EnerNOC, Inc. announced that it filed a registration statement with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The shares will be sold by EnerNOC and certain selling stockholders.
Company Overview
«EnerNOC is a leading developer and provider of clean and intelligent power solutions to commercial, institutional and industrial customers, as well as electric power grid operators and utilities. Our technology-enabled demand response and energy management solutions help optimize the balance of electric supply and demand. We use our Network Operations Center, or NOC, to remotely manage electricity consumption across a network of end-use customer sites and make electric capacity and energy available to grid operators and utilities on demand. This provides a significantly lower cost and more environmentally sound peak load management solution than building power plants and transmission lines to meet extreme periods of peak electricity demand. By making our capacity available to grid operators and utilities, we generate a stream of recurring revenues. Since inception, our business has grown substantially. With over 1,150 customer sites and 525 megawatts, or MW, of electric capacity under management as of February 1, 2007, we believe that we are the largest national demand response solutions provider to commercial, institutional and industrial customers. Our revenues grew from $0.8 million in 2004 to $20.2 million in the nine months ended September 30, 2006.
The electric power industry in North America faces enormous challenges to meet increasing demand. Under-investment in generation, transmission and distribution infrastructure in recent years in key regions, coupled with a dramatic growth in electricity consumption, has led to an increased frequency of blackouts and brownouts. Moreover, the margin between electric supply and demand is projected to drop below minimum target levels in Texas, New England, the Mid-Atlantic, the Midwest, and the Rocky Mountain region within the next two to three years. According to the International Energy Agency, the United States and Canada need to add 758,000 MW of additional capacity at a cost of $1.6 trillion between 2003 and 2030 to meet projected demand. As the electric power industry confronts these challenges, technology-enabled demand response has emerged as an important solution to help address the imbalance in electric supply and demand.
The electric power industry in North America faces enormous challenges to meet increasing demand. Under-investment in generation, transmission and distribution infrastructure in recent years in key regions, coupled with a dramatic growth in electricity consumption, has led to an increased frequency of blackouts and brownouts. Moreover, the margin between electric supply and demand is projected to drop below minimum target levels in Texas, New England, the Mid-Atlantic, the Midwest, and the Rocky Mountain region within the next two to three years. According to the International Energy Agency, the United States and Canada need to add 758,000 MW of additional capacity at a cost of $1.6 trillion between 2003 and 2030 to meet projected demand. As the electric power industry confronts these challenges, technology-enabled demand response has emerged as an important solution to help address the imbalance in electric supply and demand.
We are a pioneer in the development, implementation and broader adoption of technology-enabled demand response solutions. We focus on the commercial, institutional and industrial market, which represents over 60% of U.S. electricity consumption. Our robust and scalable technology platform and proprietary operational processes enable us to manage electrical equipment located at multiple, broadly dispersed end-use customer sites to make electric capacity and energy available on demand for grid operators and utilities. We have the flexibility to remotely reduce electricity usage in a matter of minutes, or send curtailment instructions to our end-use customers to be implemented on site.
We began providing demand response solutions in one state in 2003 and expanded nationally to over 20 states in five regions by the end of 2006. From our start in one open market in 2003 to our current 18 contracts and open market programs with grid operators and utilities, we have increased our electric capacity under management with commercial, institutional and industrial customers to 137 MW at the end of 2005 and to 525 MW as of February 1, 2007. »
EnerNOC S-1 Registration Statement
EnerNOC S-1 Registration Statement
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