CLEAResult, a Leader in Energy Efficiency, Announces Investment Partnership with General Atlantic
AUSTIN, Texas, June 17, 2013 /PRNewswire/ -- CLEAResult, a leading provider of energy efficiency solutions and energy management services, announced today that it has agreed to partner with General Atlantic, a global growth equity investment firm.
CLEAResult designs and implements energy efficiency programs for utility companies and businesses across North America. Since its founding in 2005, CLEAResult has helped thousands of utility customers, including schools, local governments, small and large businesses, and homeowners reduce energy use through practical technical guidance and financial assistance. In addition to utility companies, CLEAResult works with data centers and other large consumers of energy to help them manage energy use more efficiently.
"Energy efficiency and demand management programs offer compelling long-term value for all constituents – lower peak load requirements for utilities, reduced energy bills for end-users, and a smaller environmental burden for the public," said General Atlantic Managing Director Adrianna Ma, who will join the CLEAResult board. "CLEAResult's entrepreneurial management team and relentless focus on delivering world class, technology-enabled solutions to its blue chip utility clients and energy end-users make the company the best platform for continued growth through organic initiatives and strategic acquisitions."
"We couldn't be happier that General Atlantic has chosen to invest in CLEAResult, and look forward to working with the General Atlantic team," said Glenn Garland, CEO of CLEAResult. "General Atlantic's investment philosophy, large and stable capital base, and deep understanding of energy efficiency make them ideal partners as we build our company and serve our utility clients."
Over the past three years, CLEAResult has been on a path of exceptional growth in partnership with General Catalyst. Paul Verrochi, CLEAResult's current Chairman and an Entrepreneur in Residence who partners with General Catalyst to lead investments in high-growth technology-enabled service companies, said, "It has been an honor to work with Glenn Garland, [Executive Vice President] Jim Stimmel and their teams to help CLEAResult become a true national leader in the energy efficiency industry through organic growth and targeted acquisitions of other leading firms."
Garland added, "Paul Verrochi and the General Catalyst team have been high value-added partners to CLEAResult as we aggressively grew the business over the past three years. We look forward to the next phase of the company's growth with General Atlantic."
CLEAResult has 1,100 employees responsible primarily for program design and management, and also helps create jobs by using networks of local businesses for onsite hardware installation work. The company has 32 locations in North America, and is currently managing over 200 programs in 27 states and 2 Canadian provinces.
The CLEAResult family of companies harnesses innovative thinking in energy management and delivers the insight and technology to change the way people use energy. We work with clients to design, implement and evaluate cost-effective energy programs. By focusing on holistic organizational strategies to promote efficient usage, we help our clients maximize both program participation and customer satisfaction. Our experience in energy efficiency, demand side management, renewable energy and energy resource acquisition powers significant, positive change.
About General Atlantic
GENERAL ATLANTIC is a leading global growth equity firm providing capital and strategic support for growth companies. GA combines a collaborative global approach, sector specific expertise, long-term investment horizon and a deep understanding of growth drivers to partner with great management and build exceptional businesses worldwide. Established in 1980, GA manages approximately $18 billion in capital (comprised of both total committed capital and portfolio investments) and has more than 80 investment professionals based in Greenwich, New York, Palo Alto, Sao Paulo, Amsterdam, London, Munich, Beijing, Hong Kong, Mumbai and Singapore. For further information and a listing of GA's public and private portfolio companies see www.generalatlantic.com.
About General Catalyst
Founded in 2000, and based in Cambridge, MA and Palo Alto, CA, General Catalyst is an active, value-added venture capital firm that makes early stage and growth equity investments in rapidly growing companies. General Catalyst focuses on partnering with exceptional entrepreneurs across the spectrum of early to growth stage that are building innovative companies and transforming industries. General Catalyst also partners with Entrepreneurs-in-Residence (XIRs) to identify growth-stage investment opportunities where the XIR's unique experience as operators, and hands-on expertise in the company-building process, and business development capabilities can help middle-market growth stage companies scale quickly, often through acquisition strategies. For further information please see (www.generalcatalystpartners.com)