Centrica plc announced today an agreement to purchase SmartWatt, a leading energy services and solutions company, for $37 million (£29 million).
The acquisition will broaden Centrica’s footprint in the U.S. and provide enhanced capabilities to meet increasing customer demand for integrated energy solutions.
SmartWatt has nearly two decades of experience improving energy systems and delivering optimum financial performance, human comfort, safety and productivity for commercial, industrial and public-sector customers. SmartWatt’s team of experts focus on combining lighting retrofits and efficiency upgrades such as HVAC, building automation, water conservation and performance assurance (M&V) as well as solar power to meet customers’ specific energy needs. Headquartered in Albany, New York, and with 14 offices in the U.S., SmartWatt has contractor licenses throughout the country and has completed over 24,000 energy solutions projects, including for FedEx, University of California, Nestle and Pepsi.
SmartWatt will become part of Centrica’s Distributed Energy & Power business, Centrica Business Solutions, which delivers integrated energy solutions for businesses and other large energy users, combining distributed energy technologies and a variety of commercial options to improve performance and cost management, drive sustainability, and strengthen resilience.
Chris Covell, Founder and CEO, SmartWatt said: “We look forward to joining Centrica Business Solutions. Centrica’s technology solutions and long history of leadership in the energy industry will help us deliver better solutions to our customers. We are delighted to join forces with a distributed energy solutions market leader.”
Jorge Pikunic, global Managing Director of Centrica Business Solutions said: “We are excited to welcome the SmartWatt team. The addition of SmartWatt will expand our operations throughout the U.S. with technologies that complement our existing energy solutions capabilities. SmartWatt’s impressive reputation delivering energy solutions and innovative financing, together with our existing technology and trusted customer relationships through Direct Energy Business, will help accelerate our growth in the U.S.”
The transaction is expected to close on 1 July 2019.