Lime Energy, a leading national provider of energy efficiency for small business customers, announced that it has sold certain assets of its wholly owned subsidiary, Lime Energy Service Company, constituting its energy service companies (ESCO) subcontracting business to PowerSecure, a subsidiary of PowerSecure International, Inc. (NASDAQ:POWR), for approximately $1.9 million in cash. As part of the agreement, PowerSource will also assume approximately $9.9 million of net liabilities related to existing projects, raising the effective purchase price to approximately $11.8 million.
Lime Energy completed this sale as part of its increased focus on utility direct install programs, the fastest growing segment of the energy efficiency space. As such, this sale reinforces the company’s commitment to serving its growing list of utility clients, ensuring Lime’s dedication of the corporate resources necessary to maintain its track record of exceeding program savings goals and delivering customer satisfaction.
“I believe that our proven success in the utility program space creates the potential for a high-growth, high-margin and less capital intensive business for Lime Energy moving forward,” commented John O’Rourke, President and CEO of Lime Energy. “PowerSecure is an ideal home for our ESCO services business and we are thrilled to see it continue with a North Carolina based company.”
Adam Procell, Senior Vice President of Utility Programs for Lime, added, ““Lime is committed to helping our utility clients to engage their small business customers with innovative efficiency solutions. Reports released last month by ACEEE and Lawrence Berkeley National Laboratory demonstrate the need for utilities to do more for these customers than they have in the past – Lime’s delivery model and mix of expertise provides utilities with a cost-effective means of accomplishing this goal.”
Lime Energy, with nine active small business direct install programs for utilities, leads the way in this marketing, having delivered over $100 million in incentives and 405,000 MWh to utility small business customers in the past three years alone.
For more information on Lime Energy, visit www.lime-energy.com
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