NEW YORK and BALTIMORE, Nov. 29, 2018 /PRNewswire/ -- LS Power, a U.S. power and energy infrastructure owner, today announced that it has signed a definitive agreement to acquire Enerwise Global Technologies, Inc. (trade name "CPower") from H.I.G. Capital for a private fund it manages. CPower is a leader in Demand Response and Distributed Energy Resources in North America and will continue to operate as a stand-alone entity under the LS Power umbrella of companies. The transaction is expected to close in December 2018. Financial terms were not disclosed.
Founded in 2014, CPower is a demand-side energy management company that helps organizations save on energy costs, earn revenue through energy curtailment, increase grid reliability and achieve sustainability goals. This acquisition underscores LS Power's ongoing focus on deploying its considerable power market expertise in critical and growing sectors of the market.
"CPower is a well-established leader in demand response and distributed energy resources across all key power markets, with a high- quality customer base and talented, cohesive and dedicated management team," said David Nanus, Co-Head, Private Equity, LS Power. "This acquisition gives LS Power the opportunity to support the continued growth of CPower's unmatched energy management platform through the advancement of its proprietary technology, development of new products and ongoing delivery of superior customer service."
As a result of this transaction, CPower will be positioned to more quickly advance its growth strategies while maintaining its industry leadership position and best-in-class customer service, furthering its customers' ability to monetize new energy technologies across all power markets.
John Horton, CPower's President and CEO stated: "We have placed a tremendous focus on building exceptional technologies while providing an unrivaled customer experience. Those key factors, along with our significant industry expertise, make CPower a valuable and exciting addition to the LS Power portfolio. We look forward to building upon our success and further strengthening our customer and partner relationships as we enter the next phase of our growth with LS Power."
About LS Power:
Founded in 1990, LS Power is an employee-owned, independent power company with offices in New York, New Jersey, Missouri, California and Texas. LS Power is a developer, owner, operator and investor in power generation and electric transmission infrastructure throughout the United States. Since inception, LS Power has developed, constructed, managed or acquired more than 39,000 MW of competitive power generation and 560 miles of transmission infrastructure, for which it has raised over $39 billion in debt and equity financing. For more information, please visit www.LSPower.com
CPower is a leading demand-side energy management solutions provider that helps commercial, industrial and government organizations in the U.S. energy markets save on energy costs, earn revenue through energy curtailment, enhance their sustainability efforts, and contribute to a balanced, reliable grid. We create customized energy strategies designed to help our customers achieve success through demand response and demand management programs including automated curtailment, storage, and energy efficiency monetization. For more information, please visit www.CPowerEnergyManagement.com
SOURCE LS Power