Duke Energy buys majority share in Phoenix Energy Technologies

Written By: Tracy Dawson Roses
October 22, 2015

Duke renewable energy projects

Duke Energy buys majority share in Phoenix Energy Technologies

On October 22, Duke Energy acquired a majority share of Phoenix Energy Technologies, a provider of energy management systems and services for commercial customers, monitoring and controlling energy usage at an enterprise level.

Greg Wolf, president of Duke Energy’s Commercial Portfolio commented:

“We welcome Phoenix Energy Technologies to the Duke Energy Commercial Portfolio as we build more capabilities to help our customers reduce their energy consumption, decrease their environmental impact and achieve their corporate sustainability goals.”

Cinemark Holdings Inc., which manages more than 500 movie theaters, has been a PhoenixET customer for the past five years. The collaboration has resulted in Cinemark receiving the Star of Energy Efficiency Award for Built Environment in 2015 from the Alliance to Save Energy.

Art Justice, Cinemark vice president of energy and sustainability remarked: “Our partnership with Phoenix is a collaborative process that assists us with dispatch of service, data management and measurement and verification of energy projects. Phoenix’s staff and Cinemark’s energy team push each other to be innovative and continue to move the needle in an ongoing effort to operate our buildings as efficiently as possible.”

Lisa Varga, CEO Phoenix Energy Technologies explained: “PhoenixET has positioned itself as a thought leader in enterprise data management and business processes. We have built strong partnerships with our clients and the industry to drive innovation and create tool sets to respond to our clients’ needs. Our enterprise software and services continue to help companies drive savings, reduce their carbon footprint, manage their business process and impact their bottom line year over year. When combined with Duke Energy’s experience and leadership in the energy sector, PhoenixET will be better equipped to offer even more value to commercial customers with an array of cost-efficient, integrated energy solutions.”

After the transaction, PhoenixET will continue to operate independently with its established management team.

Earlier this year, Duke Energy purchased a majority interest in a commercial solar provider, REC Solar in San Luis Obispo, Calif.

The terms of the deal were not disclosed.