EnerNOC buying EnTech, of London
EnerNOC Inc., a Boston energy management company, has acquired EnTech USB, a London company with technology that helps process more than 1 million utility bills a year.
EnerNOC’s announcement on Monday did not disclose financial details of the deal, but it said EnTech’s annual revenue is about $10 million.
The acquisition is part of EnerNOC’s effort to diversify beyond its demand-response product, which helps manage energy use during periods of peak consumption, such as on hot summer days. EnerNOC pays customers to cut energy use during peaks and sells that extra capacity to power grid operators, avoiding the need to bring additional — and more costly — power generation online to meet demand.
Chief executive Tim Healy said EnTech’s technology will be combined with EnerNOC’s to help customers forecast their energy costs and better manage their energy use.
“EnTech has impressive global reach,” Healy said in a statement, noting that the London company’s software is used by some of the largest corporations in the world to manage utility costs.
In 2013, EnerNOC reported a $22 million profit and revenue of $383 million, financial filings show.