Spokane, WA - Ecova, a leading total energy and sustainability management company, today announced the intent to acquire Prenova, Inc. ("Prenova"), a privately-held enterprise energy management company headquartered in Atlanta.
The transaction is expected to close before the end of the year and is expected to be funded by Ecova and to be neutral to Ecova's earnings in 2012. Prenova reported revenue of $12.4 million for the nine months ended September 30, 2011 and for the year ended December 30, 2010.
With more than 80 clients, Prenova grows Ecova's existing client base to more than 600 and expands the company's reach into the education and government sectors.
"Prenova's clients, employee expertise and real-time products are significant additions to our company," said Jeff Heggedahl, CEO of Ecova. "We look forward to providing the best offerings from both companies' portfolios to our clients, and believe our unique combination of technology, expertise and data is unmatched."
The acquisition enhances Ecova's unique combination of historical data from utility expense management services and real-time building management services. The acquisition builds Ecova's engineering capabilities in building control and metering, providing clients with energy efficiency expertise and recommendations at the building level. Jeff Heggedahl will lead the combined organization and the Atlanta office will become Ecova's South Eastern regional office.
"For over ten years, Prenova has been helping companies control energy spend by reducing utility costs and improving energy efficiency," said Michael Nark, President and CEO of Prenova. "By joining with Ecova, our clients will benefit from having the combined expertise and expanded product offering that Ecova brings. I'm excited for our companies, as together we can achieve the vision of being the leader in total energy and sustainability management."
Today, Prenova has over 50,000 commercial and industrial buildings under management with 7,500 buildings connected on a real-time basis for a range of services. Real-time operations are served from a state-of-the-art network operations center in Atlanta leveraging SaaS technology, enabling clients to monitor and control energy consumption within their own portfolio of buildings across an array of disparate energy management systems. The addition of these assets accelerates Ecova's momentum in this area, following its acquisition of Building Knowledge Networks in early 2011.
Ecova is the total energy and sustainability management company whose sole purpose is to see more, save more, and sustain more for its clients. Using insights based on consumption, cost and carbon footprint data spanning thousands of utilities, hundreds of thousands of business sites and millions of households, Ecova provides fully managed, technology-optimized solutions for saving resources, which in turn increase returns, lower risks, and enhance reputations. Ecova is the largest non-regulated subsidiary of Avista Corp (NYSE: AVA). www.avistacorp.com. For more information, visit the company's website at ecova.com, on LinkedIn at http://linkd.in/EcovaInc, or follow Ecova on Twitter at @ecovainc. This news release contains forward-looking statements regarding the company's current expectations. Forward-looking statements are all statements other than historical facts. Such statements speak only as of the date of the news release and are subject to a variety of risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the expectations.
These risks and uncertainties include, in addition to those discussed herein, all of the factors discussed in Avista Corp's Annual Report on Form 10-K for the year ended Dec. 31, 2010 and the Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2011.
related links: www.ecova.com