January 26, 2011 09:15 ET
EnerNOC Acquires M2M Communications
BOSTON, MA and BOISE, ID--(Marketwire - January 26, 2011) - EnerNOC, Inc. (NASDAQ: ENOC) today announced that it has acquired M2M Communications, a leading provider of wireless technology solutions for energy management and demand response. M2M manages hundreds of megawatts of demand response capacity throughout the United States and has contracts with leading utilities including Pacific Gas and Electric, Idaho Power, PacifiCorp, Midwest Energy, and National Grid, among others. Founded in 2003 in Boise, Idaho, M2M's pioneering wireless technology and automated demand response solutions have enabled the company to bring hundreds of megawatts of demand response capacity online rapidly and cost-effectively.
"M2M's technology expertise and its contracts with key utilities -- particularly in California and the Midwest -- are an ideal complement to EnerNOC's suite of offerings for utility, commercial, and industrial customers," said Tim Healy, EnerNOC Chairman and CEO. "M2M has the unique ability to tap into largely un-penetrated markets, such as demand response at agricultural facilities, which represents more than 10,000 megawatts of DR potential in the United States and even more worldwide."
In California, M2M is the largest third-party provider of automated demand response and is experienced in the agricultural demand response market. M2M has established a Fresno office and teamed with multiple utilities and the US Department of Energy to create the Peak Energy Agriculture Rewards (PEAR) program. PEAR focuses on the rapid enablement of demand response capacity provided by large irrigators, cold storage operators, and food and beverage processors. The market for agricultural demand response in California alone is over 1,000 megawatts, largely from thousands of irrigation pumps that can be curtailed throughout the Central Valley, a region that produces approximately eight percent of the nation's agricultural output.
"We're excited to join forces with the world's premier demand response company," said Steve Hodges, M2M Founder and President. "We were attracted to EnerNOC's market reach, exceptional performance record, and intelligent suite of energy management offerings. Combining these attributes with M2M's technology will surely drive the adoption of exciting demand response programs in new regions and more vertical markets."
EnerNOC, already one of the world's largest providers of third-party automated demand response, expands its portfolio of automated resources with this acquisition. EnerNOC also recently joined the OpenADR Alliance and acquired AutoDR program implementation leader, Global Energy Partners.
"M2M is a technology innovator and trusted partner that helped us launch a turn-key demand response program that requires very limited field support," said Michael Volker, Director of Regulatory & Energy Services at Midwest Energy, which serves nearly 90,000 electric and gas customers in 40 Kansas counties. "Our program will be growing for years to come. EnerNOC and M2M will be a great team because both organizations have built a reputation based on a very successful, customer-centric approach."
"As the demand response market continues to grow and mature, having the right technology and industry expertise across a wide-variety of vertical markets becomes increasingly important," said Rick Nicholson, Vice President IDC Energy Insights. "Demand response solution providers that offer an array of solutions, from automated to manual dispatch and blended solutions in between, will continue to see success in this market."
EnerNOC anticipates this acquisition to be neutral to dilutive in 2011 and accretive in 2012.
For more information about M2M Communications, please visit http://www.m2mcomm.com. For information about EnerNOC's energy management applications and services, please visit http://www.enernoc.com/solutions/.
About M2M Communications
M2M Communications specializes in the design, manufacture, and operation of web-to-wireless remote monitoring and control products and services for energy management. M2M products and services combine the accessibility of wireless communications with the power of the Internet to provide fully-featured monitoring and load control solutions to its end-use and utility partners.
EnerNOC unlocks the full value of energy management for our utility and commercial, institutional, and industrial (C&I) customers by reducing real-time demand for electricity, increasing energy efficiency, improving energy supply transparency in competitive markets, and mitigating emissions. We accomplish this by delivering world-class energy management applications including DemandSMART™, comprehensive demand response; EfficiencySMART™, data-driven energy efficiency; SupplySMART™, energy price and risk management; and CarbonSMART™, enterprise carbon management. Our Network Operations Center (NOC) continuously supports these applications across thousands of C&I customer sites throughout the world. Working with more than 100 utilities and grid operators globally, we deliver energy, ancillary services, and carbon mitigation resources that provide cost-effective alternatives to investments in traditional power generation, transmission, and distribution. For more information, visit www.enernoc.com.
Safe Harbor Statement
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including, without limitation, statements relating to the successful integration of EnerNOC and M2M, the ability of EnerNOC to deliver more value to its utility customers and C&I customers through the acquisition of M2M, and the potential impact of the M2M acquisition on EnerNOC's financial statements, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to under the section "Risk Factors" in EnerNOC's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as other documents that may be filed by EnerNOC from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, EnerNOC's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. EnerNOC is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.