E2 COMPANIES' PALM ENERGY, LLC ACQUIRES BEHIND THE METER PORTFOLIO FROM NRG ENERGY, INC.
BONITA SPRINGS, Fla., May 20, 2022
Palm Energy, LLC to utilize its Virtual Utility® IQ to provide Reliability and Energy Cost Savings.
BONITA SPRINGS, Fla., May 20, 2022 /PRNewswire/ -- Palm Energy, LLC ("Palm"), a provider of comprehensive energy solutions and services has announced the acquisition of several Behind the Meter (BTM) solutions from NRG Energy, Inc. (NYSE: NRG), the leading integrated power company in the United States. The acquired portfolio includes approximately 15 MWs of commercial and industrial customers located in PJM and New England which will increase Palm Energy's managed MWs in those markets. Palm Energy will own, operate, maintain, and optimize the microgrids to reduce energy costs while providing reliability to the customers and the grid.
"Palm's ability to leverage assets in the energy market on behalf of our customers is unmatched," states Palm Energy's Co-Founder and President, Steven Moffitt. "We are able to reduce the customer's energy cost while at the same time provide resiliency. We do this by participating in market programs across North America, managing power and gas supply agreements, and verifying operational and financial performance through our Virtual Utility®IQ platform."
Palm Energy brings to market a single-source solution for our customer's complete energy needs by optimizing BTM assets through its 24/7 Network Operations Center (NOC) and Virtual Utility® IQ platform. Palm also utilizes parent company, e2 Companies' Patented R3Di® ("Ready") System to provide resiliency and reliability to utilities and C&I customers through an ESG offering that combines safe and reliable fast-discharge batteries with ultra-low emission continuous rated natural gas engines that are ready for Renewable Natural Gas or can be modified to utilize Hydrogen blends.
"The NRG asset acquisition is a great affirmation of Palm Energy's influence and ability to optimize BTM solutions, reduce energy costs, and provide sorely needed reliability to our customers, and the grid alike. This transaction is a big step in Palm Energy's growth and ability to stabilize an increasingly taxed grid," says James Richmond, President and CEO of e2 Companies.
Mr. Moffitt states, "A combined offering of Palm's services coupled with e2's Patented R3Di®, and technical services can unlock more than just energy savings. Our R3Di® technology provides customers with turnkey reliability while enabling the transition to a zero-carbon future."
About Palm Energy, LLC and e2 Companies, LLC
Together, Palm Energy and e2 Companies utilize the Virtual Utility®IQ to provide comprehensive energy solutions and services to businesses with a primary focus on solving customers' most challenging reliability and energy management needs. e2 Companies have developed a full range of products and services, from simple catalyst systems and Best Available Control Technology (BACT) to complete essential primary and emergency power systems. Palm Energy and the e2 Companies are the first vertically integrated Distributed Generation firm and are headquartered in Bonita Springs, FL.
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