EnerNOC, Inc. (NASDAQ: ENOC), a developer and provider of energy management solutions announced that it has surpassed $500 million in contracted revenues. EnerNOC expects roughly 90% of this contracted revenue to be earned by May 31, 2012 and the remainder to be earned through 2018.
"A year ago, EnerNOC operated primarily on a bi-coastal basis, but we have made a number of important, strategic investments aimed at diversifying our customer base and expanding into new markets throughout North America, while continuing to grow in our existing markets," said Tim Healy, chairman and CEO of EnerNOC.
Today, EnerNOC is engaged in electricity markets in New England, New York, the Mid-Atlantic, the Southeastern US, Florida, Ontario, Texas, the Pacific Northwest, California and New Mexico. The Company has more than 1,500 megawatts (MW) of demand response capacity under management and more than 3,000 customer sites enrolled in its demand response network.
"Our customers recognize that their participation in building a smarter electricity grid is instrumental to achieving a more secure, independent and clean energy future," continued Healy. "With half a billion dollars of contracted revenue and the capital that we raised during our IPO and follow-on offering, we believe that we are positioned to continue to execute on a disciplined growth strategy that is designed to deliver the benefits of demand response and other energy management solutions, while creating long term value for our shareholders."
In addition to demand response, EnerNOC has actively invested in the growth of its energy efficiency and energy procurement solutions, positioning the Company to play an increasingly important role as a partner to its commercial, institutional and industrial customers. EnerNOC is also growing its footprint as a provider and administrator of energy efficiency programs for utilities, working with them to achieve their energy efficiency goals and mandates.
About EnerNOC
EnerNOC’s technology-enabled demand response and energy management solutions help optimize the balance of electric supply and demand. The Company uses its Network Operations Center, or NOC, to remotely manage and reduce electricity consumption across a network of commercial, institutional, and industrial customer sites and make demand response capacity and energy available to grid operators and utilities on demand.
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