East Hanover, NJ, June 28, 2007 — Comverge Inc., a provider of clean energy solutions through demand response, announced it has entered into a definitive agreement to acquire Enerwise Global Technologies creating what the company says is the largest demand response provider in North America with over 1400 megawatts (MWs) of managed capacity.
With the addition of Enerwise, Comverge will provide a suite of demand response and energy management solutions for all utility customer classes including residential, small to large commercial, institutional, and industrial customers.
The combined company will own three energy network operations control centers in Newark, California, East Hanover, New Jersey and Kennett Square, Pennsylvania to operate its national network of programs.
Enerwise provides 444 MWs of demand response capacity in open market programs, manages an additional 383 MWs of capacity by providing its customers with the tools and systems to enable participation in demand response programs, and facilitates the registration of 1049 MWs of renewable energy.
Through the acquisition, Comverge will form the Enerwise Group which will function as a division of Comverge and operate collaboratively with the Smart Grid Solutions Group and the Alternative Energy Resources Group. As a combined company, Comverge will directly own or operate 948 MWs of demand response capacity, provide tools for the operation of 453 MWs of energy, and manage the registration of 1049 MWs of renewable energy.
The Enerwise Group will continue to be led by president and COO, Dean Musser and operate from its offices in suburban Philadelphia.
The acquisition has been approved by the board of directors of Comverge and Enerwise and requisite Enerwise shareholders have irrevocably consented to the transaction, which is scheduled to close in July 2007. Under the terms of the transaction, Comverge will acquire 100% of Enerwise’s capital stock for $75.7 million, consisting of $25.15 million in cash, $17.0 million in subordinated convertible notes due in April 2009, and the issuance of 1,279,545 shares of Comverge common stock which had a market value of $33.6 million as of June 26, 2007.
For more news and exclusive features from Utility Automation & Engineering T&D and Electric Light & Power online, please click here.