Press Releases
ConsumerPowerline Acquires Xtend EnergyAcquisition launches ConsumerPowerline's rapid response offering and extends its geographic footprint
NEW YORK - January 31, 2008 - ConsumerPowerline ( www.consumerpowerline.com ), a leading strategic energy asset management firm, today announced the acquisition of Xtend Energy, a provider of rapid response services to industrial, commercial, and retail customers. The acquisition joins two complementary energy asset management companies with proven records of driving increased energy efficiency and millions in savings for industrial, commercial, retail, and large residential customers.
Xtend Energy allows ConsumerPowerline to expand its suite of energy asset management services into the critical area of rapid response, where customers are given a 10-minute notification to supply excess capacity in response to sudden and unexpected events. By adding rapid response offerings to its existing 30-minute- and 2-hour-notification demand response offerings, ConsumerPowerline becomes one of the most comprehensive energy asset management companies. The capacity from ConsumerPowerline's services is made available to rebalance the electrical grid, allowing operators to deliver a more reliable and efficient supply of electricity to customers.
"Xtend Energy's tight focus on the rapid response market has enabled the company to develop world class talent and technology to deliver customers unsurpassed service and value," said Gary Fromer, chief executive officer, ConsumerPowerline. "With the addition of Xtend and its team, ConsumerPowerline will be able to offer its customers a broader array of energy asset management services, adding the critical area of rapid response to our existing demand response and demand side management portfolio. This will enable us to deliver unique value to our customers, and give our partners the opportunity to bring a more comprehensive solution to the market."
Xtend Energy is focused on providing turnkey services for industrial facilities participating in ancillary services markets. In response to providing their load reductions as operating reserves, customers receive capacity and/or energy payments, often equating to 10 percent or more of their monthly electricity costs. Xtend Energy's services are designed to maximize payments to customers while minimizing impact on day-to-day operations and personnel.
"We are very excited to join ConsumerPowerline," said Malcolm Smith, chief executive officer, Xtend Energy, who joins ConsumerPowerline as executive vice president of the industrial vertical. "Our complementary strengths in delivering demand response and energy efficiency to customers in the industrial, commercial, and retail markets and dedication to customer success are a strong match. In joining ConsumerPowerline, we are able to bring more value added energy management services to our customers, cover more geographic territory, and become a part of the company that is widely recognized as the thought leader in energy management."
"BASA Resources has been a customer of the Xtend Energy family since 2004," said Mike Foster, president, BASA Resources, Inc. "The acquisition of Xtend Energy by ConsumerPowerline is an exciting and logical step as it brings together two highly complementary energy management companies. We look forward to the new service offerings that will be available to BASA and becoming a part of the ConsumerPowerline family."
In addition to broadening ConsumerPowerline's offerings, the acquisition of Xtend Energy also expands the company's footprint into the Texas (ERCOT) region and further strengthens its presence in the Mid-Atlantic and New England regions.
"Energy prices are far less predictable today then they have been historically. What has been consistent though is that prices continue to rise rapidly. These two trends have created demand from large energy users for increased energy conservation, leveraging innovative technologies and services to better control the cost of energy. Xtend Energy and ConsumerPowerline have both been on the cutting edge of new markets and technologies, supporting our customers and business partners with pioneering solutions," said Mike Gordon, founder and chief strategy officer, ConsumerPowerline. "Our joint enterprise will offer customers broader market leadership opportunities and wider strategies to earn and save."
About the Xtend Energy Acquisition
The ConsumerPowerline acquisition of Xtend Energy closed on January 17, 2008. The management team of Xtend Energy has been retained. Under the terms of the agreement, ConsumerPowerline has acquired all Xtend Energy outstanding shares, assets, and technology. Xtend Energy employees have been retained in the company's Austin, TX and North Adams, MA offices. Terms of the deal were not disclosed.
About ConsumerPowerline
ConsumerPowerline (www.consumerpowerline.com) is a full-service strategic energy asset management firm with a proven track record of helping its clients, large energy users, uncover hidden market revenues and cost saving opportunities available with their facility assets. ConsumerPowerline is one of the largest non-utility providers of demand response solutions in the world.
PR Contact:
Nina Velasquez
Kwittken & Company
646.747.7161
nvelasquez@kwitco.com