France-based efficiency specialist Schneider Electric (SCHN.PA) announced it will acquire Summit Energy Services Inc., a closely held U.S.-based energy procurement company, for $268 million.
Schneider is working to increase its presence in energy services and smart grid, and technology which regulates the flow of electricity into people’s homes and businesses.
Summit Energy provides its clients with services of energy procurement, risk management, market intelligence, data management and sustainability consulting. It employs over 350 people based in 11 international offices across North America and Europe. It’s expected to generate $65 million in sales this year.
Summit Energy brings:
- Premier client-focused service platform, with two decades of success strategically positioning clients regarding energy contracting, reporting and consumption
- Highly experienced, multilingual team of regionally deployed energy and sustainability experts
- Leadership position for energy and sustainability reporting solutions through online platform (dashboarDView) that enables corporations to gain a firm grasp on energy and environmental costs and usage
- Proprietary risk management analysis and modeling for key global energy commodities
Summit Energy’s services complement Schneider’s demand-side capabilities in energy audits, energy monitoring and energy efficient solutions.
"The acquisition of Summit Energy allows Schneider Electric to broaden our energy management services and solution portfolio, offering customers the ability to manage and optimize their energy consumption from the supply side through the demand side, while also growing our energy and environmental online reporting capabilities," says Chris Curtis, Senior Executive Vice President, North America for Schneider.
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