CLEAResult Enters Agreement to Acquire Ecova’s Utility Division
Combined company will emerge as leading provider of retail-based and midstream demand side management programs
AUSTIN, Texas (January 29, 2018) – CLEAResult, a leader in designing and implementing technology-enabled demand side management programs for utilities, today announced it has entered into an agreement to acquire the Utility Division of Ecova (now known as ENGIE Insight), a leading energy and sustainability management company. The acquisition will significantly expand CLEAResult’s ability to help its utility clients enhance customer experience and deliver greater energy efficiency savings to their residential, commercial and industrial customers.
After the acquisition of the Utility Division of ENGIE Insight (formerly Ecova) is completed, CLEAResult will emerge as the dominant provider of retail-based and midstream demand side management programs with the industry’s strongest technology-enabled capability set and the largest network of relationships across home improvement retailers, global lighting, smart thermostat and other efficient product manufacturers. CLEAResult plans to leverage the combined offerings to continue to transform retail-based and midstream demand side management programs through key innovations such as digital instant rebates and digital marketplace applied to leading-edge smart-thermostat, low income and renewables programs.
“We’re excited to have ENGIE Insight’s Utility Division join the CLEAResult team,” said Aziz Virani, CEO at CLEAResult. “Together, we will leverage our combined capability set to help our utility clients deliver a superior customer experience combined with greater and accelerated energy efficiency savings to their customers.”
“ENGIE Insight’s Utility Division is a natural complement to CLEAResult’s capabilities and we share CLEAResult’s vision of changing the way people use energy,” said Mark Henderson, Chief Utility Officer at ENGIE Insight. “By joining CLEAResult, we can offer our clients greater scale, a broader range of services, and industry leading energy efficiency expertise and technology to help them meet new market demands.”
ENGIE Insight’s Utility Division helps utilities navigate the current disruption and create a new energy future by using data, insight and action. It has approximately 200 employees implementing a portfolio of energy efficiency programs serving utilities across North America. Upon sale close, ENGIE Insight’s Utility Division will be rebranded CLEAResult. On January 22, ENGIE Insight, previously known as Ecova, announced a new name and brand for its go-forward organization. The transaction is expected to close in Q1 2018.
About CLEAResult CLEAResult is the largest provider of energy efficiency programs and services in North America. Through proven strategies tailored to clients’ unique needs and market dynamics, the combined strength of experienced energy experts and technology-enabled service offerings help CLEAResult change the way people use energy for hundreds of utility and business partners. Founded in 2003, CLEAResult is headquartered in Austin, Texas, and has close to 3,000 employees in more than 70 cities across the U.S. and Canada. CLEAResult is a portfolio company of General Atlantic, a leading global growth equity firm. For more information, visit clearesult.com.
About ENGIE Insight Services Inc. ENGIE Insight (formerly Ecova) partners with multi-site businesses that aim to thrive in a sustainable world. With accurate and comprehensive resource data – including energy, water, waste and telecommunications – ENGIE Insight applies technology and expertise to lower costs, drive efficiencies and reduce environmental impact. Leading customers, including 25 percent of the Fortune 500, turn to ENGIE Insight to drive their sustainable resource management initiatives forward. For more information, please visit engieinsight.com.
Edelman for CLEAResult