Ameresco, Inc. Acquires Applied Energy Group
Ameresco Expands Energy Efficiency and Demand Side Management Services for Utilities
FRAMINGHAM, Mass. & ISLANDIA, N.Y.--(BUSINESS WIRE)-- Ameresco, Inc. (NYSE: AMRC) a leading energy efficiency and renewable energy company, announced today that it has acquired Applied Energy Group ("AEG"), a privately held company providing energy efficiency and demand side management consulting services. AEG, headquartered in Islandia, NY, currently serves utilities and government agencies in the Northeast, Mid-Atlantic, Midwest and other regions. In addition to designing, managing and evaluating energy efficiency programs, AEG also provides business operations and regulatory support, renewable energy programs, energy management and information technology solutions.
"AEG is a premier consulting company with a solid record of proven business practices for utilities, and specializes in designing, managing and evaluating utility efficiency programs," said George P. Sakellaris, president and chief executive officer of Ameresco. "AEG's position at the forefront of this large and growing market strengthens Ameresco's leadership position within energy efficiency while expanding our offering to utility customers. We look forward to having AEG as part of the Ameresco family."
Electric utilities are the largest providers of energy efficiency programs in the United States. According to a survey by the Institute for Electric Efficiency (IEE), rate-payer funded electric utility energy efficiency programs amounted to $5.4 billion in 2010. The IEE believes that these efficiency programs will likely reach or exceed $12 billion by 2020.
"We are excited to be joining Ameresco, a North American leader in energy efficiency and renewable energy," stated Michael Marks, president of AEG. "We believe that our energy efficiency focus aligns well and AEG will be better positioned to build upon our expertise and customer driven solutions by cultivating new business and service offerings," continued Marks.
With the acquisition, Ameresco will add AEG's employees to its current workforce of more than 750 and the company will continue to be called Applied Energy Group.
Terms of the transaction were not disclosed. Ameresco will provide additional details regarding its financial outlook and this transaction as part of its upcoming second quarter earnings conference call on August 10, 2011.
About Ameresco, Inc.
Ameresco, Inc. was incorporated in Delaware in April 2000 and is a leading independent provider of comprehensive energy efficiency and renewable energy solutions for facilities throughout North America. Ameresco's solutions include upgrades to a facility's energy infrastructure, and the development, construction, and operation of renewable energy plants. With corporate headquarters located in Framingham, MA, Ameresco has 56 offices in 29 states and five Canadian provinces. For more information, visit www.ameresco.com.
Applied Energy Group
Headquartered in Islandia, NY, Applied Energy Group is a consulting and information technology company which assists utilities and government agencies in managing their energy efficiency and demand side management programs. For more information about Applied Energy Group, visit www.appliedenergygroup.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 AEG business to achieve the expected financial results; Ameresco may be unable to retain and maintain relationships with key employees, customers and other strategic partners of AEG, 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.
Source: Ameresco, Inc.
Released July 14, 2011