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<SEC-DOCUMENT>0001144204-10-026698.txt : 20100513
<SEC-HEADER>0001144204-10-026698.hdr.sgml : 20100513
<ACCEPTANCE-DATETIME>20100513100659
ACCESSION NUMBER:		0001144204-10-026698
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100512
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100513
DATE AS OF CHANGE:		20100513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACORN ENERGY, INC.
		CENTRAL INDEX KEY:			0000880984
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ENGINEERING SERVICES [8711]
		IRS NUMBER:				222786081
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33886
		FILM NUMBER:		10826812

	BUSINESS ADDRESS:	
		STREET 1:		4 WEST ROCKLAND ROAD
		CITY:			MONTCHANIN
		STATE:			DE
		ZIP:			19710
		BUSINESS PHONE:		3026561708

	MAIL ADDRESS:	
		STREET 1:		4 WEST ROCKLAND ROAD
		CITY:			MONTCHANIN
		STATE:			DE
		ZIP:			19710

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACORN FACTOR, INC.
		DATE OF NAME CHANGE:	20060920

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DATA SYSTEMS & SOFTWARE INC
		DATE OF NAME CHANGE:	19931019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEFENSE SOFTWARE & SYSTEMS INC
		DATE OF NAME CHANGE:	19930328
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communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</font></div>
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1 &#8211; Registrant&#8217;s Business Operations</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
1.01 Entry Into a Material Definitive Agreement</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
2 &#8211; Financial Information</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
2.01&#160;&#160;Completion of Acquisition or Disposition of Assets</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
November 4, 2009 we entered into a binding letter of intent with GridSense Pty
Ltd (&#8220;GridSense&#8221;) and the principal stockholders of GridSense to acquire all of
the outstanding shares of GridSense that the Company did not already own. This
letter of intent had expired but served as the basis for the parties to
negotiate the Share Sale Agreement which the parties executed and closed on May
12, 2010 with an effective date as of April 28, 2010. Prior to the acquisition,
we owned shares of GridSense representing approximately 30% of GridSense&#8217;s
outstanding shares.&#160;GridSense provides remote monitoring and control
systems to electric utilities and industrial facilities worldwide.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under the
terms of the Share Sale Agreement, we acquired the outstanding GridSense shares
that were not owned by us (approximately 70%) in consideration for 206,995
shares of our common stock. Under the Share Sale Agreement these shares were
valued at $5.91 per share which was the volume weighted average of our common
stock for the 20 trading days preceding October 16, 2009.&#160;&#160;In
addition, we acquired $1,128,339 principal amount of promissory notes of
GridSense at a price equal to the principal amount plus accrued interest
($1,763,555).&#160;Under the Share Sale Agreement, 50% of the purchase price of
the notes was paid in cash ($881,778) and 50% was paid in&#160;shares of our
common stock, valued at $5.91 per share, which&#160;resulted in the issuance of
149,201 shares of our common stock. In addition, we provided GridSense with
approximately $594,000 at closing to be used to pay a shareholder
loan.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under the
Share Sale Agreement, we have also agreed to pay an earn-out to the shareholders
of GridSense as part of the consideration for their shares.&#160;To the extent
that GridSense&#8217;s sales for the period April 1, 2010 through March 31, 2011
exceed $4,383,720, we would pay the GridSense shareholders an amount equal to
50% of that excess, up to $2,435,400, multiplied by 69.86% (representing their
ownership interest in GridSense) for a maximum earn-out of $1,701,370.&#160;We
have the option of paying any earn-out in cash and/or shares of our common
stock.&#160;If we use shares as all or part of the payment, each share would be
valued as the volume weighted average price of our common stock on the 20
trading days preceding the date of the issuance of the auditor&#8217;s report relating
to the Company&#8217;s 2010 financial statements.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
shares of common stock which were issued in consideration for acquiring the
debt, including any shares issued in payment of the earn-out,&#160;are subject
to an escrow for possible indemnity claims and restrictive legend, with 50% of
the shares released after six months and the balance one year after
issuance.&#160;The shares of common stock which have been and may be&#160;issued
in consideration for acquiring Gridsense&#8217;s shares&#160;would be subject to
restrictive legends. The escrow arrangement and the restrictive legends provide
that 50% of the shares will be available for trading after six months and the
balance available for trading one year after issuance.</font></div><br>
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</font></div>
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</font></div>
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</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">When we
signed the letter of intent, we loaned GridSense $550,000 which accrues interest
at 8% per annum and is due in October 2011.&#160;On March 4, 2010 we loaned
GridSense an additional $200,000 at 8% interest per annum that is due in March,
