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News Breaks
February 21, 2014
08:40 EDTFNRGForceField Energy divests TCS business in China
ForceField Energy announced that it has completed the sale of its 60% interest in Wendeng He Xie Silicon to the minority owner of Wendeng and has concluded its operations at Zibo Baokai Commerce and Trade. The combination of both transactions significantly improves the Company's working capital, eliminates operating losses related to these business segments, and enables the Company to sharpen its focus on its continuing key business segments. Upon the closing of the Wendeng transaction, ForceField paid $50,000 in cash consideration and received 1.46M shares of its restricted common stock, valued at approximately $8.6M based upon the closing market price on February 19 of $5.87, for the sale of its 60% equity interest in Wendeng to the minority owner of Wendeng.
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February 20, 2015
07:35 EDTFNRGForceField subsidiary awarded two LED street light conversion projects in CT
ESCO Energy Services, a wholly-owned subsidiary of ForceField Energy, announced that its ESCO subsidiary has entered into letter of intent agreements for two LED street light conversion projects as part of its previously announced selection to participate in the Connecticut Conference of Municipalities municipal Street Light LED Conversion Program. The installation of the projects in Plainville, CT and Cromwell, CT, with an estimated value in excess of $1M, is expected to be completed by Q3 2015. The initial installations in both towns will include the conversion of more than 2,600 street light fixtures with an estimated annual savings of approximately $225,000. As previously disclosed, ESCO is currently in active discussions with more than 20 communities which make up CCM's 153 member-communities; and currently estimates the revenue generation potential of streetlight projects to be between $25M-$30M which will be recognized over a three-to-five year period.

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