a provider of energy efficiency solutions.
Furthermore, the focus on raising awareness of PSE rebate programs could incentivize customer engagement and participation, potentially leading to higher customer satisfaction and retention rates. The ability of Willdan to secure repeated contracts over a 12-year span with PSE demonstrates strong customer relationships and reliability, which are crucial factors that investors often look for in assessing a company's stability and growth potential.
The direct installation of energy efficiency measures by Willdan Group for PSE's small business customers has broader implications for environmental sustainability. By targeting energy savings and efficiency, the program contributes to the reduction of greenhouse gas emissions and supports the transition to a low-carbon economy. The program's additional focus on small lodging and agricultural businesses indicates an understanding of the unique energy needs and challenges within these sectors.
Energy savings of 112M kWh to date represent a substantial environmental impact, as this equates to a significant reduction in fossil fuel consumption and associated emissions. The expansion of such programs is indicative of an industry-wide shift towards sustainability, which is increasingly becoming a factor in consumer and investor decision-making. Companies like Willdan that are actively engaged in these initiatives may benefit from enhanced corporate reputation and alignment with global sustainability goals.
“Small business owners are historically underserved and don’t typically have the time needed to access utility services and programs,” said Penny Kyser, Program Manager of PSE’s Small Business Energy Efficiency program. “These customers present extensive untapped potential for energy savings. The Small Business Direct Install program focuses on these customers by providing no-cost energy services as well as raising their awareness of PSE rebate programs available to them. Willdan and PSE’s long and successful partnership has allowed PSE to consistently reach our most in-need customers while delivering savings goals.”
“This contract represents a continuation of Willdan’s service to PSE and their customers over the last 12 years,” said Mike Bieber, Willdan’s CEO. “The program has grown in size and scope over those years, serving 12,000 businesses and delivering 112M kWh in energy savings to date.”
About Puget Sound Energy
Puget Sound Energy is proud to serve their neighbors and communities in 10
About Willdan
Willdan is a nationwide provider of professional technical and consulting services to utilities, government agencies, and private industry. Willdan’s service offerings span a broad set of complementary disciplines that include electric grid solutions, energy efficiency and sustainability, energy policy planning and advisory, engineering and planning, and municipal financial consulting. For additional information, visit Willdan's website at www.willdan.com.
Forward-Looking Statements
Statements in this press release that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. It is important to note that Willdan’s actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors listed from time to time in Willdan’s reports filed with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K filed for the year ended December 30, 2022. Willdan cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Willdan disclaims any obligation to, and does not undertake to, update or revise any forward-looking statements in this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240117137809/en/
Al Kaschalk
VP Investor Relations
310-922-5643
akaschalk@willdan.com
Source: Willdan Group, Inc.
FAQ
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