SPOKANE, Wash.--(BUSINESS WIRE)--ENGIE Insight (formerly Ecova), a leading energy and sustainability management company, today announced it has reached an agreement to sell its utility solutions division to CLEAResult. The divestment is the first step towards an accelerated focus on the company’s core capabilities of delivering data-driven insights that help multi-site businesses achieve results while reducing their resource consumption — including energy, water, waste and telecommunications.
The transaction is expected to close in Q1 2018.
ENGIE Insight’s utility solutions business unit delivers demand-side management programs for residential and commercial customers across more than 50 utility clients. The portfolio will complement CLEAResult’s comprehensive energy programs and demand-side management capabilities.
ENGIE Insight will reinvest proceeds from this transaction to support the company’s growth and capabilities in technology-enabled managed and advisory services for multi-site business customers. ENGIE Insight will continue to work with utilities and energy suppliers across North America and globally in the context of its expense data management and energy supply management solutions.
“ENGIE Insight made the strategic decision to sell our utility business as we focus on our unique strengths in complex resource data management and advisory services to reduce costs and resource consumption for our clients,” said Mathias Lelievre, president and chief executive officer at ENGIE Insight. “We are deeply grateful for the talent and innovations our utility business has developed within ENGIE Insight, and we know they will continue to flourish under CLEAResult, whose sole focus is on developing and delivering innovative utility programs.”
On January 22, ENGIE Insight, previously known as Ecova, unveiled a new name and brand for its go-forward organization. In addition to representing the company’s singular focus on its core capabilities, the new ENGIE Insight brand also represents a broad alignment of mission and vision with ENGIE. Since ENGIE acquired Ecova in 2014, the two companies have helped customers architect a new energy future by navigating three broad market forces: digitization, decentralization and decarbonization. ENGIE Insight is accelerating momentum and awareness around this shared mission.
ABOUT ENGIE Insight Services Inc.
ENGIE Insight (formerly Ecova) partners with multi-site businesses that aim to thrive in a sustainable world. With accurate and comprehensive resource data — including energy, water, waste and telecommunications — ENGIE Insight applies technology and expertise to lower costs, drive efficiencies, and reduce environmental impact. Leading customers, including more than 25 percent of the Fortune 500, turn to ENGIE Insight to drive their sustainable resource management initiatives forward. For more information, please visit engieinsight.com.
CLEAResult is the largest provider of energy efficiency programs and services in North America. Through proven strategies tailored to clients’ unique needs and market dynamics, the combined strength of experienced energy experts and technology-enabled service offerings help CLEAResult change the way people use energy for hundreds of utility and business partners. Founded in 2003, CLEAResult is headquartered in Austin, Texas, and has close to 3,000 employees in more than 70 cities across the U.S. and Canada. CLEAResult is a portfolio company of General Atlantic, a leading global growth equity firm. For more information, visit clearesult.com.