Parent of Utility Operating in Retail Choice Environment Acquires Majority Stake in Energy Management Company

Duke Energy has acquired a majority share of Phoenix Energy Technologies, a provider of energy management systems and services for commercial customers.

PhoenixET, based in Irvine, Calif., monitors and controls energy usage at an enterprise level.

The terms of the deal were not disclosed.

"We welcome Phoenix Energy Technologies to the Duke Energy Commercial Portfolio as we build more capabilities to help our customers reduce their energy consumption, decrease their environmental impact and achieve their corporate sustainability goals," said Greg Wolf, president of Duke Energy's Commercial Portfolio.

PhoenixET's software is capable of integrating an entire customer's portfolio of buildings without the deployment of additional hardware, Duke said. Once PhoenixET completes the building integration process, the company uses its proprietary software to analyze data, such as occupancy, weather, equipment problems, heating, ventilation and air conditioning. This allows PhoenixET to provide savings to its customers in real time through remote diagnostic and repair tools, Duke said

After the transaction, PhoenixET will continue to operate independently with its established management team.

Earlier this year, Duke Energy purchased a majority interest in a commercial solar provider, REC Solar in San Luis Obispo, Calif.

"Duke Energy will continue to expand its offering of on-site, advanced energy solutions for commercial customers as the company finds opportunities in this rapidly growing market," said Wolf.