The company paid $2.5 million in Enernoc common shares for the deal, paying the rest in cash.
But no further information was available on the transaction which marks Enernoc’s entry into Eastern Australia and New Zealand’s electricity markets.
Enernoc share prices rose 41 cents, or 2.59 percent, to $16.22 when Nasdaq trading closed on July 6.
The acquisition would reduce earnings this year and next. However, the company expects to recoup its losses starting in 2013, it said in a statement.
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Enernoc offers energy management tools based on demand response technology to help utilities optimize their customers’ electricity use in response to supply conditions. This can happen, for example, when utilities provide incentives for not using electricity during peak periods.
Utilities pay the company for its DemandSMART service which Enernoc uses to pay customers for reducing energy consumption, in a range of activities such as dimming lights, adjusting air-conditioning or using back-up generators. Customers can track their energy reductions on the internet using an application which Enernoc also uses to analyze energy usage data.
The newest purchase more than doubles Enernoc’s portfolio in western Australia to 240 megawatts from 100 MW of demand response services between 2012 and 2013.
String of acquisitions
Only in January, the company acquired M2M Communications, a California company that offers demand response services at agricultural facilities, for an undisclosed sum.
But Enernoc acquisitions go back to 2005, continuing from that year like clockwork. The company has acquired 10 companies since.
Enernoc acquired demand response companies Pinpoint Power, Celerity Energy Partners, Cogent Energy and Equilibrium Solutions, the first two in 2005 and 2006 and the latter both in 2009. Celerity was said to be the largest demand response provider in California.
Two more demand response companies, California-based Global Energy Partners and Colorado-based SmallFoot L.L.C., were bought in December and March 2010, respectively.
In September 2007, Enernoc got MDEnergy, an energy procurement company, for $7.9 million. The Connecticut-based company provides consulting and information to large energy buyers in energy markets. Enernoc added another energy procurement and risk management company in May 2008 by acquiring Maryland-based South River Consulting L.L.C. for $4.75 million.
As of March 3, the company had more than 6,300 MW under management across more than 10,100 sites. Tim Healy, company chairman, said the system was deployed 220 times last year to stabilize the power grid. Customers include the National Grid in the United Kingdom, the Ontario Power Authority in Canada, and PJM Interconnection and the Tennessee Valley Authority in the United States.
In its latest quarterly report, Boston-based Enernoc recorded revenues of $31.76 million, up from $28.12 million for the same quarter in 2010.
