Willdan Wins $42 Million For New Small Commercial Energy Efficiency Program
Willdan Group, Inc. (NASDAQ: WLDN) has been awarded a $42 million contract to establish a Small Commercial Energy Efficiency Program for SDG&E customers. This three-year initiative will assist small businesses with peak demand under 20 kilowatts, focusing on energy efficiency and demand response. Unique features include direct installations, financing options, and specialized assistance for disadvantaged communities. Willdan aims to address rising operational costs for small businesses recovering from the pandemic while expanding its role in California's energy efficiency market.
- Awarded a $42 million contract for energy efficiency program, enhancing revenue potential.
- First contract through California's competitive bidding process, indicating market confidence.
- Focuses on supporting small businesses recovering post-COVID-19, aligning with societal needs.
- Risks associated with the ongoing COVID-19 pandemic impacting cost reduction and liquidity.
- Dependence on future contract renewals and competitive bidding for sustained growth.
ANAHEIM, Calif.--(BUSINESS WIRE)--Willdan Group, Inc. (NASDAQ: WLDN) announced today that it has been selected to design and implement the new Small Commercial Energy Efficiency Program for SDG&E customers. This three-year,
Willdan has provided energy efficiency and resource procurement programs in Southern California since 2008, including the Lodging Energy Efficiency Program, Healthcare Energy Efficiency Program, Small Business Direct Install Program, Business Energy Solutions Program, Commercial Comprehensive Audit Program, and the Multifamily Energy Savings Assistance Common Area Measures Program. This is Willdan’s first award through the California Investor-Owned Utilities’ new, multi-stage competitive bidding process, which aims to outsource
“Small businesses were hit the hardest by the economic effects of COVID-19,” said Tom Brisbin, Willdan’s CEO and Chairman. “As they start to recover, their operational costs – such as energy use and time-of-use expenses – are going to be increasingly important. By supporting energy efficiency and demand response, we can reduce energy use and costs, improving their bottom lines.”
The program includes direct install, new financing vehicles tailored for very small customers, and specialized technical assistance. Unique program features include a do-it-yourself installation option, the use of a new online platform to streamline program delivery, and partnership with community-based organizations to assist hard-to-reach customers and customers located in disadvantaged communities.
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, 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, including statements regarding Willdan’s intentions, hopes, beliefs, expectations, representations, projections, estimates, plans, or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including, but not limited to, the risk that Willdan will not be able to reduce costs and preserve liquidity to maintain its operations during the continuation of this pandemic nor be able to resume its growth trajectory once pandemic-related restrictions are lifted and the economy begins to recover. 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 ultimate impact of the COVID-19 pandemic on Willdan’s results, prospects, and opportunities; Willdan’s ability to adequately complete projects in a timely manner; Willdan’s ability to compete successfully in the highly competitive energy efficiency services market; changes in state, local, and regional economies and government budgets; Willdan’s ability to win new contracts, to renew existing contracts, and to compete effectively for contract awards through bidding processes; and Willdan’s ability to successfully integrate its acquisitions and execute on its growth strategy. Willdan’s business could be affected by a number of other factors, including 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 27, 2019. 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.
