EnerNOC enters Australia with $27.9M acquisition
EnerNOC Inc. (Nasdaq: ENOC) said Wednesday it has acquired a demand response provider that serves Australia and New Zealand for $27.9 million.
The Boston-based company, best known as the U.S. market leader for demand response services, said it has acquired Australia-based Energy Response Pty Ltd., marking the company’s entry into the electricity markets of Eastern Australia and New Zealand and bringing in 140 megawatts of demand response capacity. Demand response involves working with electricity users to lower their power during periods of peak demand.
EnerNOC has paid $2.5 million in stock and the remainder in cash for Energy Response, according to a filing by the company with the U.S. Securities and Exchange Commission. EnerNOC has had 100 megawatts of demand response capacity in Australia and New Zealand prior to the acquisition.
It’s the third acquisition for EnerNOC since the end of 2010, following the purchase of Idaho-based M2M Communications Corp. in January and California-based Global Energy Partners Inc. in December.
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