CHARLESTON, SC, June 13, 2024 (GLOBE NEWSWIRE) -- AM Conservation, the products division of Franklin Energy, a leading provider of energy efficiency and grid optimization solutions and products, announced today that they have entered into an agre,ement to purchase the assets of Energy Federation, Inc. (EFI). Combined, they will be the utility industry’s most comprehensive provider of products and marketplace solutions.
“The addition of EFI’s product lines and marketplace capabilities expands our ability to deliver innovative end-to-end product and service offerings to our clients,” said Terry Sobolewski, Franklin Energy CEO. “This will allow us to cost effectively meet our clients' clean energy goals, with a single point of contact.”
For over 40 years, EFI has delivered innovative, high-quality programs in the utility industry. Over the company’s lifetime, they have launched more than 170 utility marketplaces and processed over $3 billion in customer rebates. EFI’s combination of products and services complements AM Conservation’s offerings and significantly scales their business to more effectively meet the evolving needs of clients.
“EFI has a longstanding reputation of helping utilities increase engagement with their customers,” said John Bailes, AM Conservation President. “Together, our products and marketplace offerings will be unmatched in the utility industry. We are excited to welcome the EFI team and continue driving the industry forward together.”
“Our values and culture are strongly aligned with Franklin Energy and AM Conservation,” said Paul Danehy, EFI CEO and President. “Together, we can further our combined mission of encouraging people to use our limited energy and water resources wisely.”
This acquisition underscores Franklin Energy’s commitment to innovation and leadership in the clean energy space. Franklin Energy and AM Conservation stand well-positioned to continue driving unparalleled value for their clients, expanding their impact, and serving the entire ecosystem of energy service providers as effectively as possible.
Because EFI is a non-profit organization, the closing of the transaction is conditioned upon the final approval of the Massachusetts Attorney General’s Office and Massachusetts Supreme Judicial Court.
RSM US LLP acted as financial advisor, and Massumi + Consoli LLP acted as counsel to Franklin Energy and AM Conservation in connection with the transaction. Main Sheet LLC served as financial advisor, and Foley Hoag LLP acted as counsel to EFI.
About Franklin Energy
As a combined organization, Franklin Energy and AM Conservation deliver sustainable energy management products and solutions through a portfolio that lowers costs, reduces carbon and waste, and grows stronger communities and local economies. Franklin Energy is committed to achieving net-zero carbon emissions by 2025, protecting our communities and planet while building a brighter, more sustainable future.
About EFI
Energy Federation, Inc. (EFI), a leader in delivering energy efficiency technology solutions, is changing the way people save energy and how utilities engage with their customers. EFI is a pioneering technology provider of utility-branded marketplaces and instant rebate programs for utility companies. EFI’s innovative incentive and product all-in-one solutions help utilities meet their customers’ needs - at the speed of life. To learn more about how EFI can help, visit efi.org.
Kristi Longballa Franklin Energy 775-204-5860 klongballa@franklinenergy.com
