EnerNOC

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EnerNOC, an Enel Group Company
Industry
  • Demand Response
  • Energy as a Service
  • Energy Management Software
PredecessorEnerNOC, LLC
FoundedJune 5, 2003 (2003-06-05)
FounderTimothy Gregg Healy, David Benjamin Brewster
Headquarters,
Area served
Worldwide
Key people
Mike Storch, CEO and President[1]
Productsdemand response, energy management software, energy procurement services, distributed energy resources, energy storage solutions, utility bill management
RevenueIncrease US$472 Million (2014)[2]
Number of employees
1,300+ (2014)[2]
SubsidiariesList of Subsidiaries
Websitewww.enernoc.com

EnerNOC, an Enel Group Company, is the largest provider of demand response worldwide,[3] serving a capacity of 6GW across 8,000 customers worldwide, and a leading provider of energy management advisory and technology services and solutions for commercial, institutional, and industrial customers, as well as electric power grid operators and utilities. In addition to demand response, EnerNOC's solutions offerings include energy procurement advisory services, utility bill management solutions, demand-side management solutions, energy management software and services, and intelligent energy storage and microgrid solutions. In August 2017, EnerNOC was acquired by the Enel Group.[4]

History[edit]

Founding[edit]

EnerNOC was first established by Timothy G. Healy and David Brewster, as EnerNOC, LLC in New Hampshire from December 2001 until June 2003. On June 5, 2003 EnerNOC was incorporated in Delaware. Its corporate headquarters is at One Marina Park Drive, Suite 400, Boston, Massachusetts 02210.

Initial Public Offering[edit]

EnerNOC went public in 2007 on the NASDAQ stock exchange at US$26 per share followed by a rally to US$50 per share in spite of reporting two consecutive annual losses. EnerNOC provided the strongest IPO by percentage increase in the green energy sector for the year. The offering included 3.75 million shares. US$98 million was raised with underwriters Credit Suisse and Morgan Stanley.[5][6]

Expansion[edit]

EnerNOC owned numerous subsidiaries around the world. In 2009, EnerNOC bought Cogent Energy and acquired eQuilibrium Solutions, which provides carbon accounting solutions.[7] In March, 2010, EnerNOC bought SmallFoot, LLC, a company that makes wireless systems to manage demand for smaller facilities. Tim Healy, CEO of EnerNOC, said of the acquisition, "Going deeper into this underserved market represents a large growth opportunity for our company. SmallFoot gives us additional technology to unlock all forms of demand response and deploy our full suite of applications in this exciting market."[8]

In late 2010 and early 2011, respectively, EnerNOC announced agreements to acquire Global Energy Partners and M2M Communications. Global Energy Partners is "an industry leader in designing and implementing utility energy efficiency and demand response programs."[9] M2M Communications specializes in wireless technology solutions for energy management and demand response.

Since early 2014, EnerNOC acquired five additional companies: Activation Energy, an Irish provider of demand response; Entelios, a German demand response provider; EnTech, a global utility bill management software provider; Pulse Energy, a Vancouver-based provider of utility customer engagement software; and World Energy, an energy procurement software company.

Acquisition[edit]

In August 2017, Enel Green Power North America acquired EnerNOC for over $300 million.[2][4] In January 2018, EnerNOC integrated Demand Energy, the provider of the DEN.OS platform for optimizing energy storage and on-site power generation for demand-side management and microgrid deployments, which had been acquired by the Enel Group in January 2017.[10]

Products[edit]

As of March 31, 2015, EnerNOC had over 70,000 sites using its services and software, including commercial buildings, supermarkets, industrial sites, and universities.[11] EIS for enterprise includes budgeting and procurement, utility bill management, facility optimization, visibility and reporting, project tracking, demand management, and demand response. EnerNOC's EIS solutions for utilities help maximize customer engagement and the value of demand-side resources, including demand response and energy efficiency.

EnerNOC is the world's leading provider of demand response.[3] If a utility company or grid operator has a sudden increase in demand, EnerNOC communicates with customers connected to its network in order to reduce energy use. This can restore balance to the system and prevent the need for the utility to purchase more expensive electricity or even avoid blackouts or brownouts in some cases. During a demand response dispatch, a participating site might switch over to a generator, reduce air conditioning or lighting usage, or power down appliances or other equipment that are not being used. If a site reduces its energy usage during these dispatches, the utility company or grid operator will pay EnerNOC and the customer for this service. Customers are also paid for being on call to reduce demand, thereby providing a superficial, but accountable, capacity to the grid operator or utility. EnerNOC offers a web-based demand response software application that enables its customers to track their own individual energy reductions.[12]

Structure[edit]

Corporate Officers[edit]

Mike Storch[edit]

Mike Storch has been President and CEO of EnerNOC since August 2017. Prior to this role, he served as the Executive Vice President, Chief Company Development Officer at Enel Green Power North America. Mike has been with EGPNA and its predecessor companies since 1987 where he was responsible for a variety of areas including M&A, management of operations, project development, accounting, and finance. He is a current or former director in two highly successful renewable energy development partnerships. Prior to joining EGPNA, Mike was Vice President of G.O. Holdings Management, Inc., the U.S. arm of Anglo French financier, Sir James Goldsmith, where Mike was a key member of Sir James’ management team focused on leveraged buyouts of a number of public companies and resulting asset sales and reorganization of surviving business units. Previously Mike was a Senior Audit Manager for Price Waterhouse. Mike holds Bachelor of Business Administration degree from Baruch College, New York and is a certified public accountant.

