EnerNOC (ENOC) Collaborates With Tesla on Energy Storage, Shares Surge

NEW YORK (TheStreet) -- Shares of EnerNOC (ENOC) are surging, up 16.38% to $12.86 on heavy volume in afternoon trading Friday, following the company's announcement that it will collaborate with Tesla Motors (TSLA) on the deployment and management of energy storage systems.

EnerNOC chairman and CEO Tim Healy said, "Energy storage has great potential and is a natural fit with energy intelligence software. We are excited to explore the possibilities with Tesla."

Late Thursday, Tesla unveiled its new business called Tesla Energy. The company said it is moving into the energy storage space, and will focus on energy efficient batteries for homes and businesses.

About 3.85 million shares of EnerNOC have exchanged hands as of 3:15 p.m. ET, compared to its average trading volume of about 333,309 shares a day.

Boston-based EnerNOC is a leading provider of cloud-based energy intelligence software and services to thousands of enterprise customers and utilities.

Separately, TheStreet Ratings team rates ENERNOC INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:

"We rate ENERNOC INC (ENOC) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income."

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