Duke Energy Acquires Majority Stake in Energy Management Company
Phoenix Energy Technologies monitors and controls energy usage at an enterprise level
CHARLOTTE, N.C. — Duke Energy, one of the nation’s largest electric utilities, has acquired a majority share of Phoenix Energy Technologies (PhoenixET), a provider of energy management systems and services for commercial customers. The terms of the deal were not disclosed.
PhoenixET, based in Irvine, Calif., monitors and controls energy usage at an enterprise level.
“We welcome Phoenix Energy Technologies to the Duke Energy Commercial Portfolio as we build more capabilities to help our customers reduce their energy consumption, decrease their environmental impact, and achieve their corporate sustainability goals,” said Greg Wolf, president of Duke Energy’s Commercial Portfolio.
“PhoenixET has a proven track record of developing and executing energy management systems that drive out inefficiencies and save customers money,” added Wolf. “PhoenixET delivers a skilled analytics team and an advanced software system that enables commercial customers to reduce their energy usage without upfront capital costs.”
PhoenixET’s software is said to be capable of integrating an entire customer’s portfolio of buildings without the deployment of additional hardware.
Once PhoenixET completes the building integration process, the company uses its proprietary software to analyze data, such as occupancy, weather, HVAC, and equipment problems. This allows PhoenixET to provide savings to its customers in real time through remote diagnostic and repair tools.
Cinemark Holdings Inc., which manages more than 500 movie theaters, has been a PhoenixET customer for the past five years. The collaboration has resulted in Cinemark receiving the Star of Energy Efficiency Award for Built Environment in 2015 from the Alliance to Save Energy.
“Our partnership with Phoenix is a collaborative process that assists us with dispatch of service, data management, and measurement and verification of energy projects,” said Art Justice, Cinemark vice president of energy and sustainability. “Phoenix’s staff and Cinemark’s energy team push each other to be innovative and continue to move the needle in an ongoing effort to operate our buildings as efficiently as possible.”
“PhoenixET has positioned itself as a thought leader in enterprise data management and business processes,” said Lisa Varga, CEO, Phoenix Energy Technologies. “We have built strong partnerships with our clients and the industry to drive innovation and create tool sets to respond to our clients’ needs. Our enterprise software and services continue to help companies drive savings, reduce their carbon footprint, manage their business process, and impact their bottom line year over year.
“When combined with Duke Energy’s experience and leadership in the energy sector, PhoenixET will be better equipped to offer even more value to commercial customers with an array of cost-efficient, integrated energy solutions.”
After the transaction, PhoenixET will continue to operate independently with its established management team.
Earlier this year, Duke Energy purchased a majority interest in a commercial solar provider, REC Solar, in San Luis Obispo, Calif.
“Duke Energy will continue to expand its offering of on-site, advanced energy solutions for commercial customers as the company finds opportunities in this rapidly growing market,” said Wolf.
For more information about Duke Energy, visit www.duke-energy.com.
For more information about Phoenix Energy Technologies, visit www.phoenixet.com.
Publication date: 11/5/2015