EnerNOC nabs $5.5M more from public sale
Leading demand response firm EnerNOC says it has brought in $5.5 million more, extending the $78.1 million sale of common stock initiated early this month. To do so, the Boston-based company sold 213,889 new shares, according to VentureWire. The money is to be used for general working capital and to fuel EnerNOC’s acquisition strategy.
The company, which reported a strong second quarter, brings in revenue through deals with utilities. It signs contracts with both energy suppliers and commercial and industrial consumers of energy. When peak energy loads threaten grid health, EnerNOC calls its commercial partners, asking them to reduce their energy use dramatically all at once. The utilities are spared outages and maintenance costs, and the businesses it works with are paid an amount that would have gone to utilities anyway.
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.
With GreenBeat 2009, VentureBeat's all-star conference on all things Smart Grid, coming up in November, Camille will be expanding coverage of this exciting space. Stay up to date by following @greenbeat2009 on Twitter or by becoming a fan of the event on Facebook here.