Subsidiaries[edit]

ENOC Securities Corporation[edit]

ENOC Securities Corporation, was founded as a Massachusetts[13] securities corporation. Its purpose is to conduct short-term investment of temporary surpluses.

List of Subsidiaries[edit]

Date Company Business Country Value (USD) References
Unknown Celerity Energy Partners San Diego LLC Energy  United States Unknown [13]
2009 Cogent Energy, Inc. Green Building  United States Unknown [7][13]
Unknown ENOC Securities Corporation Securities  United States Unknown [1][13]
Unknown EnerNOC Ltd. Energy  Canada Unknown [13]
Unknown EnerNOC UK Limited Energy  United Kingdom Unknown [13]
Unknown Mdenergy, LLC Energy  United States Unknown [13]
Unknown Pinpoint Power DR LLC Energy  United States Unknown [13]
Unknown South River Consulting, LLC Energy  United States Unknown [13]
Unknown Global Energy Partners, Inc. Energy  United States Unknown [13]
2011 M2M Communications Corporation Energy  United States Unknown [13]
2014 EnerNOC EIS Pvt Ltd Energy  India Unknown [13]
Unknown EnerNOC Australia Pty Ltd Energy  Australia Unknown [13]
Unknown DMT Energy Pty Ltd Energy  Australia Unknown [13]
Unknown Energy Response Holdings Pty Ltd Energy  Australia Unknown [13]
Unknown EnerNOC Pty Ltd Energy  Australia Unknown [13]
Unknown EnerNOC New Zealand Limited Energy  New Zealand Unknown [13]
Unknown High Street Corporation Pty Ltd Energy  Australia Unknown [13]

Notable work[edit]

EnerNOC received a $10 million contract in 2010 to track how much energy state-owned facilities use in Massachusetts. The contract is funded with stimulus money through the United States Department of Energy. Massachusetts hopes to use the study to shave 5 to 15 percent of its annual energy expenses, as well as help shift to alternative energy sources. EnerNOC will be receiving metering information from 470 state-owned buildings, including schools, prisons, and municipal buildings. The information received will include how much energy is being used and where the energy is coming from (for example natural gas, oil, or renewable energy sources).[14] In the summer of 2010, EnerNOC contracted with the Tennessee Valley Authority, the nation's largest public power company, for a 10-year, 560 megawatt demand response contract that represented an addition of 400 MW to TVA’s existing deployment of approximately 160 MW with EnerNOC.[15]

Awards and recognition[edit]

EnerNOC, which stands for Energy Network Operations Center, has won numerous awards for its technology, customer service, and industry.[16] Some of these awards include two 2009 Smart Grid Product of the Year Awards from the Technology Marketing Corporation and Intelligent Communications Partners. EnerNOC’s Boston Business Journal also honored EnerNOC’s EfficiencySMART Insight with a 2011 Best Green Practices Award in the Invention category.[17]

EnerNOC was also named one of the Boston Globe's Top 100 Places to Work in 2009[18] and 2010,[19] as well as one of the Boston Business Journal's Best Places to Work in 2008.[20]

References[edit]

  1. ^ a b "EnerNOC 2018".
  2. ^ a b "EnerNoc annual report for FY (2014)" (PDF).
  3. ^ a b "Top Demand Response Providers Ranked by Navigant". Energy Manager Today. Retrieved 2018-01-19.
  4. ^ a b "Enel Group Completes Acquisition Of Leading Us-based Provider Of Smart Energy Management Services Enernoc". EnerNOC. 2017-08-07. Retrieved 2018-01-19.
  5. ^ "Market Watch (EnerNOC IPO poers up 20%)". Archived from the original on 16 February 2013. Retrieved 26 June 2012.
  6. ^ "GreenBiz (EnerNOC)". Retrieved 26 June 2012.
  7. ^ a b Tweed, Katharine. "The Top Five Players in Demand Response". Greentech Media. Retrieved 27 August 2010.
  8. ^ Associated Press (24 March 2010). "EnerNOC buys SmallFoot to expand customer base". BusinessWeek. Archived from the original on 25 October 2012. Retrieved 27 August 2010.
  9. ^ "Archived copy". Archived from the original on 1 October 2011. Retrieved 8 July 2011.
  10. ^ "ENEL ACQUIRES US-BASED ENERGY STORAGE SOFTWARE AND PROJECT DEVELOPER DEMAND ENERGY". Retrieved 2018-01-19.
  11. ^ [1]
  12. ^ Argersinger, Matthew (3 August 2010). "Today's Buy Opportunity: EnerNOC". The Motley Fool. Retrieved 27 August 2010.
  13. ^ a b c d e f g h i j k l m n o p q r "SEC records, list of subsidiaries". Retrieved 26 June 2012.
  14. ^ Ricketts, Camille (12 April 2010). "Massachusetts picks EnerNOC to crack down on energy use". VentureBeat. Archived from the original on 15 April 2010. Retrieved 27 August 2010.
  15. ^ "EnerNOC, TVA expand energy program". The Boston Globe. 15 June 2010.
  16. ^ "Archived copy". Archived from the original on 26 July 2011. Retrieved 7 June 2011.
  17. ^ "Archived copy". Archived from the original on 1 October 2011. Retrieved 3 August 2011.
  18. ^ "The Globe's Top 100 Places to Work". Boston Globe. 7 November 2009. Retrieved 27 August 2010.
  19. ^ "The Globe's Top 100 Places to Work". Boston Globe. 7 November 2010. Retrieved 12 November 2010.
  20. ^ "Best Places to Work". Boston Business Journal. Retrieved 27 August 2010.

External links[edit]