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BOSTON, MA and SEATTLE, WA – EnerNOC, Inc. announced today that it has
acquired Celerity Energy Partners of Seattle, Washington, adding
substantial market expertise, customer relationships, and demand response
capacity to its national footprint. EnerNOC now manages more than 1,000
MW's of electrical capacity, including over 300 MW's of proven demand
response resources.
Celerity Energy, the largest, proven demand response provider in California,
is EnerNOC's third major energy management technology acquisition in the
past year. Coupled with tremendous organic growth and technology development,
these acquisitions have enabled EnerNOC to more than double its revenues each
year and garner awards for its leading technology and market results.
Tim Healy, EnerNOC's CEO, stated, "Gaining scale in the rapidly growing
demand response industry enables us to serve customers across complex and
disparate markets, and to maximize the value of demand-side technologies and
services. Celerity Energy has established an impressive track record of
developing new demand response markets. We are excited to strengthen our
position as the preeminent provider of demand response and energy management
solutions with this acquisition, allowing us to significantly broaden our
technology and market reach."
Increasingly, commercial and industrial companies are confronted by volatile
and rising energy costs that pose unforeseen risk and complexity. Electricity
prices alone have risen by more than 10% in the past year throughout the United
States and by more than 40% in some regions.
Dennis Quinn, President of Celerity Energy, who joins EnerNOC as Senior Director
of Project Development, said, "Commercial, institutional, and industrial
companies increasingly view proactive energy management as a competitive necessity,
and are seeking trusted partners with proven expertise in reducing energy consumption
and controlling costs in today's complex and rapidly evolving marketplace. EnerNOC
and Celerity bring together a unique combination of Internet-based technology,
engineering-grade services, and deep energy market expertise across the United States,
providing customers with an unprecedented opportunity to optimize energy use and control costs."
Utilities also face significant energy market challenges in keeping power
flowing reliably to meet customer needs while managing required, large capital investments.
Across the United States, utilities are deploying technology-enabled demand response
resources and demand-side management programs that provide a cost-effective alternative
to power plants and infrastructure investments. It is expected that demand response
resources could easily represent 5% of peak demand in the U.S., or more than 40,000 MW's
of power, and that demand-side energy management initiatives could reduce energy consumption
by 25% or more.
Celerity Energy was originally founded in 1999 to provide demand response capacity to
electric utilities, power marketers, and electric power users and has established
demand response programs in California, Washington, New Mexico, and Colorado. Since 2004,
Celerity Energy has been a portfolio company of Lake Union Capital Partners of Seattle, Washington.
"The combined critical mass of resources resulting from the union of these two
companies will provide synergistic and versatile services for the evolving energy
marketplace," stated Britt Gourley, Principal of Lake Union Capital Partners. "We
considered other candidates to acquire Celerity, but EnerNOC stood out as the definitive market
leader, the one best equipped to realize the full potential of this emerging and exciting market."
With the acquisition of Celerity Energy, EnerNOC will bring the supply and demand
sides of the electric power market together. EnerNOC's standardized, networked technology
allows end-users to reduce energy costs on the demand side and profit on the supply side
by applying energy management strategies that incentivize market participation. Utilities
and system operators will benefit from the vast capacity resources that EnerNOC can bring to
market quickly through deep end-user relationships. EnerNOC expects that this powerful value
creation opportunity will allow it to manage as much as 10,000 MW's of power in the United
States within the next five years.
About EnerNOC:
EnerNOC, Inc. is the leading provider of technology-enabled demand response,
price response, and demand side management solutions to the commercial, institutional,
and industrial markets in the United States with more than 1,000 MW's of electrical
capacity under management, including more than 300 MW's of proven demand response
resources. EnerNOC delivers immediate, profitable results to customers by leveraging
its deep experience in all aspects of energy management, embedded systems technology,
and progressive business practices. For more information visit www.enernoc.com.
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