An affiliate of e2 Companies, Palm Energy, LLC, a provider of comprehensive energy solutions and services, has acquired several “behind the meter” (BTM) resources from NRG Energy, Inc. The portfolio includes approximately 15 megawatts (MW) of commercial and industrial customers in Pennsylvania, New Jersey, Maryland, and New England. The acquisition will increase e2’s managed MWs in these markets, in which it will own, operate, maintain, and optimize the microgrids to reduce energy costs.
“We are able to reduce the customer’s energy cost while at the same time provide resiliency,” said Steven Moffitt, Palm Energy’s co-founder and president. “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.”
e2 Companies optimizes BTM assets through its platform and 24/7 network operations center. The company also utilizes e2 Companies’ patented R3Di® (“Ready”) system to provide resiliency and reliability to utilities and commercial and industrial customers. The company’s ESG offering combines safe and reliable fast-discharge batteries with ultra-low emission continuous rated natural gas engines. These can be used with renewable natural gas or modified for 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,” said James Richmond, president and CEO of e2 Companies.
Headquartered in Bonita Springs, Florida, Palm Energy and the e2 Companies are the first vertically integrated distributed firms. Together, the companies rely on the Virtual Utility®IQ to provide comprehensive energy solutions and services to businesses with help from a full range of products and services.