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Duke Energy Strengthens Services by Acquiring Stakes in Phoenix Energy Technologies

published: 2015-10-23 13:41

To build more capabilities to help its customers reduce their energy consumption, Duke Energy, one of U.S.’s largest electricity utility, has acquire a majority stake in Phoenix Energy Technologies (PhoenixET), an Irvine-based provider of energy management system.

PhoenixET offers commercial-use monitors and controllers. Duke Energy regards Phoenix’s solutions as an approach to decrease environmental impact when utilizing energy resources include renewable energies.

PhoenixET’s softwareis capable of integrating an entire customer's portfolio of buildings without the deployment of additional hardware.Once PhoenixET completes the building integration process, the company uses its proprietary software to analyze data, such as occupancy, weather, equipment problems, heating, ventilation and air conditioning. This allows PhoenixET to provide savings to its customers in real time through remote diagnostic and repair tools.

"When combined with Duke Energy's experience and leadership in the energy sector, PhoenixET will be better equipped to offer even more value to commercial customers with an array of cost-efficient, integrated energy solutions," said Lisa Varga, CEO Phoenix Energy Technologies.

After the transaction, PhoenixET will continue to operate independently with its established management team.

"Duke Energy will continue to expand its offering of on-site, advanced energy solutions for commercial customers as the company finds opportunities in this rapidly growing market," said Greg Wolf, president of Duke Energy's Commercial Portfolio. Earlier this year, Duke Energy purchased a majority interest in a commercial solar provider, REC Solar in San Luis Obispo, Calif.

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