2012. &#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the terms of the Share Sale Agreement, the Company has agreed to provide
GridSense with up to an additional $1,800,000 in working capital which may be in
the form of debt or equity.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
7 &#8211; Regulation FD</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
7.01 Regulation FD Disclosure.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On May
12, 2010, we issued a press release announcing the completion of the acquisition
of GridSense.&#160;&#160;The press release is filed as Exhibit 99.1
hereto.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Section 9 &#8211; Financial Statements and
Exhibits</font></font></div>
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9.01&#160;&#160;Financial Statements and Exhibits</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)
Financial Statements of Businesses Acquired.</font></div>
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financial statements required by Item 9.01(a) of Form 8-K will be filed by
amendment to this Form 8-K within 71 calendar days of the date on which this
Report is required to be filed.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
Pro Forma Financial Information.</font></div>
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forma financial information required by Item 9.01(b) of Form 8-K will be filed
by amendment to this Form 8-K within 71 calendar days of the date on which this
report is required to be filed.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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Press Release dated May 12, 2010</font></div><br>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized on this 13th day of May, 2009.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div>
      <div align="left">
        <div align="right">
          <table cellpadding="0" cellspacing="0" width="50%">
              <tr>
                <td align="left" colspan="2" valign="top" width="100%">
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                </td>
              </tr>
              <tr>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="top" width="94%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              </tr>
              <tr>
                <td align="left" valign="top" width="6%" style="PADDING-BOTTOM: 2px">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:</font></div>
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                <td align="left" valign="top" width="94%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/
      Joe B. Cogdell, Jr.</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a name="lineip">Name:</a></font></div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Joe
      B. Cogdell, Jr.</font></div>
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              <tr>
                <td align="left" valign="top" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Title:</font></div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Vice
      President, General</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" colspan="2" valign="top" width="100%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Counsel
      and&#160;&#160;Secretary</font></div>
                </td>
              </tr>
          </table>
        </div>
      </div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v184713_ex99-1.htm
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    <title></title>
    <!--Licensed to: Vintage Filings-->
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
99.1</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
Release Dated May 12, 2010</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Acorn
Energy Completes Acquisition of Outstanding Shares of GridSense</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Montchanin, DE, May 12, 2010
</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8212;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Acorn Energy, Inc.
(Nasdaq: ACFN), an energy technology holding company, today announced that it
has completed the acquisition of GridSense Pty. Ltd., increasing its ownership
to 100%.&#160;The terms include cash and Acorn stock.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">"</font>Acorn
believes the most serious and present danger to the developed world&#8217;s electric
grid is the aging distribution system.&#160;Gridsense has worked with utilities
for the past thirty years to become a leader in the emerging field of smart grid
distribution automation that enables utilities to predict and prevent
outages.&#160;Gridsense CEO Lindon Shiao has assembled a unique product line
that utilities can quickly and cost effectively deploy on the existing grid to
improve reliability.&#160;We believe one recent project sponsored by the
California Energy Commission that used the Gridsense LineTracker is the largest
US distribution automation project in the United States to date. The electric
industry is about to unleash record expenditures for updating the grid backed by
$3.4 Billion in government matching stimulus.&#160;We believe that this
transaction will be an important driver of Acorn shareholder value as the
stimulus money is released and Gridsense is able to capitalize on its
relationships with over 200 utilities," said John Moore, CEO of Acorn
Energy.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#8220;</font>Acorn
has always exhibited a strong track record of identifying companies that address
meaningful problems in the energy sector and providing the requisite combination
of financial and strategic resources to help them become relevant in the
