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Print Edition StoriesThursday, December 17, 2009
EnerNOC to direct $3M in stock toward Cogent acquisition
By Jackie Noblett
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EnerNOC has partially paid for California services firm Cogent Energy Inc. with $3 million in company stock, the company disclosed in a regulatory filing Wednesday.
The U.S. Securities and Exchange Commission filing did not say how much cash it paid for the energy efficiency advisory firm. It formally purchased the firm on Dec. 4 and announced the acquisition Dec. 9.
Cogent, based in Concord, Calif., provides so-called Monitoring-Based Commissioning (MBCx) services to primarily schools and smaller building facilities.
The Boston-based energy management and technology firm (Nasdaq: ENOC) also announced it signed a contract with Puget Sound Energy to continue providing demand response capacity to the Seattle-area utility through April 2011. EnerNOC started selling demand response capacity — power that comes from multiple businesses curbing electricity consumption — to the utility in 2007.
“We’re excited to continue this partnership, and we look forward to deploying our new ‘small commercial’ demand response solution with PSE in 2010. This application will build on EnerNOC’s industry leadership and experience in enabling more than 700 grocery stores to participate in demand response programs across North America, allowing a much broader range of retail customers to benefit,” said Tim Healy, chairman and CEO of EnerNOC in a statement.
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