Veolia Acquires Icetec to Expand Its Digital and Distributed Energy Business in North America

> Acquisition expands Veolia’s presence in the digital and distributed energy industry

> This is the latest step in the company’s ambition to double the size of its North America business by 2030 as part of its GreenUp strategy

BOSTON--(BUSINESS WIRE)--Veolia, a leading global integrated provider of environmental services, today announced that it has completed the acquisition of Icetec, a Pennsylvania-based digital and distributed energy management company with more than 20 years of experience in generating quantified energy savings and operational improvement for customers.

The tuck-in acquisition will complement Veolia’s existing North American energy service offerings and bring additional functionality to the company’s Hubgrade digital platform. In the context of increased volatility in the electricity market and stress on the power grids, Icetec customers will benefit from the broad services Veolia can provide to further increase their environmental performance.

The move is part of the company’s GreenUp strategy, which aims to double its revenue in the United States and Canada by 2030, with a focus on decarbonization, resource regeneration, and depollution. The acquisition reinforces Veolia’s commitment to improving energy efficiency, decarbonizing industry, and promoting a sustainable global energy system.

The Icetec team, based in Boothwyn, PA., will bring both their software and expertise in site and asset optimization to Veolia’s Sustainable Industries and Buildings business. Icetec’s fully integrated management platform enables leading institutions to optimize their distributed energy assets, both operationally and financially, by accessing wholesale energy markets. Icetec also brings a portfolio of marquee clients in the higher education, healthcare, commercial and industrial sectors.

Karin Hamel, President and Chief Executive Officer of Veolia’s Sustainable Industries and Buildings business said: “We are thrilled to welcome Icetec to Veolia. This valuable acquisition will be an integral part of our GreenUp strategy as we grow our energy services business by helping our customers conserve energy and reduce their environmental impact with future forward, digital capabilities. We believe combining Icetec with our existing digital platforms will provide an enhanced and differentiated experience for our customers.”

Michael Webster, Founder and Chief Executive Officer of Icetec said: ”Joining Veolia is an important step forward for our company to help us reach new markets, better serve our customers, achieve greater impact and provide growth opportunities for our team. With the opportunities across power markets in North America, we are excited to become part of a global energy and sustainability leader like Veolia where we can continue to develop and deploy Icetec’s management and optimization solutions to a broader set of industries and customers.”

ABOUT VEOLIA IN NORTH AMERICA

Veolia in North America is the top-ranked environmental company in the United States for three consecutive years, and the country’s largest private water operator and technology provider as well as hazardous waste and pollution treatment leader. It offers a full spectrum of water, waste, and energy management services, including water and wastewater treatment, commercial and hazardous waste collection and disposal, energy consulting and resource recovery. Veolia helps commercial, industrial, healthcare, higher education and municipality customers throughout North America. Headquartered in Boston, Veolia has more than 10,000 employees working at more than 350 locations across North America.
www.veolianorthamerica.com

ABOUT VEOLIA GROUP

Veolia group aims to become the benchmark company for ecological transformation. Present on five continents with 215,000 employees, the Group designs and deploys useful, practical solutions for the management of water, waste and energy that are contributing to a radical turnaround of the current situation. Through its three complementary activities, Veolia helps to develop access to resources, to preserve available resources and to renew them. In 2024, the Veolia group provided 111 million inhabitants with drinking water and 98 million with sanitation, produced 42 million megawatt hours of energy and treated 65 million tonnes of waste. Veolia Environnement (Paris Euronext: VIE) achieved consolidated revenue of 44.7 billion euros in 2024.
www.veolia.com

ABOUT ICETEC

Icetec has successfully managed virtual power purchase agreements, distributed energy resources and microgrids for over 20 years. Forging an innovative path in 2002, Icetec started its journey by using freezers as batteries – a concept that came to inspire the name, Icetec. Since that time, the company has continuously evolved and advanced our predictive analytics and optimization platform with a comprehensive tech stack for sophisticated distributed energy management, with the integration of critical data, such as weather, markets, and grid conditions. As a result, customers can now automatically ensure optimal energy efficiency and operational performance, without human intervention. Today, more than 200 MWs are managed by Icetec’s SaaS platform from over 40 customers, including blue-chip clients across pharma, Ivy League education, top C&I companies, and utilities.