Latest ResCom Energy News
Aug 18, 2015
× People Power Performance CHICAGO, Aug. 18, 2015 /PRNewswire/ -- PowerOne Corporation, an aggressive, growth-focused energy company, today announced it has finalized the purchase of ResCom Energy, LLC. ResCom is an established Retail Energy Provider licensed to operate in 11 utility territories across six states in the Midwest and Northeast. The membership interest purchase agreement provides PowerOne with 100 percent interest in ResCom. ResCom will operate as a wholly owned subsidiary of PowerOne. Feller Energy Law Group, PLLC represented PowerOne for the purchase of ResCom. "The purchase of ResCom Energy, LLC marks the most significant milestone for PowerOne to date," stated George Wahbeh, PowerOne's CEO and President. "With this acquisition, PowerOne completes its transition from broker to Retail Energy Provider. Our aim will now shift towards the sale of electricity, natural gas and related products and services directly to residential and business consumers through ResCom. We believe ResCom's current service territories represent the strongest opportunities for growth of customer base and revenue available nationally. We estimate revenue from energy sales to be 12 to 20 times higher per customer than commissions earned through brokering services. " On August 6, 2015, the Federal Energy Regulatory Commission (FERC) accepted PowerOne's request for approval for the ResCom purchase. This filing was a requirement for PowerOne to complete the transaction. "PowerOne is expediting its business plan through strategic acquisitions," explained Dennis Locke, the company's CFO. "This is the third, and most important, acquisition for the company to date. We are currently shopping for a preferred supplier agreement or similar capital partnership, which we will use to rapidly increase our customer base and to fund energy purchases. We predict, based on internal projections, exponential growth over the next several years. " ResCom has historically been a very lucrative operation, with generous revenue and strong internal rate of return. The previous owner's strategy was to build high-value books of business and sell to larger suppliers. Audited financial statements for last year show ResCom revenue at $2.4 million with $924,000 passing through to net income. Performance for prior years was similar. Proforma revenue for ResCom shows electric sales growing from $14.7 million in the first year of operating as a PowerOne subsidiary to over $119 million in the third year. PowerOne management will initially pursue aggressive growth in several key ResCom territories that show the greatest opportunity according to a proprietary index of key factors. Through strategic acquisitions of companies, books of business and through organic growth, PowerOne expects to be a prime acquisition target for one of the many major retailers seeking to consolidate the industry by purchasing smaller, more agile and aggressive competitors. About PowerOne PowerOne Corporation is a power company that provides its customers with discounted electricity and natural gas through its own supply contracts and through its network of competitive energy retailers. Headquartered in Chicago, the company is positioned to grow with the competitive energy market and gain market share through better pricing, superior service and effective marketing strategies. Please visit www.power1co.com for more information. PowerOne Corporation Safe Harbor This press release contains certain statements that may include "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," "anticipate," "optimistic," "intend," "will" or other similar expressions. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those beyond the control of the Company. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under applicable securities laws, the Company does not assume a duty to update these forward-looking statements.
ResCom Energy Frequently Asked Questions (FAQ)
Where is ResCom Energy's headquarters?
ResCom Energy's headquarters is located at 256 Guinevere Ridge, Cheshire.
What is ResCom Energy's latest funding round?
ResCom Energy's latest funding round is Debt.
How much did ResCom Energy raise?
ResCom Energy raised a total of $5M.
Who are the investors of ResCom Energy?
Investors of ResCom Energy include First Capital Group.
Who are ResCom Energy's competitors?
Competitors of ResCom Energy include Advanced Power, PowerLight Technologies, Energy Future Holdings, Lawrenceville Plasma Physics, US Power Generating Company and 7 more.
Compare ResCom Energy to Competitors
Advanced Power is a company focused on efficient and sustainable energy management within the energy sector. The company's main services include the development, financial structuring, and asset management of low-carbon and renewable energy projects, with a particular emphasis on reducing global emissions. Advanced Power primarily serves the energy industry, with a focus on renewable energy sectors such as solar, wind, and natural gas. It was founded in 2000 and is based in Zug, Switzerland.
Vital Energi is a company that focuses on low carbon energy generation, distribution, and management in the energy sector. The company offers a range of services including the development of heat networks, the installation of heat pumps, solar energy solutions, and battery storage systems. They primarily cater to sectors such as further education, healthcare, residential (both new build and retrofit), commercial and industrial, urban networks, and power generation. It is based in Blackburn, United Kingdom.
Lawrenceville Plasma Physics is a company focused on nuclear fusion research and development in the energy sector. The company is developing a new energy source, modeled on the fusion energy that powers the Sun, aiming to produce environmentally safe energy. It was founded in 1974 and is based in Middlesex, New Jersey.
PowerLight Technologies is a company focused on the development and deployment of wireless power beaming technology. The company's main offering is a system that converts electricity into laser light, sends it over a distance, and then converts it back into usable electricity, providing power to stationary or moving equipment and vehicles on the ground or in the air. PowerLight primarily serves sectors such as telecommunications, autonomous systems, temporary power, smart grid/clean energy, and space. PowerLight Technologies was formerly known as LaserMotive. It was founded in 2007 and is based in Kent, Washington.
Calabazas Creek Research is a company that focuses on the development of advanced technologies for high power RF generation and transmission, operating within the technology and research sectors. The company offers services such as designing customized RF and electron beam sources, high power RF components for advanced applications and research, software development, thermomechanical analysis, electromagnetic analysis, and CAD & design services. The company primarily sells to sectors such as the microwave tube and x-ray source industry, defense industry, and scientific research industry. It is based in San Mateo, California.
Power Tagging is an energy technology company dedicated to improving the overall efficiency between energy providers and end users. By providing a real-time, schematic map of the electrical grid, Power Tagging technology has enabled a host of applications. The company has developed a technology for tagging or fingerprinting energy on the power grid. These tags have metadata associated with them, effectively creating a purpose-built network that operates over the global power grid.