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Ambient Corp. announced Tuesday it has received a $9.9 million order for its smart grid communications nodes.
The Newton-based smart grid technology company said it plans to deliver the nodes, which act as a bridge, router or gateway for communications on the electrical grid, in the first half of this year. The contract’s value is ten times more than the company’s revenue of about $900,000 for the first nine months of 2009, and double the $4.5 million in revenue Ambient booked the first nine months of 2008.
“We have spent more than 10 years collaborating with the innovative and early adopters of the smart grid space,” said Ambient CEO John Joyce in a statement. “To have our team’s vision of a platform based on incorporating multiple communication technologies within one enclosure culminate in this latest product offering is gratifying.”
On Monday, Ambient announced that it had issued about 666 million shares of common stock to its largest shareholder, Vicis Capital LLC, in order to retire completely the company’s long-term debt.
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