World Energy Makes $4.75M Acquisition
World Energy Solutions Inc., the Worcester-based energy management services firm, has purchased Northeast Energy Solutions LLC, an energy efficiency company based in Cromwell, Conn., for $4.75 million in cash and stock.
World Energy said the deal will give it a foothold in New England, allowing it access to the region's utility incentives for energy-efficiency projects. It said the company expects to provide services in the region including improvements to lighting, mechanical and HVAC systems for small and mid-sized commercial and industrial companies.
The purchase price consists of $1 million cash, a $3-million promissory note payable in cash or stock, stock equal to $250,000 and a $500,000 "earn-out" that is payable in cash or stock subject to certain conditions regarding the company's performance.
The acquisition comes just over a month after World Energy bought the energy procurement business of Pennsylvania-based Co-eXprise Inc. for $4 million.
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