Diversegy, LLC to Expand Brokering Outside of 5Linx Partnership

Broker Diversegy, LLC said that it will expand its operations beyond its current partnership with 5Linx.

Diversegy made the disclosure in an application for an Illinois electric agent, broker, and consultant license.

Soon after its launch in 2011, Diversegy partnered with 5Linx, which itself was in the process of launching an energy offering for its network of direct sale representatives, with Diversegy providing certain systems (including a Customer Relationship Management system centered on the multi-level marketing model), know-how, and contractual services to 5Linx and its network of representatives in order to facilitate the sale of electricity and natural gas primarily to commercial customers.

In the process, 5Linx provided certain funding to Diversegy and became a minority equity owner in Diversegy, LLC.

Diversegy said that it has recently secured "significant new funding" and plans to expand its operations beyond the 5Linx channel. The 5Linx equity interest is being repurchased and the services contract expires in mid-2013, Diversegy said.

Diversegy's leadership includes Alex Rodriguez, CEO; Steven Boss, EVP and General Counsel; Sam Khavari, VP Strategy & Planning; and Cesar Garcia, CFO.