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Article updated with acquisition amount as of Tues., Dec. 7, at 11 a.m.
EnerNOC Inc. will pay $26.5 million to acquire a California-based company focused on energy efficiency and demand response programs for utilities, the company said in a regulatory filing.
The acquisition of Global Energy Partners Inc. is expected to close on or around Jan. 2, Boston-based EnerNOC (Nasdaq: ENOC) said in a filing with the U.S. Securities and Exchange Commission on Tuesday. EnerNOC plans to pay $6.6 million in shares of its stock and pay the remainder of the purchase price in cash, according to the filing.
Global Energy Partners, a 55-person company based in Walnut Creek, Calif., will continue as a wholly-owned subsidiary of EnerNOC, according to the filing.
EnerNOC said the acquisition will expand its addressable market, “and will be able to deliver a broader, more integrated portfolio of world-class applications and services to its utility partners and commercial, institutional and industrial customer base.”
EnerNOC said that Global Energy Partners operates across the country, and has past and present clients including Pacific Gas & Electric and Southern California Edison.
EnerNOC’s main service is demand response, which pays large energy users to lower their electricity during peak demand periods, avoiding blackouts and the need for new power plants. But the company says it has been expanding its energy efficiency and carbon emissions tracking services in recent months.
The firm pulled in revenue of $162.8 million for the quarter ended Sept. 30, compared to $103.1 million a year earlier. The company reported profit of $43.9 million, or $1.67 per share, for the quarter.
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