Direct Energy Parent To Acquire U.S.-Based Energy Services and Solutions Company
June 19, 2019 Email This Story Copyright 2010-19 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Centrica plc announced today an agreement to purchase SmartWatt, an energy services and solutions company, for $37 million (£29 million).
"The acquisition will broaden Centrica’s footprint in the U.S. and provide enhanced capabilities to meet increasing customer demand for integrated energy solutions," Centrica said
For nearly two decades, SmartWatt has provided services to improve energy systems and deliver optimum financial performance, human comfort, safety and productivity for commercial, industrial and public-sector customers.
SmartWatt focuses on combining lighting retrofits and efficiency upgrades such as HVAC, building automation, water conservation and performance assurance (M&V) as well as solar power to meet customers’ specific energy needs.
Among other services, SmartWatt provides Efficiency-as-a-Service (EaaS), Performance Contracting, Bundled Energy Projects, Mechanical Systems, Building Automation Systems, Lighting Systems, Solar PV, Smart Cities, Building Support Services
Headquartered in Albany, New York, and with 14 offices in the U.S., SmartWatt has contractor licenses throughout the country and has completed over 24,000 energy solutions projects, including for FedEx, University of California, Nestle and Pepsi.
SmartWatt will become part of Centrica’s Distributed Energy & Power business, Centrica Business Solutions, which delivers integrated energy solutions for businesses and other large energy users, combining distributed energy technologies and a variety of commercial options to improve performance and cost management, drive sustainability, and strengthen resilience.
SmartWatt has completed over 24,000 energy solutions projects across 48 states for more than 17,000 clients.
Jorge Pikunic, global Managing Director of Centrica Business Solutions said: "The addition of SmartWatt will expand our operations throughout the U.S. with technologies that complement our existing energy solutions capabilities. SmartWatt’s impressive reputation delivering energy solutions and innovative financing, together with our existing technology and trusted customer relationships through Direct Energy Business, will help accelerate our growth in the U.S."
The transaction is expected to close on July 1, 2019.