EnerNOC Announces Investment In Software Company Genability; Adds Licensing Rights For Key Energy Intelligence Software Functionality
BOSTON, Feb. 5, 2014 (GLOBE NEWSWIRE)—EnerNOC, Inc. (Nasdaq:ENOC), a leading provider of energy intelligence software (EIS), announced today that it has led the Series A round of financing of San Francisco-based Genability, Inc., a software company that licenses its extensive database of electricity tariffs and rate engine for use with third-party products, such as EIS platforms, to precisely find, maximize, and communicate energy savings.
In addition to providing Series A funding, EnerNOC signed a licensing agreement which gives it certain exclusive rights to Genability's technology for EIS solutions that serve the commercial, institutional, and industrial sector. By connecting Genability's tariff engine to EnerNOC's EIS applications, end users will have more accurate energy forecasts, be able to make operational tradeoffs in a more informed manner, as well as be able to verify the cost savings from energy efficiency measures. For businesses, it is important that savings are articulated in dollars instead of kilowatt hours.
"Connecting energy efficiency measures to dollars is what drives organizational change and justifies future investments in energy efficiency projects, but with thousands of different utility tariffs in the U.S. alone, giving customer-specific projections can be a challenge, particularly for enterprise customers that could have dozens or even hundreds of sites," said Micah Remley, Vice President of Product Strategy and Technology at EnerNOC. "Genability's technology gives EnerNOC the ability to rapidly scale the amount of tariff information currently supported by our EIS platform. More importantly, it gives our customers the transparency they need to truly understand and appreciate the bottom line benefit that can be achieved by managing energy with software."
"EnerNOC has pioneered energy intelligence software, helping customers buy energy more cost-effectively, use less overall, and be more strategic about when energy is consumed," said Jason Riley, Founder and CEO of Genability. "By putting these savings in true dollar terms, businesses have at their fingertips real-time transparency they simply can't get with a rear-view mirror approach of relying on utility bills alone. This partnership will allow both companies to bring more cost savings to our respective customers."
EnerNOC Chairman and CEO Tim Healy will join Genability's Board of Directors.
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.
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 EnerNOC's investment in Genability and the likelihood that Genability's technology will deliver value to EnerNOC's customers, 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.