Business Achievement: Growth


Gold MedalEnerNOC, Inc. (Boston), the leading U.S. demand response company for growth of 57% through the first three quarters of 2010 to revenues of $257 million, up from $164 million in the same nine months in 2009. In Q3 2010 EnerNOC passed a significant milestone of 5,000 megawatts under management sooner than expected and increased its network to over 5,100 megawatts under management across over 3,500 customers and 8,200 sites as of September 30, 2010. EnerNOC describes its value proposition as unlocking the full value of energy management for utility and commercial, institutional, and industrial customers by reducing real-time demand for electricity, increasing energy efficiency, improving energy supply transparency in competitive markets, and mitigating emissions. Trademarked applications include DemandSMART in demand response, SiteSMART in energy efficiency, SupplySMART in energy price and risk management, and CarbonSMART in enterprise carbon management. EnerNOC's Network Operations Center (NOC) continuously supports these applications across its thousands of customer sites throughout the world.

Silver MedalAmeresco (Framingham, Mass.) for achieving 49% revenue growth for the nine months that ended Sept. 30, 2010. One of the leading U.S. energy service companies (ESCOs), Ameresco went public in July 2010, raising about $60 million gross proceeds (shareholders sold an additional $27 million worth of shares). While the opening price of $10 per share was less than the company hoped for, its share price by year-end was in the $15 range. Ameresco's Q1-Q3 revenues grew from $295 million in 2009 to $439 million in 2010 while the U.S. economy was sluggish, and energy efficiency and renewable energy segments were flat. Ameresco's growth was primarily organic with only one acquisition in 2010, Quantum Engineering and Development, for $6.2 million. Like other ESCOs, Ameresco earns a large portion of its revenues through performance contracts in which ESCOs and third-party lenders fund the design and installation of energy efficiency equipment then get paid based on energy cost savings, which are often guaranteed in the contract. Ameresco has been one of the leaders in expanding this model to develop renewable energy projects (for which it receives revenue from energy sales) including landfill and digester gas, biomass, geothermal and solar projects. By Q3 2010, Ameresco's nine-month revenue from renewable energy (including a PV sales and integration division) more than doubled from $54 million in 2009 to $115 million in 2010. Ameresco ended Q3 with a backlog of $593 million.

Silver MedalComverge, Inc. (Norcross, Ga.), another demand response leader for growth of 42% to $82 million in revenues through the first three quarters of 2010. Comverge describes itself as leading provider of intelligent energy management solutions for residential and commercial and industrial customers. Third quarter revenues grew 56% to $52 million compared to $33 million in 2009 (excluding revenues from its residential Virtual Peaking Capacity contracts, which are deferred and recognized in the fourth quarter). Comverge has more than 500 utility and 2,100 commercial customers, as well as five million deployed residential devices, and more than 3,500 megawatts under management.

Silver MedalItron (Liberty Lake, Wash.) for growth of 36% through three quarters of 2010, putting it in pace to hit $2.3 billion in revenues in 2010. Itron is the global leader in smart meters with 85 million units shipped in North America and a 46% share. Itron delivers end-to-end smart grid and smart distribution solutions to 8,000 electric, gas and water utilities with product offerings including electricity, gas, water and heat meters; network communication technology; collection systems and related software applications; and professional services.

Bronze MedalSunpower (San Jose) for achieving 31% revenue growth for the nine months ending Oct. 3, 2010, an increase that caps five years (2005 to 2009) during which SunPower's revenues grew by 1836%, said Deloitte, which ranked the company number seven in the clean technology segment of its Fast 500 2010 rankings. A vertically integrated solar PV manufacturer and installer with revenues expected to be $2.2 billion in 2010, SunPower boasts "the highest conversion efficiency... of all the global solar cells available for the mass market." SunPower is a dominant vendor to U.S. utilities, a customer segment that has become more active since the Energy Improvement and Extension Act of 2008 allowed investor-owned utilities to qualify for the 30% PV investment tax credit. Either SunPower or First Solar have "been involved in every one of the 11 largest operating projects in the country," noted GreentechMedia. According to SunPower, 44% of its 2010 revenues were generated by deals with utility and power plant customers, 56% from residential and commercial customers. SunPower will likely face increasing competition for the utility segment-as many as 55 project developers have signed at least one utility PPA, according to GreentechMedia. Global PV players will increasingly target U.S. utilities as European markets reach saturation. For its part, SunPower has been expanding aggressively in overseas markets, most recently with the March 2010 $282 million acquisition of European PV project developer SunRay. While German sales declined in 2010, Italy was a booming market for SunPower in the third quarter, representing 38% of global revenues, up from 30% in 2009.

Bronze MedalPowerit Solutions (Seattle) for achieving 30% revenue growth in 2010 and 28% growth in employment, adding to Powerit's 1,810% growth over the prior five years in energy management systems. Powerit is a leader in advancing the OpenADR (automated demand response) standard developed by Lawrence Berkeley National Laboratory. Powerit is also one of the first providers to offer a Smart DRAS (demand response automation server) client in a commercial product. One client, Calif.-based Mission Produce, cut its annual electricity usage by 24%, reduced its monthly energy bill by up to 33%, and made 500 kW controlled load shed available for demand response supply, according to Powerit. In May 2009, Powerit closed a $6 million Series B funding round from Siemens Venture Capital and global steel company ArcelorMittal's Clean Technology Fund.

Honorable MentionLPB Energy Management (Dallas) for 2010 market penetration and revenue growth for its utility invoice processing business, through which LPB helps corporate and government clients identify and take action on energy efficiency and cost-saving opportunities. The number of client utility invoices processed by LPB increased by 102% for the 12 months ending September 30, 2010, driving revenue growth of 91%, according to company data reported to CCBJ. The firm acquired "large, national clients who either previously processed utility invoices in-house or through another third-party outsourced provider," according to the company. New and existing clients are enjoying enhancements in LPB's "capabilities to measure, manage, and benchmark utility cost and consumption." Although LPB does not disclose revenues, CCBJ estimates its revenues for these 12 months at $30 million. The company employs 140 people.