Newly amalgamated energy and sustainability company Ecova will acquire Siemens-backed enterprise energy management company Prenova, it was announced on Monday, with the transaction set to close by the end of the year. The amount Ecova is paying is undisclosed.
US-based Prenova previously raised $34.9m in funding between March 2004 and December 2009 from investors including Siemens Venture Capital, the corporate venturing unit for electronics and home appliances manufacturer Siemens, as well as venture capital fund River Cities Capital Funds, private equity firm Austin Ventures, investment firm Frontenac and investment bank Arcapita.
Ecova was formed last month when the activities of energy management company Advantage IQ and its subsidiary, Ecos, which managed the delivery of gas and electric services on the demand side, were merged. Advantage IQ had previously acquired energy management company Building Knowledge in January.
Prenova manages the energy output of more than 45,000 commercial and industrial buildings, for more than 80 clients, a client base that will now be added to Ecova’s to total more than 600.
Jeff Heggedahl, chief executive officer of Ecova, said: "Prenova’s clients, employee expertise and real-time products are significant additions to our company. We look forward to providing the best offerings from both companies’ portfolios to our clients, and believe our unique combination of technology, expertise and data is unmatched."