CLEAResult to purchase Ecova's utility division
- CLEAResult announced this morning that it has reached an agreement to acquire Ecova's utility division, a deal the company says will make it "the dominant provider" of retail-based and midstream demand side management programs.
- No financial details were released. The companies expect the deal to close this quarter. Once that happens, the Ecova unit will be rebranded CLEAResult.
- CLEAResult made a similar move in 2016, purchasing the industrial utility services business unit of demand response leader EnerNOC.
With the acquisition of Ecova's utility division CLEAResult said its retail and midstream demand side management programs will have the industry’s "strongest technology-enabled capability set and the largest network of relationships across home improvement retailers, global lighting, smart thermostat and other efficient product manufacturers." The company intends to leverage the combined offering to introduce new sales channels and digital marketplaces, expanding its services and utilizing advanced analytics.
"We will leverage our combined capability set to help our utility clients deliver a superior customer experience combined with greater and accelerated energy efficiency savings to their customers,” CLEAResult CEO Aziz Virani said in a statement.
Ecova Chief Utility Officer Mark Henderson called ENGIE Insight’s utility division "a natural complement to CLEAResult’s capabilities.”
CLEAResult has a wide range of projects. It helped Portland General Electric test a dozen rate designs last year. And it helped Kansas City Power & Light roll out a demand response thermostat program.
When CLEAResult purchased EnerNOC's industrial unit, the company said the deal would bolster its commercial and industrial capabilities, helping provide energy services to sectors often unsatisfied with utility offerings. At that time, CLEAResult was running more than 370 commercial and industrial programs across North America.
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