EnerNOC, Inc. (NASDAQ: ENOC), a provider of demand response and energy management solutions, has expanded the scope of its business by acquiring Cogent Energy, Inc., a firm engaged in monitoring-based commissioning (MBCx).
Terms of the deal were not disclosed.
MBCx involves setting building systems to conserve energy while simultaneously improving comfort for occupants. MBCx ensures that systems are dynamic, responding to unsuspected changes in weather or changes in building usage.
Cogent (cogentenergy.com) has more than 200 customers, including the University of California system.
EnerNOC's core business in demand response involves working with large industrial clients to reduce power usage at time of peak demand. Utilities pay EnerNOC to manage these reductions, saving the need for additional power generation capacity, and the industries are able to lower their power bills.
EnerNOC manages about 3.1 gigawatts of power reductions and has been looking to expand its offerings. The company has developed its own MBCx technology, and the acquisition of Cogent provides a path to the market.
EnerNOC said Cogent’s engineers will work to enhance the proprietary
analytic filters within EnerNOC’s MBCx application that process energy
data captured from building management systems and automatically
identify, quantify, and track energy savings opportunities.
Cogent Energy’s solutions are expected to allow EnerNOC to service
smaller facilities with less sophisticated controls systems, which
significantly increases the size of the addressable market for
EnerNOC’s MBCx energy efficiency application.
“The market for MBCx represents a huge growth opportunity for EnerNOC. We’ve already experienced early successes with our in-house built application and established ourselves as a leader in the rapidly evolving MBCx industry,” said Tim Healy, Chairman and CEO of EnerNOC. “Combining Cogent Energy’s expertise with the automated power of MBCx will enable EnerNOC to deliver one of the most powerful energy efficiency offerings in the world.”
“Assisting our clients in their pursuit of operating efficient facilities while helping to promote a sustainable environment is our number one priority,” said Tom Arnold, Vice President of Energy Efficiency and Carbon Management Solutions at EnerNOC.
In November, EnerNOC announced its first profitable quarter since going public in 2007, making a profit of $26.6 million in 3Q09.
