Blue Earth Inc., a clean technology company focused on services to optimize energy use and reduce consumption costs, announced it will acquire Xnergy Inc., a California-based energy services company, for $15 million, payable in 4.5 million restricted shares of Blue Earth common stock valued at $3 per share and $1.51 million cash payable monthly over 30 months.
Xnergy offers an array of comprehensive energy solutions, and was rated the No. 1 Alternative Energy Provider by the San Diego Business Journal, recognized by its service to private and public clients throughout California. Blue Earth said it believes the acquisition complements its energy efficiency capabilities through the addition of two more staffed locations (California and Idaho). The deal will also equip Blue Earth with key electrical and HVAC licenses, which are expected to support the company’s expansion in the Western U.S.
“Blue Earth is excited about Xnergy and the broad range of comprehensive energy solutions it brings to the Blue Earth platform,” Dr. Johnny R. Thomas, CEO of Blue Earth stated in the press release. “The Xnergy model enables Blue Earth to develop and own on-site power production facilities with long-term power purchase agreements from commercial clients. As a public company, we believe Blue Earth will be able to accelerate the financing and installation for Xnergy’s $500 million pipeline of projects that are available for implementation. This scalable business model will allow Blue Earth to benefit from recurring revenue.”
Xnergy also offers services dealing with HVAC and mechanical systems for design-build to repair and retrofit services. The company boosted its reach with the recent acquisition of HVAC Controls & Specialities Inc., an Idaho based company that caters to hospitals and other critical facilities.
“We are excited about the opportunities our partnering with Blue Earth will bring,” Jason Davis, co-founder and president of Xnergy stated. “Working in concert with Blue Earth will enable Xnergy to leverage our engineering, implementation and project finance experience and capabilities to expand our energy asset development and management services to address our $500 million pipeline of projects for industrial, commercial and public sector clients, who want to minimize their long-term energy costs by adopting innovative alternative energy technologies and provide our shareholders with long term profitable recurring revenues.”
For more information visit www.blueearthinc.com
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