This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Lime Energy Sells ESCO Services Business Unit To PowerSecure

Lime Energy Co. (NASDAQ: LIME) announced today that Lime has sold certain assets of its wholly owned subsidiary, Lime Energy Service Company, constituting its energy service companies (ESCO) subcontracting business to PowerSecure, Inc. a subsidiary of PowerSecure International, Inc. (NASDAQ:POWR) for approximately $1.9 million in cash. PowerSecure also will assume approximately $9.9 million of net liabilities related to existing projects, resulting in an effective purchase price of approximately $11.8 million.

Lime Energy, a leading provider of energy efficiency solutions for utilities, completed this sale as part of its increased focus on utility direct install programs, the fastest growing segment of the energy efficiency space. This sale reinforces Lime’s commitment to serving its growing list of utility clients, and to dedicate the corporate resources necessary to maintain its track record of exceeding program savings goals and delivering customer satisfaction.

“I believe that our proven success in the utility program space creates the potential for a high-growth, high-margin and less capital intensive business for Lime Energy moving forward,” said John O’Rourke, President and CEO of Lime Energy. “PowerSecure is an ideal home for our ESCO services business and we are thrilled to see it continue with a North Carolina based company.”

“Lime is committed to helping our utility clients to engage their small business customers with innovative efficiency solutions,” stated Adam Procell, Senior Vice President of Utility Programs for Lime. “Reports released last month by ACEEE and Lawrence Berkeley National Laboratory demonstrate the need for utilities to do more for these customers than they have in the past – Lime’s delivery model and mix of expertise provides utilities with a cost-effective means of accomplishing this goal.”

With nine active small business direct install programs for utilities, Lime is leading the way in this market, having delivered over $100 million in incentives and 405,000 MWh to utility small business customers in the past three years alone.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,440.59 -127.94 -0.73%
S&P 500 2,067.64 -12.01 -0.58%
NASDAQ 5,039.7760 -48.8540 -0.96%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs