ICF Acquisition: Applied Energy Group from Ameresco, Inc. | Utility Dive
ICF Expands Utility and Government Capabilities with Acquisition of Applied Energy Group
Today, ICF (NASDAQ:ICFI) announced its acquisition of Applied Energy Group (AEG), a top energy technology and advisory services company previously under Ameresco (NYSE:AMRC). AEG, known for its team of over 100 utility management and demand-side energy experts, offers a range of integrated technology and advisory solutions to electric and gas utilities, state and local governments, and state energy offices across the country.
One of the key features that AEG brings to ICF is its trusted energy technology platform, which streamlines management of various demand-side management (DSM) programs. These programs encompass energy efficiency, demand response, and load management, among others. The platform, based in the cloud, provides real-time business intelligence and analytics to ensure reliability and affordability of grid-based programs. Additionally, AEG offers top-notch advisory services including market assessments, energy studies, and program planning and evaluation.
Having collaborated on numerous utility programs and services projects over the past decade, ICF and AEG are no strangers to working together. AEG is expected to contribute approximately $30 million in revenue in 2024, with revenues projected to rise by a mid-teens rate in 2025. This acquisition is poised to immediately enhance ICF’s Non-GAAP EPS.
John Wasson, Chair and CEO of ICF, expressed excitement over the acquisition, highlighting the alignment of the move with ICF’s growth strategy in energy markets advisory and technology-enabled services. He emphasized the value of AEG’s portfolio complementing ICF’s existing offerings, foreseeing strong growth opportunities in the energy sector through synergistic collaboration.
Ingrid Rohmund, President and General Manager of AEG, shared her confidence in the transition, noting the potential for significant revenue and reach expansion as both teams unite under the ICF umbrella. George Sakellaris, President and CEO of Ameresco, voiced support for the divestiture, enabling Ameresco to focus on core businesses and growth prospects.
The acquisition of AEG builds on ICF’s successful performance in the commercial energy market, driven by increasing client demand for energy efficiency, grid resilience, electrification, decarbonization, and flexible load management services. This strategic move underscores ICF’s commitment to innovation and excellence in serving its clients in the energy sector.
For more information on ICF and AEG, visit their official websites. Canaccord Genuity served as the exclusive financial advisor to Ameresco for this transaction.
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