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EnerNOC (ENOC) Expands Energy Efficiency Biz With Cogent Purchase
I meant to get this news out sooner.. you know how it goes. Lots of green stock news these days and at times I have to get what I feel is the most important news out first. EnerNOC announced yesterday that they purchased privately held Cogent Energy to bolster their monitoring based energy efficiency business. Essentially, the purchase allows them to expand the business of helping businesses get more energy efficient by monitoring their use. Their main focus now is in demand response operations which allows utilities and customers to save by regulating peak energy and the Cogent Energy biz ties in well with that. It’s not a huge deal and only expected to contribute $5 million in revenue next year (small considering EnerNOC did $100 million just last quarter), but a nice purchase for them. Terms of the deal have not been disclosed.
EnerNOC CEO Tim Healy made the following comments about the purchase..
“The market for MBCx represents a huge growth opportunity for EnerNOC. We’ve already experienced early successes with our in-house built application and established ourselves as a leader in the rapidly evolving MBCx industry. Combining Cogent Energy’s expertise with the automated power of MBCx will enable EnerNOC to deliver one of the most powerful energy efficiency offerings in the world.”
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