Ameresco Acquires DukeSolutions.Business/Technology Editors FRAMINGHAM, Mass.--(BUSINESS WIRE)--March 13, 2002 Ameresco, Inc, one of the nation's fastest growing energy services companies, today announced the acquisition of DukeSolutions a former subsidiary of Duke Energy (NYSE NYSE See: New York Stock Exchange : DUK DUK Duke Energy Corporation (stock symbol) DUK Dead Upon Keyboard ). The acquisition is a stock purchase transaction and is expected to be completed end of the second quarter. "We are thrilled to welcome DukeSolutions into our growing corporate family," said Ameresco President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. George Sakellaris. "The company's unparalleled track record and outstanding reputation as an energy services provider bring with it a standard of excellence aligned with Ameresco's mission and history with which we are proud to associate." The acquisition is part of Ameresco's national growth strategy that focuses on organic business growth as well as the acquisition of top-tier energy services companies throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The transaction is expected to facilitate a broader national marketing effort, to include an expanded menu of energy services (including energy supply management), and entry into related end-use markets. DukeSolutions' products and services help customers reduce energy costs, manage risks and improve service reliability. DukeSolutions enables companies to realize financial benefits equivalent to a 25 percent reduction in current annual energy spending, greatly affecting the customer's bottom line and earnings. Focusing on commercial & industrial, institutional and government customers, DukeSolutions offers a broad range of services to help customers, regardless of the status of deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. . "As Duke Energy pursues a focus on wholesale energy markets, it is appropriate to place DukeSolutions with a company where the business mission is aligned," Bruce Williamson Bruce Williamson is the current CEO of Dynegy, a major Houston-based energy company. He is credited with successfully restructuring Dynegy from a floundering clone of Enron into a viable and sustainable provider of electricity generation and natural gas liquids. , CEO of Duke Energy Global Markets said. "We are pleased that the DukeSolutions business can continue with a company that is clearly focused on developing energy services as a core business." About Duke Energy Duke Energy, a diversified multinational energy company, creates value for customers and shareholders through an integrated network A network that supports both data and voice and/or different networking protocols. See converged network and new public network. of energy assets and expertise. Duke Energy manages a dynamic portfolio of natural gas and electric supply, delivery and trading businesses -- generating revenues of more than $59 billion in 2001. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 100 company traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com. About DukeSolutions DukeSolutions is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Duke Energy that applies proven energy initiatives to solve complex business and operations issues for industrial, commercial and institutional customers. DukeSolutions integrates expertise to bring additional value from operations, maintenance and trading to create energy solutions that reduce costs, lower risk and improve energy efficiency. About Ameresco Ameresco, Inc. is a single-source provider of comprehensive energy solutions headquartered in Framingham, Massachusetts. By promoting demand-side and supply-side solutions, Ameresco works with its customers to reduce operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , upgrade and maintain their facilities, improve occupancy comfort levels, increase energy reliability and enhance the environment. By providing two core business services of energy conservation and generation, Ameresco affords its customers the chance to capitalize on energy opportunities and to focus on their organization's primary mission. |
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