Press Releases
CPower More than Doubles its Revenue in 2008New Energy Efficiency Programs, Acquisitions and Expanded Footprint Help Drive Exponential Growth
NEW YORK - January 21, 2009 - CPower, a leading energy management firm, today announced unprecedented growth in 2008, more than doubling its revenue with a 150 percent year-over-year revenue increase , representing the company's expansion into new regions with a balanced distribution of clients and business partners across various industries.
"Our measurable business growth showcases the unprecedented demand for energy management initiatives, like CPower's demand response and white certificate programs, which provide clients with additional streams of revenue, especially needed during these difficult times," said Gary Fromer, CEO of CPower. "From Wal-Mart to CBRE to Marcal Manufacturing, businesses are beginning to truly understand the value of energy management and are actively seeking out opportunities to positively impact their bottom line while also supporting a responsible environmental platform."
Multinational Expansion Plans
Initially a New York and New England-based business, CPower has expanded across North America into California, the Mid-Atlantic region, Texas and Ontario, and is positioned to pursue additional regions in the coming year.
CPower's geographic expansion was prompted by a number of utility contract wins and strategic acquisitions in 2008. In addition to acquiring both Xtend Energy and DemandDirect this year - entering the Texas Reserves market and adding Other Demand Resources (ODR) to its existing solution offerings, respectively - CPower was awarded new contracts with Southern California Edison, the Ontario Power Authority, and a master agreement with the Defense Energy Support Center to provide demand response services to federal and military facilities. CPower was also awarded an exclusive contract with Central Vermont Public Service. In addition to its continuing strength in the Electric Reliability Council of Texas's (ERCOT) Load Acting as a Resource (LaaR) program, CPower has become the leading provider of the ERCOT's Emergency Interruptible Load Service (EILS) program, which was introduced in early 2008.
Retail, Manufacturing and Institutional Businesses Seek CPower
CPower's client-focused approach to energy reduction has shown great success, fostering a client retention rate in the high 90 percentile and contributing to the growth of the company's client base. New clients from a wide variety of industrial, commercial, retail and institutional businesses include Long Trail Brewing Co., Marcal Manufacturing, National Envelope, Passaic Rubber, Ramapo College, Ronald Mark Associates, Sears Holdings Corporation, Vitamin Shoppe, Wal-Mart and Western Container.
Energy Program Success
This year, CPower also expanded its existing partner program, enabling the company to grow its current channel base of over 50 business partners across North America and broaden the portfolio of products and services they offer to their customers with CPower's energy management offerings. CPower's referral, sales, and white label partner programs have accounted for more than 50 percent of the company's revenue growth in 2008, making CPower the industry leader in executing a partner-driven business model.
About CPower
CPower delivers targeted energy management services and solutions that enable companies to optimize their facilities and operations through strategic energy reduction initiatives, and earn market payments for those reductions. Through its advocacy for energy users, and partnerships with utilities and grid operators, CPower works to design and manage programs that maximize the rewards for energy reductions and provide reliable relief to grid operators. CPower works with clients and business partners across North America, including in the major energy markets of New England, New York, the Mid-Atlantic region, Texas, California and Ontario. The company's clients range from medium to large energy users, and span the industrial, commercial, retail and institutional markets, including Praxair, Stanley Tools, CB Richard Ellis, Cushman Wakefield, Sears Holdings Corporation , NYU Langone Medical Center, and the Massachusetts State Division of Capital Asset Management.
PR Contact:
Nazli Ekim
Kwittken & Company
646.747.7167
nekim@kwitco.com