EnerNOC Acquires Leading Irish Demand Response Company Activation Energy
BOSTON and DUBLIN, Ireland, Feb. 13, 2014 (GLOBE NEWSWIRE)—EnerNOC, Inc. (Nasdaq:ENOC), a leading provider of energy intelligence software (EIS), announced today that it has acquired Dublin-based Activation Energy, the leading provider of demand response software and services in Ireland. This acquisition gives EnerNOC an immediate presence in the Irish capacity market and further strengthens EnerNOC's ability to deliver its full suite of energy intelligence software applications throughout Europe.
Activation Energy participates in the Single Electricity Market (SEM), a capacity market that spans the island of Ireland. The relative isolation and limited interconnections of the Irish grid, together with increasing amounts of renewable energy, create additional growth opportunities for demand response including balancing services.
"Activation Energy has pioneered demand response in Ireland and provides us an immediate foothold with commercial, institutional, and industrial customers that are already thinking about better ways to manage energy," said Tim Healy, Chairman and CEO of EnerNOC. "Capacity markets like the SEM have been among EnerNOC's most attractive opportunities. In Activation Energy, we've acquired a well-run company that generated a profit last year as Ireland's largest demand response provider. We look forward to growing the demand response industry in Ireland, and to expanding our presence within Europe."
"We're excited to be joining a team with such a strong track record of success," said Patrick Liddy, Founder of Activation Energy. "Adding the full suite of EnerNOC's energy intelligence software applications and its expertise in some of the most sophisticated demand response markets in the world to Activation Energy's keen understanding of the local market will be a great advantage for both our end-use and grid operator customers."
For more information about Activation Energy, visit www.activationenergy.ie.
EnerNOC is a leading provider of energy intelligence software and related solutions. EnerNOC unlocks the full value of energy management for utility and commercial, institutional, and industrial (C&I) customers by delivering a comprehensive suite of demand-side management services that reduce real-time demand for electricity, increase energy efficiency, improve energy supply transparency in competitive markets, and mitigate emissions. EnerNOC's Utility Solutions™ offerings help hundreds of utilities and grid operators worldwide meet their demand-side management objectives. EnerNOC serves thousands of commercial, institutional, and industrial customers worldwide through a suite of energy management applications including: DemandSMART™, comprehensive demand response; EfficiencySMART™, continuous energy savings; and SupplySMART™, energy price and risk management. EnerNOC'sNetwork Operations Center (NOC) offers 24x7x365 customer support. For more information, visit www.enernoc.com.
About Activation Energy
Activation Energy is an established Irish company providing energy services to a range of public, commercial, and industrial energy clients in Ireland. Activation Energy's demand response portfolio includes sites operated by Lisheen Mines, Castlecool Cold Storage, Xerox and CIX. Activation Energy is the first company to launch a demand side management service in the Irish market and was an award winner at the Sustainable Energy Authority of Ireland's Energy Show Awards 2013. For more information, visit www.activationenergy.ie.
Safe Harbor Statement
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including, without limitation, statements relating to the incorporation of the acquisition, the ability of the acquisition to deliver value to its utility and C&I customers in Ireland, and the potential impact of the acquisition on EnerNOC's financial statements, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to under the section "Risk Factors" in EnerNOC's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as other documents that may be filed by EnerNOC from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, the Company's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. EnerNOC is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.