Ameresco, Inc. Acquires Two Businesses of Energy and Power Solutions, Inc.
Ameresco Expands its Energy Efficiency, Information Service and Automated Demand Response Services Offered to Commercial, Industrial and Manufacturing Customers
FRAMINGHAM, MA and COSTA MESA, CA - December 15, 2011 - Ameresco, Inc. (NYSE: AMRC) a leading energy efficiency and renewable energy company, announced today that it has acquired the xChange Point® and energy projects businesses, including automated demand response, of Energy and Power Solutions, Inc. (EPS). EPS is an energy efficiency solutions company serving commercial, industrial, and manufacturing customers across North America encompassing the food and beverage, meat, dairy, paper, aerospace, oil and gas, and REIT industries. These businesses will continue to offer comprehensive software, energy information, analysis and consulting services, and will operate as Ameresco Intelligent Sustainable Services. Operations will continue from EPS’s current Costa Mesa, CA location.
EPS’s sustainable business is centered around its proprietary software platform, xChange Point®, which provides companies with a comprehensive service for real-time energy and carbon emissions tracking. The software collects real-time energy information at the equipment level. Customers and EPS engineers interpret data using the software’s analytic tools to identify and track the potential energy savings opportunities. The xChange Point® approach changes the paradigm of how energy efficiency solutions are delivered by addressing the organization, information and resource barriers that have historically prevented the effective implementation of energy efficiency and carbon reduction solutions enterprise-wide.
The EPS energy projects business designs, engineers, and develops small- and large-scale energy efficiency projects for a large variety of customers in the commercial, industrial, and manufacturing markets. The EPS team also specializes in implementing energy control systems which enable the customer to participate in utilities’ automated demand response (ADR) programs where the utility can send a signal to the energy control system that then automatically initiates a series of pre-programmed demand reduction strategies.
“With the acquisition of EPS, we are pleased to expand Ameresco’s energy efficiency and information services to commercial, industrial and manufacturing customers,” stated George P. Sakellaris, president and chief executive officer of Ameresco. “EPS’s innovative software platform, xChange Point®, and expertise in implementing automated demand response projects provide unique entry points into these markets. We look forward to working with the talented EPS team to further develop and cultivate growth opportunities throughout North America.”
Ameresco has implemented over $2 billion in energy saving projects for its customers throughout North America. Services include budget-neutral energy efficiency projects and renewable energy solutions that reduce operating costs and carbon footprint without impacting capital budgets. Increasing energy costs, budgetary constraints, aging infrastructure, and a greater awareness of the benefits of energy efficiency should continue to drive demand for energy efficiency and renewable energy solutions. With the acquisition of the EPS businesses, Ameresco strengthens its position by increasing its presence in the commercial, industrial and manufacturing markets, and offering new software solutions and demand response services to all its customers. EPS’s customers will also benefit from Ameresco’s comprehensive portfolio of energy service offerings and extensive expertise.
"Our entire team is very excited about this opportunity to enhance our delivery of sustainable services to our customers as part of Ameresco,” said Jay Zoellner, chief executive officer and co-founder of EPS. “xChange Point® is revolutionizing sustainability through real-time data collection, and that combined with our team’s analysis uncovers intelligent solutions with immediate payback. Our ADR capabilities have been successfully implemented in complicated process environments previously untapped by demand response programs. This acquisition provides a positive impact for our customers through the additional services and resources offered by Ameresco, a leading provider of energy efficiency and renewable energy services."
Terms of the transaction were not disclosed.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent provider of comprehensive services, energy efficiency, infrastructure upgrades, and renewable energy solutions for facilities throughout North America. Ameresco’s services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco provides local expertise through its 59 offices in 34 states and five Canadian provinces. Ameresco has more than 850 employees. For more information, visit www.ameresco.com.
About Energy and Power Solutions, Inc.
Energy and Power Solutions, Inc. (EPS) delivers energy efficiency solutions to commercial, industrial and manufacturing markets through comprehensive software and consulting services. The Company’s proprietary software platform, xChange Point®, uses real-time information collected at the equipment level, across a customer’s entire enterprise, to analyze and identify specific energy improvement projects. These projects include a variety of equipment upgrades, automated demand response projects and other energy efficiency solutions. EPS is headquartered in Costa Mesa, CA. For more information, visit www.epsway.com.
Safe Harbor Statement
Any statements in this press release about future expectations, plans and prospects for Ameresco, Inc., including statements about the expected benefits of the acquisition and estimated future results, as well as other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including Ameresco may be unable to successfully operate the acquired businesses to achieve the expected financial results; Ameresco may be unable to retain and maintain relationships with key employees, customers and other strategic partners of the acquired businesses, as well other factors discussed and detailed from time to time in reports filed by Ameresco with the U.S. Securities and Exchange Commission on Forms 10-K and 10-Q. In addition, the forward-looking statements included in this press release represent Ameresco’s views as of the date of this press release. Ameresco anticipates that subsequent events and developments will cause its views to change. However, while Ameresco may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Ameresco’s views as of any date subsequent to the date of this press release.