Comverge Buys Public Energy Solutions For $13.4M

Comverge (COMV), an East Hanover, N.J.-based energy management company, said today it has acquired Public Energy Solutions in a $13.4 million deal consisting of cash, stock and convertible notes.
Comverge, like its competitors EnerNoc (ENOC) and ConsumerPowerline (which raised its Series A round last week), aims to keep the electric grid stable by using software and hardware that helps building managers turn off a limited amount of power when electricity demand on the grid exceeds available supply.
With this acquisition, Comverge brings the total amount of energy it manages to about 1,500 megawatts, double the 750 megawatts managed by EnerNOC. ConsumerPowerline also manages about 750 megawatts of power. The purchase also adds a 47-megawatt ConEd contract, expanding Comverge’s traction in the New York market.

Public Energy Solutions, previously part of PSEG Energy Technologies, has been providing energy efficiency products and programs to electric utilities for over 10 years. The company has provided services at 75,000 customer sites for the equivalent capacity of 73 megawatts. The contracts it currently has are expected to generate some $42 million in revenues.
In June, Comverge acquired Enerwise Global Technologies, expanding into the commercial and industrial space (they previously focused on residential buildings only) and making it a direct competitor with EnerNoc, which has always focused on the commercial and industrial market.