World Energy Buys Northeast Energy, Moves Deeper Into Efficiency
Worcester, MA-based World Energy Solutions (NASDAQ: XWES) said today it has acquired Northeast Energy Solutions, an energy efficiency firm based in Cromwell, CT. The purchase price is about $4.75 million in cash, stock, a promissory note, and potential earn-outs.
This is the second acquisition in as many months for World Energy, which has been moving strongly into the energy efficiency market. In September, the company bought the energy procurement business of Co-eXprise, an enterprise software firm. Back in March, World Energy said it had invested in a seed financing round for Retroficiency, a Boston-based energy-efficiency software startup.
World Energy specializes in energy management services, such as the demand response market, in which utilities pay factories, stores, and municipalities to curtail their energy use during peak demand times. The company is led by CEO Richard Domaleski.