Orion CEO sees 'great possibilities' of migrating customers to LED
In an exclusive interview with The Fly, Orion Energy (OESX) CEO Mike Altschaefl discussed the ongoing market transition to LED and what he sees as the market opportunity for the company: "The government studies right now seem to indicate about 20% of the existing lighting fixtures in the commercial industrial space have been converted from fluorescent or earlier technologies to LED. So, we believe there continues to be a very significant multibillion-dollar market that still needs to be converted. Our history as a company has been primarily working to retrofit existing fixtures, changing them to LED. And so that market is wide open to us. Although we also have fixtures that are available for new construction, we believe the next five years are going to be a continued significant market opportunity for conversion from older fixtures to LED. Finally, what we are also seeing is that - particularly in the area of our business where we have our TurnKey capabilities to go all the way from design to manufacture the installation - more larger companies are allocating more capital to green initiatives and clean tech and energy reductions. So, we're optimistic that there's going to be larger opportunities to work with customers. We believe we're in 14,000-plus facilities across North America already with our product. We've done business with nearly 40% of the Fortune 500 and much of that business had been when they migrated from older technologies to fluorescent. We continue to see great possibilities of now migrating most customers from fluorescent to LED." "Meet the Company" is The Fly's recurring series of exclusive short interviews with Executive Officers to offer a deeper look inside the company. The remainder of this interview to follow.