Ecova to Buy Energy Management Firm Prenova
Ecova, a sustainability management company formerly known as AdvantageIQ, has announced that it plans to acquire Prenova, an enterprise energy management firm.
Ecova plans to be the sole funder of the purchase, which should be neutral to its 2012 earnings, and it expects to close the transaction by the end of this year. The company says the acquisition will expand its real-time building management, software-as-a-service and engineering capabilities, adding to the advantages it gained through the purchase of Building Knowledge Networks in early 2011.
Prenova launched Energy Point, a platform for enterprise-wide energy management, last March. The company says the application is the first providing organization with visibility and control of disparate automation and energy management systems in multiple buildings, from a central web portal.
The company has over 45,000 commercial and industrial buildings under management with 7,500 buildings connected on a real-time basis for a range of services. It brings more than 80 new clients to Ecova’s existing customer base of 600, and expands the company’s reach into the education and government sectors.
Jeff Heggedahl will lead the combined organization. Prenova’s Atlanta office, where real-time operations are served, will become Ecova’s South Eastern regional office.
Prenova reported revenue of $12.4 million for the nine months ended September 30, 2011. Ecova is the largest non-regulated subsidiary of Avista Corp, and was formed last month from the merger of Advantage IQ and its demand-side management subsidiary Ecos.
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