industry.&#160;GridSense&#8217;s association with Acorn over the last couple of years
has helped the company accelerate key development activities as well expand the
company&#8217;s sales and marketing reach in the global utility market.&#160;With the
completion of this transaction, GridSense will have access to additional
resources which will be necessary for large scale customer deployments and other
growth activities,&#8221; said Lindon Shiao, CEO of Gridsense.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
terms of the transaction, Acorn acquired the outstanding GridSense shares not
owned by the company in consideration for 206,995 shares of Acorn common
stock.&#160;&#160;Under the purchase agreement these shares were valued at $5.91
per share, which was the volume weighted average price of Acorn common stock for
the twenty days preceding October 12, 2009.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition, Acorn acquired $1,128,339 principal amount of promissory notes of
GridSense at a price equal to the principal amount and accrued
interest.&#160;&#160;Under the purchase agreement, 50% of the purchase price of
the notes was paid in cash and 50% was paid in Acorn stock, valued at $5.91 per
share, resulting in the issuance of 149,201 shares of Acorn common
stock.&#160;Acorn also provided GridSense approximately $594,000 at the closing
to pay a shareholder loan.</font></div><br>
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      </div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
99.1</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
Release Dated May 12, 2010</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under the
purchase agreement, Acorn also agreed to pay an earn-out to the shareholders of
GridSense as part of consideration for their shares.&#160;The earn-out is based
on GridSense revenue for the 12-month period ending March 31, 2011 and is capped
at $1,701,370.&#160;The earn-out can be paid either in cash or Acorn shares or a
combination of both.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
shares of Acorn common stock which were issued in consideration for acquiring
GridSense&#8217;s shares, including any shares issued in payment of the earn-out, are
subject to an escrow for possible indemnity claims and restrictive legend, with
50% of the shares released after six months and the balance one year after April
28, 2010.&#160;The Acorn shares issued in consideration for acquiring the
promissory notes are subject to restrictive legend, with 50% of the shares being
tradable after six months and the balance being tradable after one
year.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">About
GridSense Pty. Ltd.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GridSense
Pty. Ltd.&#160;is an industry leader that provides remote monitoring and control
systems to electric utilities and industrial facilities worldwide. These
solutions which include outage management, power quality monitoring, trouble
shooting, capacity planning and demand response, provide network operators with
the intelligence to&#160;improve efficiencies&#160;of grid
operations.&#160;GridSense has a range of commercially proven offerings and a
growing base of utility customers worldwide.&#160;&#160;For more information
visit www.gridsense.com.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">About
Acorn Energy, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Acorn Energy, Inc. is a publicly-traded
holding company with equity interests in CoaLogix, Coreworx, DSIT, GridSense and
US Sensor Systems, Inc.&#160;These companies leverage advanced technologies to
transform and upgrade the energy infrastructure around the world.&#160;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.&#160;Acorn's
strategy is to take primarily controlling positions in companies led by great
entrepreneurs.&#160;For more information visit </font><font style="DISPLAY: inline; FONT-SIZE: 10pt">http://www.acornenergy.com</font>.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Safe
Harbor Statement</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
press release includes forward-looking statements, which are subject to risks
and uncertainties.&#160;These risks and uncertainties include demand and
competition in the market for devices and equipment similar to those
manufactured by GridSense, possible uncertainty about GridSense&#8217;s orders from
customers resulting from grants by the US Department of Energy and successful
integration of GridSense into the Acorn Energy family of subsidiary
companies.&#160;For disclosure of additional risks and uncertainties which may
affect GridSense&#8217;s business and prospects and Acorn Energy, Inc.&#8217;s business
generally, see the information under "Risk Factors" in Acorn Energy's most
recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K as filed
with the Securities and Exchange Commission.</font></div><br>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
99.1</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
Release Dated May 12, 2010</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investor
Contact:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paul G.
Henning</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cameron
Associates</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(212)
554-5462</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Paul@cameronassoc.com</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Company
Contact:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">John A.
Moore</font></div>
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656-1707</font></div>
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