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ENGIE Insight to sell utility solutions division to CLEAResult

Published 30 January 2018

ENGIE Insight (formerly Ecova) has signed an agreement with CLEAResult to sell its utility solutions division for an undisclosed amount.

The divestment is the first step towards an accelerated focus on the company’s core capabilities of delivering data-driven insights that help multi-site businesses achieve results while reducing their resource consumption — including energy, water, waste and telecommunications.The transaction is expected to close in Q1 2018.

ENGIE Insight’s utility solutions business unit delivers demand-side management programs for residential and commercial customers across more than 50 utility clients. The portfolio will complement CLEAResult’s comprehensive energy programs and demand-side management capabilities.

ENGIE Insight will reinvest proceeds from this transaction to support the company’s growth and capabilities in technology-enabled managed and advisory services for multi-site business customers. ENGIE Insight will continue to work with utilities and energy suppliers across North America and globally in the context of its expense data management and energy supply management solutions.

ENGIE Insight president and CEO Mathias Lelievre said: “ENGIE Insight made the strategic decision to sell our utility business as we focus on our unique strengths in complex resource data management and advisory services to reduce costs and resource consumption for our clients.

“We are deeply grateful for the talent and innovations our utility business has developed within ENGIE Insight, and we know they will continue to flourish under CLEAResult, whose sole focus is on developing and delivering innovative utility programs.”

On January 22, ENGIE Insight, previously known as Ecova, unveiled a new name and brand for its go-forward organization. In addition to representing the company’s singular focus on its core capabilities, the new ENGIE Insight brand also represents a broad alignment of mission and vision with ENGIE.

Since ENGIE acquired Ecova in 2014, the two companies have helped customers architect a new energy future by navigating three broad market forces: digitization, decentralization and decarbonization. ENGIE Insight is accelerating momentum and awareness around this shared mission.

Source: Company Press Release