Ameresco Acquires DukeSolutions
FRAMINGHAM, Mass. (March 13, 2002) -- Ameresco, Inc, one of the nation’s fastest growing energy services companies, today announced the acquisition of DukeSolutions a former subsidiary of Duke Energy (NYSE: DUK). The acquisition is a stock purchase transaction and is expected to be completed end of the second quarter.
“We are thrilled to welcome DukeSolutions into our growing corporate family,” said Ameresco President and CEO George Sakellaris. “The company’s unparalleled track record and outstanding reputation as an energy services provider bring with it a standard of excellence aligned with Ameresco’s mission and history with which we are proud to associate.”
The acquisition is part of Ameresco’s national growth strategy that focuses on organic business growth as well as the acquisition of top-tier energy services companies throughout the United States. The transaction is expected to facilitate a broader national marketing effort, to include an expanded menu of energy services (including energy supply management), and entry into related end-use markets.
DukeSolutions’ products and services help customers reduce energy costs, manage risks and improve service reliability. DukeSolutions enables companies to realize financial benefits equivalent to a 25 percent reduction in current annual energy spending, greatly effecting the customer’s bottom line and earnings.Focusing on commercial & industrial, institutional and government customers, DukeSolutions offers a broad range of services to help customers, regardless of the status of deregulation.
“As Duke Energy pursues a focus on wholesale energy markets, it is appropriate to place DukeSolutions with a company where the business mission is aligned,” Bruce Williamson, CEO of Duke Energy Global Markets said. “We are pleased that the DukeSolutions business can continue with a company that is clearly focused on developing energy services as a core business.”
About Duke Energy
Duke Energy, a diversified multinational energy company, creates value for customers and shareholders through an integrated network of energy assets and expertise. Duke Energy manages a dynamic portfolio of natural gas and electric supply, delivery and trading businesses -- generating revenues of more than $59 billion in 2001. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 100 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com.
DukeSolutions is a wholly owned subsidiary of Duke Energy that applies proven energy initiatives to solve complex business and operations issues for industrial, commercial and institutional customers. DukeSolutions integrates expertise to bring additional value from operations, maintenance and trading to create energy solutions that reduce costs, lower risk and improve energy efficiency.
Ameresco, Inc. is a single-source provider of comprehensive energy solutions headquartered in Framingham, Massachusetts. By promoting demand-side and supply-side solutions, Ameresco works with its customers to reduce operating expenses, upgrade and maintain their facilities, improve occupancy comfort levels, increase energy reliability and enhance the environment. By providing two core business services of energy conservation and generation, Ameresco affords its customers the chance to capitalize on energy opportunities and to focus on their organization’s primary mission.
Release Date: 3/13/2002