Wednesday, August 12, 2009
Coreworx Announces New Hosting and Managed Services Option
Kitchener, ON (August 12, 2009) - Coreworx Inc., a subsidiary of Acorn Energy, Inc. (NASDAQ: ACFN), announced today that it is now providing a Hosting and Managed Services offering for its Project Information Control solution. Coreworx is used globally by energy industry leaders to manage major capital project execution risk. Coreworx Project Information Control software is used for managing complex engineering documentation and information exchange amongst design professionals, external engineering firms and contractors.
"Coreworx is already known as the leading software used by Owner/Operators, EPCs and Contractors for managing some of the world's largest capital projects and this new offering will provide an attractive option that places less load on the existing budget constrained IT resources", said Ray Simonson, CEO of Coreworx Inc. "We were first approached with this request by our recently signed Calgary based energy and energy related customer in response to their tight deployment timeframe." Ray went on to explain that, "with this solution a customer can more quickly deploy and begin taking advantage of the benefits of the Coreworx solution and the best practices we can provide." Included in this new offering, Coreworx provides the customer with both the hosting of the application software and the daily Project Information Manager services all at a very affordable cost.
"This is what we do at Acorn Energy to create shareholder and customer value", said John Moore, CEO of Acorn Energy. "We buy businesses that have proven scaled solutions that address a big problem in the energy industry and then we invest to make the solutions painless for new customers to adopt. The hosted and managed services option is perfect for the vast majority of Coreworx potential customers who do not have the IT resources of our early adopter huge reference customers like Chevron or Fluor. The hosted option is as significant to our investment and our customers as when Comverge added the VPC option to its offering allowing utilities to buy capacity instead of load switches."
Coreworx Inc. provides integrated document control and automated workflow management for mega capital projects in the oil & gas, power and mining sectors. The Coreworx solution is a proven web-based enterprise software system that enables engineering and construction contractors and owner/operators to automate best practices, mitigate business risks and improve performance throughout the entire project lifecycle. Coreworx services a portfolio of projects valued at over $500 billion across more than 50 countries, on more than 400 capital projects with nearly 70,000 users. Coreworx has offices in Houston, Baton Rouge, Calgary and Kitchener. For more information visit www.coreworxinc.com. Coreworx Inc. is an Acorn Energy company.
About Acorn Energy
Acorn Energy, Inc. is a publicly traded holding company with equity interests in CoaLogix, Comverge, Coreworx, DSIT and GridSense. These companies leverage advanced technologies to transform and upgrade the energy infrastructure around the world. Acorn companies are focused on three problems in the energy sector: improving the efficiency of the energy grid, reducing the risk for owners of large energy assets, and reducing the environmental impact of the energy sector. Acorn's strategy is to take primarily controlling positions in companies led by great entrepreneurs. For more information visit http://www.acornenergy.com