ISELIN, N.J., June 19, 2019 /PRNewswire/ -- Centrica plc announced today an agreement to purchase SmartWatt, a leading energy services and solutions company, for $37 million. The acquisition will broaden Centrica's footprint in the U.S. and provide enhanced capabilities to meet increasing customer demand for integrated energy solutions.
SmartWatt has nearly two decades of experience improving energy systems and delivering optimum financial performance, human comfort, safety and productivity for commercial, industrial and public-sector customers. SmartWatt's team of experts focus on combining lighting retrofits and efficiency upgrades such as HVAC, building automation, water conservation and performance assurance (M&V) as well as solar power to meet customers' specific energy needs. Headquartered in Albany, New York, and with 14 offices in the U.S., SmartWatt has contractor licenses throughout the country and has completed over 24,000 energy solutions projects, including projects for FedEx, University of California, Nestle and Pepsi.
The business will become part of Centrica's Distributed Energy & Power business, Centrica Business Solutions, which delivers integrated energy solutions for businesses and other large energy users, combining distributed energy technologies and a variety of commercial options to improve performance and cost management, drive sustainability, and strengthen resilience.
"We look forward to joining Centrica Business Solutions," said Chris Covell, Founder and CEO, SmartWatt. "Centrica's technology solutions and long history of leadership in the energy industry will help us deliver better solutions to our customers. We are delighted to join forces with a distributed energy solutions market leader."
"We are excited to welcome the SmartWatt team. The addition of SmartWatt will expand our operations throughout the U.S. with technologies that complement our existing energy solutions capabilities," said Jorge Pikunic, global Managing Director of Centrica Business Solutions. "SmartWatt's impressive reputation delivering energy solutions and innovative financing, together with our existing technology and trusted customer relationships through Direct Energy Business, will accelerate our growth in the U.S."
The transaction is expected to close on July 1, 2019.
About Centrica plc Centrica plc is an international energy and services company. Our purpose is to provide energy and services to satisfy the changing needs of our customers. We've been serving customers for over 200 years and aim to be at the center of their daily lives - central to helping them run their world.
Under the Centrica Business Solutions brand, we deliver integrated energy solutions for businesses and other large energy users, combining distributed energy technologies and a variety of commercial options to improve performance and cost management, drive decarbonization, strengthen resilience, and create opportunities for growth.
Through Centrica we also provide energy trading services, and supply energy through Direct Energy in North America, British Gas in the UK, and Bord Gais in Ireland. Centrica manages over 2.5GW of flexible demand globally.
About SmartWatt SmartWatt Energy, Inc. (SmartWatt) was founded by Chris Covell in 2002. The company has become an industry leader by changing the way energy projects are conceived, financed, built and managed. SmartWatt is focused on helping organizations large and small increase their energy efficiency, improve indoor environments and reduce costs. Headquartered in Albany, New York, with offices across the U.S., SmartWatt has completed over 24,000 energy solutions projects across 48 states for more than 17,000 clients.