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Parent of Retail Supplier Acquires Energy Efficiency, Distributed Generation Firm, Expands to Massachusetts Retail Market

November 19, 2014

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Copyright 2010-14 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com

ONEnergy, the parent of Sunwave Gas & Power, has acquired substantially all of the assets of AVACOS Clean Energy for $1.73 million (all $ Canadian).

AVACOS is a Toronto-based provider of energy generation and energy efficiency products and services including LED lighting retrofits, commercial solar photovoltaic power generation system design and installation, and building envelope upgrades.

ONEnergy said that the acquisition expands Sunwave's ability to offer customers a suite of clean energy products and services including solar PV system design and installation capabilities, and adds a "substantial list" of high profile customers to its book.

Sandro Costa, the founder of AVACOS, has joined Sunwave as Vice President, Energy Efficiency, responsible for leading Sunwave's growth in the energy efficiency market in Canada and the northeast U.S.

Separately, Sunwave announced the continued expansion of its retail energy supply business in the U.S., entering the Massachusetts electric market in October.

ONEnergy announced that it generated revenue of $2.57 million in Q3 2014, an increase of $0.85 million over Q2 2014.

The increase in revenue is a result of the corporation's continued expansion in select northeast U.S. electricity markets, with "significant" sales growth in Connecticut and Pennsylvania during Q3 2014, as well as the addition of the recently acquired Home Comfort business, with Home Comfort contributing $0.86 million in revenue for Q3 2014.

For the three months ended September 30, 2014, ONEnergy reported a loss of $2.3 million, on higher sales and marketing expenses and G&A costs.

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