Wednesday, July 16, 2008

EnerNOC snags deal with the Ocean State

By Mass High Tech Staff

EnerNOC Inc., a Boston-based developer of power demand-response software, has landed a five year contract with the State of Rhode Island to provide demand-response capacity from city, town and government-related buildings.

As part of the contract, EnerNOC will transfer excess capacity to the region’s power management entity Independent System Operators of New England (ISO-NE), providing a revenue stream for the state.

Financial terms for the deal were not disclosed.

Under terms of the agreement, individual government buildings can enroll in EnerNOC’s technology-enabled demand response network. Each site will be paid for agreeing to reduce non-essential electricity consumption during periods of peak demand. In addition, each participating site will gain basic access to EnerNOC’s energy management platform, which allows users to view and analyze their energy consumption data in “near real time,” according to a company statement.

EnerNOC went public in May 2007 and reported a net loss of $23.6 million on $60.8 million in revenue that year. By the end of 2007, the company reported contracts with 794 demand-response customers across 2,195 customer sites. In 2008, EnerNOC has announced deals with Southern California Edison, the Tennessee Valley Authority and Ontario Power Authority.