Duke Energy acquires majority stake in energy management company Phoenix Energy Technologies

CHARLOTTE, N.C., Oct. 22, 2015 /PRNewswire/ -- Duke Energy, the nation's largest electric utility, today acquired a majority share of Phoenix Energy Technologies, a provider of energy management systems and services for commercial customers.

PhoenixET, based in Irvine, Calif., monitors and controls energy usage at an enterprise level.

"We welcome Phoenix Energy Technologies to the Duke Energy Commercial Portfolio as we build more capabilities to help our customers reduce their energy consumption, decrease their environmental impact and achieve their corporate sustainability goals," said Greg Wolf, president of Duke Energy's Commercial Portfolio. 

"PhoenixET has a proven track record of developing and executing energy management systems that drive out inefficiencies and save customers money," added Wolf. "PhoenixET delivers a skilled analytics team and an advanced software system that enables commercial customers to reduce their energy usage without upfront capital costs."

PhoenixET's software is capable of integrating an entire customer's portfolio of buildings without the deployment of additional hardware. 

Once PhoenixET completes the building integration process, the company uses its proprietary software to analyze data, such as occupancy, weather, equipment problems, heating, ventilation and air conditioning. This allows PhoenixET to provide savings to its customers in real time through remote diagnostic and repair tools.

Cinemark Holdings Inc., which manages more than 500 movie theaters, has been a PhoenixET customer for the past five years. The collaboration has resulted in Cinemark receiving the Star of Energy Efficiency Award for Built Environment in 2015 from the Alliance to Save Energy.

"Our partnership with Phoenix is a collaborative process that assists us with dispatch of service, data management and measurement and verification of energy projects," said Art Justice, Cinemark vice president of energy and sustainability. "Phoenix's staff and Cinemark's energy team push each other to be innovative and continue to move the needle in an ongoing effort to operate our buildings as efficiently as possible."

"PhoenixET has positioned itself as a thought leader in enterprise data management and business processes," said Lisa Varga, CEO Phoenix Energy Technologies. "We have built strong partnerships with our clients and the industry to drive innovation and create tool sets to respond to our clients' needs. Our enterprise software and services continue to help companies drive savings, reduce their carbon footprint, manage their business process and impact their bottom line year over year.

"When combined with Duke Energy's experience and leadership in the energy sector, PhoenixET will be better equipped to offer even more value to commercial customers with an array of cost-efficient, integrated energy solutions."

Founded in 2004, PhoenixET has delivered successful returns on investment across thousands of buildings for its customers, which are all Fortune 500 companies.

After the transaction, PhoenixET will continue to operate independently with its established management team.

Earlier this year, Duke Energy purchased a majority interest in a commercial solar provider, REC Solar in San Luis Obispo, Calif.

"Duke Energy will continue to expand its offering of on-site, advanced energy solutions for commercial customers as the company finds opportunities in this rapidly growing market," said Wolf.

The terms of the deal were not disclosed.

About Duke Energy

Duke Energy is the largest electric power holding company in the United States. Its regulated utility operations serve approximately 7.3 million electric customers located in six states in the Southeast and Midwest. Its commercial power and international energy business segments own and operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy assets in the United States.

Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at duke-energy.com. 

Follow Duke Energy on Twitter, LinkedIn and Facebook.

About Phoenix Energy Technologies

Phoenix Energy Technologies is a strategic partner and leading provider of EnterpriseDX, energy management software and services for multinational retailers, theaters, universities and expanding into grocers. PhoenixET provides commercial customers with actionable data to control their energy usage and costs through an enterprise energy information and management software platform. Headquartered in Irvine, Calif., the company's team of approximately 63 employees is focused on company culture, innovation and customer satisfaction.

Duke Energy media contact: Tammie McGee 
Office: 980.373.8812 | 24-Hour: 800.559.3853

Logo - http://photos.prnewswire.com/prnh/20130322/CL81938LOGO

SOURCE Duke Energy