Updated: Energywell Formally Announces Signing Of A Purchase & Sale Agreement to Acquire Think Energy
September 14, 2022 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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Energywell confirmed that Think Energy has licenses to operate in 13 states and the District of Columbia, covering sixty-four (64) electric and natural gas utilities.
"We are thrilled to acquire the Think Energy business as we see tremendous value in its strong brand name and broad operating footprint," said Michael Fallquist, Director & Co-Chief Executive Officer of Energywell. "We intend to rapidly deploy our proprietary technology platform and sales channels upon closing the acquisition as we see an opportunity to provide great customer value given the return of commodity market volatility and expected high utility prices this winter and beyond."
Energywell said that it will deploy its proprietary technology platform, named Proton, across the Think Energy operating footprint by mid-2023. "Proton enables Energywell and its technology licensing partners to offer innovative products and services to differentiate themselves in a crowded retail energy marketplace," the company said
"Deploying the Proton platform across the Think Energy footprint will be an immediate priority given it creates a competitive advantage for us and our licensing partners," said Christian McArthur, Co-Chief Executive Officer of Energywell. "We expect to have significant interest from new technology licensing partners as we are the only solution currently available in the North American market to deliver a fully digital, app-based customer experience that is integrated with customer smart meters."
The pending acquisition is subject to approval by the Federal Energy Regulatory Commission and is expected to close in early Q4 2022.
See more background on Energywell in our original story below:
From August 9, 2022:
Think Holdings, LLC ('Energywell') has entered into a transaction under which it will acquire 100% of the voting or equivalent equity interests in
Engie Retail, LLC d/b/a Think Energy ('Think Energy') from its current owner, ENGIE Resources LLC
Think Energy has been ENGIE's mass market-focused retail supplier
Energywell is an indirect wholly owned subsidiary of Energywell Parent, LLC
('Energywell Parent'). Energywell Parent, "invests in strategic opportunities in the United
States retail energy sector, including through the Proposed Transaction. Energywell Parent is
also developing a best-in-class renewable energy technology platform that it believes will help
deliver innovative renewable energy products to retail consumers and utilize data and automation to ensure that energy products are used sustainably."
Oaktree Capital Management, L.P. ('OCM') indirectly owns 89.3% of the voting equity
interests of Energywell Parent through wholly owned subsidiaries and an additional 4.7%
through its controlling interest in Hartree, which holds 4.7% of the voting securities in
Energywell Parent. No other person or entity owns (directly or indirectly and together with its
affiliates) 10% or more of the voting equity interests in Energywell Parent.
Management Inc. ('BAM') indirectly owns or controls a 10% or greater indirect voting interest
in OCM. According to an ownership chart filed with FERC, Brookfield Asset
Management, Inc. owns 100% of Oaktree Capital
Think Energy will become a wholly-owned subsidiary of Energywell as a result of the
In announcing its formation in late 2021, Energywell had stated that it will be led by retail energy veterans Michael Fallquist and
Christian McArthur as co-Chief Executive Officers and Roop Bhullar as Chief
Financial Officer. Fallquist, McArthur and Bhullar served in executive roles at Crius
In announcing Energywell's formation in late 2021, Michael
Fallquist, Energywell Director & co-Chief Executive Officer had stated, "Recent volatility in global energy markets has highlighted the real
challenges that exist with integrating renewable generation sources into our
aging electricity grids. Use of electricity is expected to increase materially
as we move away from fossil fuels, further highlighting the need for consumer
targeted behind-the-meter solutions. We are excited to create the next
generation energy platform which will leverage our proprietary technology to
deliver innovative energy products to consumers and leverage data and
automation to ensure these products are used sustainably."
Energywell previously launched community solar services