Titan Energy Worldwide (OTC: TEWI) is a provider of onsite power generation, energy management and energy efficiency products and services that help support and improve the performance of our nation's electrical utility grid. We operate in an area of the overall electrical utility infrastructure called Distributed Generation, whereby we specialize in the deployment of power generation equipment at the consumer's facility and the integration of that equipment through monitoring and communication systems with the needs of the utility's electrical grid.
The company has announced that it has booked “more than $2 million in purchase orders for onsite power generation equipment in the month of January 2012, a record month for new orders. Included in these equipment bookings was an order from Titan's New York office for $1.2 million from a new national account. The New York office booked more than $1.5 million in new orders in the month of January.”
Cliff Macaylo, President of Northeast Operations for Titan Energy Worldwide, commented,
"We have succeeded in winning the first of what we hope to be many new equipment sales contracts with a major national energy company. This new order represents four generators totaling 5.5 megawatts to support one of dozens of locations for this client across the country. We were able to demonstrate that we could deliver a superior product at a competitive price and do so in a timely manner. This also demonstrated that we can complete and deliver on a national basis. We hope this opens the door to additional orders in the near future."
Titan posted approximately $10 million in equipment sales in 2011. The company is on pace to exceed 2011 equipment sales figures, according to current bookings and backlog.
Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide, added,
"It is still early in the year, but we have accumulated a significant backlog of equipment projects which combined with an increase in new orders points to a strong 2012. Our sales team in New York in particular has unlocked a significant number of new opportunities that I expect to result in strong sales in the first and second quarters of this year.”