Viridian aims for 1 million customers
Ernst & Young L.L.P. bestowed its New York-area “cleantech” Entrepreneur of the Year award on Michael Fallquist, founder and CEO of Norwalk-based Viridian Energy, with the company itself named a “rising star” by the Direct Selling Association.
That is what happens when you build a revenue base in excess of $200 million just three years after commencing sales, including a 400 percent increase last year.
Viridian uses a network of independent agents to sell “greener” energy in its words, beating by 20 percent the renewable portfolio standards in each state in which it does business. Under a separate and more expensive “Green-E” program, customers purchase 100 percent of their power in the form of renewable electricity, with Viridian covering some of that commitment through the purchase of renewable energy certificates.
Viridian says its pricing results in a lower profit than that generated at some competitors selling green power in order to make it more affordable. And it promises reliability on par with Connecticut Light & Power Co., United Illuminating Co. and other utilities.
In May, Viridian calculated that if all consumers doing business with an independent supplier chose a green-energy plan, the resulting drop in carbon dioxide emissions would be equal to removing 17.5 million cars from roadways.
Viridian touts its own environmental initiatives, including ongoing trips by employees and agents to the Brazilian rainforest to plant trees and plants, including one scheduled for this November; and its “seven continents in seven years” pledge to undertake similar sustainability projects worldwide.
Closer to home, Viridian”™s message is finding fertile territory to take root ”“ in Connecticut, New York and five other states where it does business, Viridian”™s customer base today totals more than 200,000 people, including natural gas customers. The company was 50th in Direct Selling News”™ June ranking of the top direct-selling companies in the world, a remarkable performance given its short history, with Greenwich-based Blyth Inc. also making the list through its PartyLite home goods (22nd) and ViSalus nutritional products (47th) divisions. Only ViSalus and Columbus, Ohio-based Thirty-One Gifts topped Viridian for growth on the Direct Selling News Global 100 list.
Prior to founding Viridian, Fallquist previously was chief operating officer of Commerce Energy, a division of Ontario-based Just Energy Group inc. offering green power in New Jersey and Pennsylvania, among other states where it offers service. Prior to that, Fallquist worked for Macquarie Group, the Australian financial services giant.
Fallquist is eligible for Ernst & Young”™s national Entrepreneur of the Year awards in November.
Fallquist discussed the future of Viridian in a panel discussion posted online last month by Massachusetts-based Blue Star Equiculture.
“We have a simple vision ”“ individual choice; collective impact,” Fallquist said. “We want to be the standard that everybody sets themselves to ”¦ We want to be everywhere in North America we can. We want to provide a competitive product that”™s going to take us from a couple hundred thousand customers to 1 million customers. I think the impact we can do simply from the green energy supplies is amazing, but when you combine that with the good we can do ”¦ the ripple effects are really mind-boggling.”