Joule Assets Acquires NorthWrite and Announces Formation of a New Subsidiary
Joule Assets completes acquisition of NorthWrite and forms JouleSmart Solutions to offer a proven turnkey, comprehensive energy management product for the small and medium commercial market that incorporates delivered performance financing, equipment, and ongoing oversight
BEDFORD HILLS, NY (March 31, 2017)—Joule Assets, keeping in line with its mission to develop, enhance, improve, and catalyze the energy efficiency, control, and clean energy generation markets, has acquired NorthWrite, a cloud-based energy information management services company with a tested and proven approach for small- and mid-sized businesses (SMB). The transaction was the first act of business completed by JouleSmart Solutions, a newly formed, fully-funded subsidiary of Joule Assets.
With this purchase, Joule is able to offer a scalable comprehensive energy efficiency solution to the SMB market. The JouleSmart Solution incorporates heating ventilation and air conditioning (HVAC) and lighting controls, active oversight, project performance insurance, and attractive project-level financing. This unique turnkey offering allows enterprises in the small commercial market to interact with one party for financing, installation, execution, oversight, and maintenance for their facility upgrades without any capital outlay or assumption of risk for energy savings.
Dennis Quinn, President of JouleSmart Solutions remarked, “This combination allows us to scale this unique turnkey offering to utilities seeking to offer their SMB customers a proven solution that delivers both energy efficiency and automated demand management through a financed pay for performance model.”
“We have been working closely with Joule for the last several years to develop this compelling business model for the SMB market. From the beginning, our customers have been telling us that simplicity is key. The combination of Joule and NorthWrite reduces the complexity of the customer experience by creating a single provider for financing, technology, and ongoing operations for JouleSmart,” notes Patrick O’Neill, Chief Operating Officer of JouleSmart Solutions and founder and Chief Executive Officer of NorthWrite.
“We have developed a solution such that building upgrades are funded by the energy savings that come as a result of those upgrades; it’s no out of pocket cost to the customer, fully guaranteed by the insurance the insurance company.” said Mike Gordon, founder and Chief Executive Officer of Joule Assets. “This offering will transform the efficiency market by delivering on a much larger portion of the as yet undone $290 billion of high-return work that’s out there to be completed. This business unit will now drive Joule Assets to near-term profitability well beyond what we expected prior.”
About JouleSmart Solutions
JouleSmart Solutions (JouleSmart) integrates innovative technical, operational, and financial solutions to help small and mid-sized businesses access the benefits of “smart” building management. The JouleSmart approach provides immediate cost reduction as well as ongoing oversight and management—a combination that generates the energy performance upon which our financing model depends, as well as a greater degree of customer control over facility operations. JouleSmart’s energy expertise and unique performance-based financing integrates into a seamless system that attracts small- and mid-sized building owners seeking to strengthen financial performance through increased productivity, improved customer experience, increased asset value, a reduced carbon footprint, and reduced utility expenses. Through our easy-to-understand, transparent approach, JouleSmart seeks to deliver to small- and mid-sized businesses the benefits of active energy management that are traditionally reserved for only the largest, most advanced, commercial buildings.
About Joule Assets
Joule Assets (Joule) actively empowers businesses, investors, communities, and individuals to capitalize on reductions of energy consumption through innovative financing, creative business models, and regulatory policy in the U.S. and Europe. Through its market intelligence, expertise, and performance-based financing approach, Joule enhances projects by generating and integrating new value and revenue streams. Each business unit—JouleSmart Solutions, Joule Energy Services, Joule Community Power, and Joule Europe—supports the overarching mission to develop, enhance, improve, and catalyze the energy efficiency, control, and clean generation markets.
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