For $8 million, Stamford-based MDEnergy L.L.C. has been acquired by a company that went public this year by helping large energy users in Connecticut and elsewhere cut their bills.
Boston-based EnerNOC Inc. alerts some 400 companies and institutions when energy regulators are offering rebates for lower energy consumption on hot days.
In MDEnergy, EnerNOC acquires additional expertise in analyzing corporate energy consumption and inviting energy suppliers to compete for its business via online reverse auctions. MDENergy claims it saved its customers $17 million last year by identifying various cost savings.
Cliff Sirlin and Andrew Appelbaum founded MDEnergy in 2001.
EnerNOC has existing offices in Meriden and New York City. Local clients include Fairfield-based General Electric Co., Stamford Hospital and Western Connecticut State University in Danbury.
In the first six months of 2007, EnerNOC had a $12 million loss on $22 million in revenue. In May, the company raised $99 million in an initial public offering of stock.
EnerNOC achieved its early growth in Connecticut, which was among the early leaders nationally in providing so-called demand-response incentives to take the load off the energy grid. In a September report, the Federal Energy Regulatory Commission revealed southwest Connecticut led the nation last year in demand response, lowering electricity consumption by 6 percent on the hottest days of the summer.
Such programs have been deemed equally effective in New York City ”“ since July, New York regulators have been able to reduce consumption in eight “subload pockets” in the city. Officials also activated the system to reduce use of damaged cables in midtown Manhattan following a steam-pipe explosion that caused heavy disruptions.
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