The 150MW demand response contract between EnerNOC (ENOC) and So Co Edison which was originally announced in June 08, has been approved by the California Public Utilities Commission and will be effective until the end of 2012.
“The CPUC’s decision reflects the important role that demand response can play in reducing peak demand in SCE’s service territory,” said Tim Healy, EnerNOC’s chairman and CEO. “Adding more demand response resources to the state of California further … Read the rest
EnerNOC (ENOC) is off after hours following the announcement that it has filed a preliminary prospectus with the SEC to offer up to 3,750,000 shares of common stocks with proceeds being used for biz expansion, strengthening its working capital position, future acquisitions and R&D. Considering the run the stock has had, the move isn’t much of a surprise. ENOC will offer 3 mill of shares and certain shareholders will offer the rest. … Read the rest
Earlier this morning, Jefferies upgraded EnerNoc (ENOC) from Hold to Buy following its strong earnings report last night. Canaccord Adams is positive on the company as well, reiterating its Buy rating on the company and raising the price target from $28 to $32.
Hat tip to StreetInsider.com for the following analyst note:
“Strong execution across the board, as better-than-expected MW additions and expense control drove the significant top-/bottom-line beat. Looking ahead, with gross margins … Read the rest
EnerNoc (ENOC) is emerging as a demand response leader and is well on its way to becoming the first to profitability (ahead of rivals Comverge and Echelon). The company blew away EPS estimates again this quarter, reporting a non GAAP loss of .12/share vs expectations of a .33 loss. Revenues were better than expectations as well, coming in at $42 million vs the expectation of $39 million.
Helping to push the stock higher after hours … Read the rest
EnerNoc (ENOC), the demand response company quickly moving towards profitability is expanding its reach with today’s announcement of the purchase of greenhouse gas software and services firm eQuilibrium who’s current clients include Sears and News Corp. eQuilibrium’s software will eventually be integrated into EnerNOC’s existing PowerTalk platform but the company doesn’t expect this deal to have any impact on its financial results this year. Terms of the deal have not been disclosed.
“Our customers continue … Read the rest
Enernoc (ENOC), an emerging leader in demand response networks, has signed a deal with one of Vermont’s largest electric utilities, Green Mountain Power allowing its customers to save on energy costs by reducing their energy usage during peak demand. Customers currently enrolled in Green Power’s demand response system will be rolled into EnerNOC’s system and the two companies will work together to add more commercial, institutional and industrial customers to the demand response network. Companies … Read the rest
Several days ago Itron (ITRI), the smart grid 800lb gorilla, reported disappointing earnings. Today, the unprofitable up and comers EnerNoc (ENOC) and Echelon (ELON) reported large losses but losses that were considerably less than the estimates.
Echelon (ELON) reported a non GAAP loss of .19/share which beat estimates of a loss of .34 by a wide margin. Revenues also came in better than expected at $18.2 million vs the estimate of $17.8 million. Despite … Read the rest
EnerNoc has successfully deployed its PowerTalk technology in 250 of its approximately 5000 customer sites which allows for real time communication through open standards technology between almost any internet enabled smart meter or device and the EnerNoc command center. Similar to instant messaging, the presence technology continuously transmits the status of the device as well as other info so that changing conditions are detected in real time.
Whereas most current technical approaches involve reading Smart … Read the rest
EnerNoc (ENOC) continues to rack up the utility demand response contracts and the stock is reflecting it, up nearly 50% in March alone. This morning the company is announcing 4 new contracts in Maryland totaling 250 MW with Allegheny Power, Baltimore Gas & Electric, Delmarva Power and Light and Potomac Electric Power which brings the total to 7 new new contracts in the first quarter 2009.
In November of last year the Maryland Public Service … Read the rest
EnerNoc (ENOC), an emerging, yet still unprofitable demand response leader just picked up a 65MW deal with Idaho Power. ENOC will enable and manage a network of commercial and industrial facilities throughout Idaho Power’s service area to reduce electricity demand during system peaks. ENOC’s job is to bring supply and demand into greater balance, potentially reducing prices during peak demand times. They have a network of operations centers that automate the process, curtailing non … Read the rest