ISELIN, N.J. — Centrica plc announced today an agreement to purchase energy services and solutions company SmartWatt for $37 million. According to the company release the acquisition will broaden Centrica’s footprint in the U.S. and provide enhanced capabilities to meet increasing customer demand for integrated energy solutions. Centrica plc is the parent company to retail energy giant Direct Energy.
SmartWatt has nearly two decades focusing on combining lighting retrofits and efficiency upgrades such as HVAC, building automation, water conservation and performance assurance (M&V) as well as solar power. Headquartered in Albany, New York, and with 14 offices in the U.S., SmartWatt has contractor licenses throughout the U.S. providing services for companies such as FedEx, University of California, Nestle and Pepsi.
According to the company statement, the business will become part of Centrica’s Distributed Energy & Power business, Centrica Business Solutions, which delivers integrated energy solutions for businesses and other large energy users, combining distributed energy technologies and a variety of commercial options to “improve performance and cost management, drive sustainability, and strengthen resilience.”
“We look forward to joining Centrica Business Solutions. Centrica’s technology solutions and long history of leadership in the energy industry will help us deliver better solutions to our customers. We are delighted to join forces with a distributed energy solutions market leader.”Said Chris Covell, Founder and CEO, SmartWatt.
“We are excited to welcome the SmartWatt team. The addition of SmartWatt will expand our operations throughout the U.S. with technologies that complement our existing energy solutions capabilities,” said Jorge Pikunic, global Managing Director of Centrica Business Solutions. “SmartWatt’s impressive reputation delivering energy solutions and innovative financing, together with our existing technology and trusted customer relationships through Direct Energy Business, will accelerate our growth in the U.S.”
The transaction is expected to close on July 1, 2019.
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