Acorn Energy, Inc. (NASDAQ:ACFN), announced today that two of the Acorn Energy
portfolio companies, DSIT Solutions Ltd. and US Seismic Systems Inc., were
awarded a $900,000 grant from the BIRD Israel-U.S. Binational Industrial
Research and Development Foundation. The grant is being awarded for the joint
development of the next generation integrated passive/active threat detection
system for underwater site protection. The BIRD Foundation provides funding
money for projects involving joint innovation and development between American
and Israeli companies.
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John Moore, CEO of Acorn commented, "We encourage all of the Acorn portfolio
companies to take advantage of synergies within the Group in order to reach
company goals faster and better. In this case we are very pleased to see that
USSI and DSIT are cooperating on a very exciting project that has generated
serious interest and funding from the BIRD Foundation. USSI, a company with
vast experience in the field of fiber optic seismic sensors, has developed
revolutionary, state-of-the-art fiber optic underwater passive sensors. DSIT is
a world leader in active Diver Detection Sonar systems. Both companies bring to
the project their unique expertise and experience, in order to develop and
integrate a very comprehensive passive/active underwater security system that
will meet the needs of water bound energy facilities, offshore platforms, ports
The integrated passive/active underwater security system that is the subject of
this grant is potentially the most comprehensive system of its kind available.
The advantages of combining the world's best passive and active sensors will
lead to an underwater system that provides extremely efficient and effective
coverage of all areas of a site. The combined system will be designed to
provide a much greater probability of threat detection with a lower rate of
false alarms for all types of threats.
The BIRD Foundation grant is designated to cover 50% of the development costs
of the project over a period of two years. The grant calls for the signing of a
Cooperation and Project Funding Agreement between the companies and the BIRD
Foundation within 3 months to enable commencement of the funding. Dr. Eitan
Yudilevich, the Executive Director of the BIRD Foundation: "BIRD's support of
U.S.-Israel partnerships has led to very significant successes during its 35
years of existence. These partnerships have contributed to both the U.S. and
Israel, by promoting innovation and reducing the risks of joint projects. This
project is a great example of the special U.S.-Israeli synergy in the area of
About the BIRD Foundation
The BIRD (Binational Industrial Research and Development) Foundation works to
encourage cooperation between Israeli and American companies in the various
areas of technology, and provides assistance in locating strategic partners
from both countries for developing joint products. Approaching its 35th
birthday, the BIRD Foundation has invested in close to 830 projects, which have
yielded revenues of about $8 billion. The BIRD Foundation supports projects
without receiving any rights in the participating companies or in the project
itself. The financial assistance is repaid as royalties from sales. The
Foundation provides support of up to 50% of a project's budget, beginning with
R&D and ending with the initial stages of sales and marketing. The Foundation
shares the risk and does not demand that the investment be repaid if the
project fails to reach the sales stage. The BIRD Foundation works in full
cooperation with the Chief Scientist's Office at the Ministry of Industry,
Trade, and Labor in Israel, and with the U.S. Commerce Department's National
Institute of Standards and Technology (NIST).
About US Seismic Systems, Inc.
US Seismic Systems, Inc. designs, integrates, manufactures and sells
fiber-optic sensing systems and solutions for the Energy and Defense markets.
USSI utilizes all-optical fiber sensing technology for its state-of-the-art
sensors. USSI's proprietary optical fiber and electronics combine to form the
sensor system, which is designed to replace the legacy electronic-based sensor
systems at a lower cost and with improved performance and reliability. For more
information visit the USSI website at: http://www.ussensorsystems.com.
DSIT develops sonar and acoustic solutions and acts as a system integrator for
advanced Security Command and Control systems. The Company's offerings are
designed to provide the latest in technology and its intelligent application
for the energy, commercial, defense and homeland security markets. The
Company's offerings include: AquaShield(TM) Diver Detection Sonar (DDS),
PointShield(TM) Portable DDS, Sonar Simulators and Trainers, MAR(TM) Portable
Acoustic Ranges, Underwater Acoustic Signal Analysis (UASA) systems, and Sonar
Upgrade Programs (SUP). For more information visit http://www.dsit.co.il.
About Acorn Energy, Inc.
Acorn Energy, Inc. (NASDAQ: ACFN) is a holding company focused on making energy
better by providing digital solutions for energy infrastructure asset
management. The four businesses in which it has controlling interests improve
the world's energy infrastructure by making it: more secure - providing
security solutions for underwater energy infrastructure (DSIT); more reliable -
providing condition-based monitoring to critical assets on the electric grid
(GridSense, OmniMetrix) and more productive and efficient - increasing oil and
gas production while lowering costs through use of permanent ultra-high
sensitive seismic tools that allow for a more precise picture of reservoirs (US
Seismic). For more information visit: http://www.acornenergy.com.
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to
risks and uncertainties. There is no assurance that Acorn Energy, Inc. or its
operating companies will continue to grow their respective businesses, or that
any of them will meet the expectations or execute the initiatives described or
referred to above. A complete discussion of the risks and uncertainties which
may affect Acorn Energy's business generally and the businesses of its
subsidiaries is included in "Risk Factors" in its most recent Annual Report on
Form 10-K and its 2012 First Quarter 10-Q as filed by Acorn Energy with the
Securities and Exchange Commission.
Investor & Press Contact:
Paul G. Henning
SOURCE: Acorn Energy, Inc.