Energy efficiency firm CLEAResult is buying the utility division of Ecova in a deal announced early Monday.
The energy and sustainability management portion of Ecova, now known as ENGIE Insight, will help push Austin, Texas-based CLEAResult forward as a dominant provider of retail-based and midstream demand-side management programs, the company said in its release.
“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.”
The combination could strengthen CLEAResult’s network of relationships with home improvement retailers, global lighting, smart thermostat and other energy-efficiency product manufacturers. CLEAResult says it plans to leverage the combined offerings to innovate in such areas as digital instant rebates and smart-thermostat, low income and renewable programs.
The move is part of ENGIE's plan to divest that part of its utility business and focus on core capabilities, according to a statement. The proceeds will be re-invested in ENGIE's technology-enabled managed and advisory services for multi-site customers.
ENGIE Insight’s Utility Division has about 200 employees working on energy efficiency programs for utilities across North America. The division, which had changed its name from Ecova to ENGIE Insight just a week ago, will take the CLEAResult name upon expected closing in this quarter.
“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.
Founded in 2003, CLEAResult has more than 2,500 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.