SAN FRANCISCO, March 13, 2012 /PRNewswire/ -- SCIenergy, Inc., the global leader in providing cloud-based energy management solutions for building owners and operators, today announced it has successfully completed the acquisition of Transcend Equity, a leader in delivering energy saving retrofits for commercial buildings.
As part of the deal, SCIenergy will maintain a joint venture agreement with Mitsui & Co. (U.S.A.), Inc., a leading trade and investment company and committed capital partner of Transcend Equity. The acquisition positions SCIenergy as a global leader in providing Energy Efficiency as-a-Service™.
Transcend's proprietary solution—Managed Energy Services Agreement (MESA™)—pays for a landlord's energy bill along with major capital investments needed to make buildings more energy-efficient. In return, building owners pay a fee for a fixed period of time, preserving capital resources for their core business activities.
"We are excited to welcome the dedicated and experienced Transcend Equity employees to the SCIenergy team. Transcend is the clear leader in providing sustained energy reductions for portfolio owners and we can't wait to extend MESA to our key customers and partners," said Russ McMeekin, president and chief executive officer, SCIenergy. "MESA will leverage applications in the SCIenergy cloud™ to make commercial buildings more digitally aware and to further outperform traditional energy management offerings".
"Transcend Equity has more projects to its credit than all others combined. We're excited about SCIenergy's technology and resources to take it to the next level," said Matthew Maher, senior associate Mitsui & Co. (U.S.A.), Inc.
"We've analyzed the technology providers in the energy efficiency space. SCIenergy is by far the most compelling partner for Transcend Equity and is aligned with our aggressive growth expectations. Enhanced visibility into a building's energy and systems performance is critical for us, so we're anxious to accelerate and amplify our results by integrating MESA with the SCIenergy cloud," said Steve Gossett, Jr., vice president, Transcend Equity.
Financial terms of the transaction were not disclosed.
About SCIenergy Inc.
SCIenergy is the global leader in providing cloud-based energy management solutions for building owners and operators. The SCIenergy cloud™ integrates high-tech solutions with high-touch services. Headquartered in San Francisco with an Operations & Technology Center in Atlanta, SCIenergy has more than 170 employees worldwide, with flagship customers in the USA, Canada, Europe, Asia and Australia. Industry accolades include, six time EPA ENERGY STAR® Sustained Excellence Award winner ('04, '05, '06, '10, '11, '12) and a four time EPA ENERGY STAR Partner of The Year Award winner ('01, '02, '03, '09), Rising Star Award ~ Global Cleantech 100 2011, Business Partner in GE's Ecomagination Challenge 2010, and recipient of the 2010 San Francisco Business Times Green Business Award.
About Transcend Equity Development
Transcend Equity Development Corp. was founded in 2002 specifically to address the lack of options for retrofit investment in privately owned real estate, where split incentives inherent in commercial leases and restrictive mortgage provisions prevent conventional lease-purchase structures from playing a role. The company incubated its Managed Energy Services Agreement approach working closely on two-dozen buildings owned by a Maryland-based REIT. It is the only firm of its kind with a track record of proven energy saving projects funded through a services contract that does not place debt on the balance sheet of the host asset. More information about the company may be found at www.transcended.com.
About Mitsui & Co. (U.S.A.), Inc.
Mitsui USA was incorporated in 1966 in New York as a wholly owned subsidiary of Mitsui & Co., Ltd., Tokyo, Japan, a leading international trade and investment company operating with an extensive global network. Beyond traditional trading, the company's newer emphasis is on project development and management, business investment, capital goods leasing and technology transfer. With its comprehensive services capabilities, Mitsui USA aspires to meet the needs of its customers as "Your Global Business Partner®," while committed to sustainable growth and good corporate citizenship. More information on Mitsui USA may be found at www.mitsui.com/us.