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Duke Energy purchases California energy management company

Duke Energy’s commercial business is looking to expand its portfolio again with the purchase of a majority stake in a California-based energy management company.

Duke is not disclosing the purchase price for its controlling share of Phoenix Energy Technologies based in Irvine, Calif. But as in its purchase of REC Solar, a commercial-scale solar developer, Duke is buying into a small company with strong potential with the idea that it will be able to grow into a new business line.

REC Solar builds and operates solar projects for commercial companies.

Large customers

PhoenixET uses proprietary software to analyze data such as occupancy, weather, equipment problems, heating, and air conditioning. Duke says that allows PhoenixET to save its customers energy and money in real time through remote diagnostic and repair tools. It employs about 60 people.

One of the company’s largest customers is Cinemark Holdings, which owns 500 theaters.

“PhoenixET has a proven track record of developing and executing energy management systems that drive out inefficiencies and save customers money,” says Greg Wolf, head of the Duke Energy Commercial Portfolio. “PhoenixET delivers a skilled analytics team and an advanced software system that enables commercial customers to reduce their energy usage without upfront capital costs.”
Read full story at Charlotte Business Journal