Ameresco
AMRC]

Ameresco Announces Acquisition of Enerqos to Expand Presence in Europe

Wednesday, March 01, 2023

Cleantech Integrator Signs Agreement to Acquire Milan-based Energy Efficiency and Renewable Energy Company

FRAMINGHAM, Mass. & MILAN: Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator and renewable energy asset developer, owner and operator, today announced the signing of a definitive purchase and sale agreement to acquire ENERQOS Energy Solutions S.r.l., a renewable energy and energy efficiency company headquartered in Milan. With this acquisition, Ameresco will be able to expand its portfolio of clean energy projects and solutions throughout Italy.

“This acquisition further strengthens Ameresco’s global presence by expanding our footprint and adding a new pipeline of work throughout Italy”

Enerqos has been operating for more than 15 years with the mission of taking care of the environment by offering a competitive advantage to Italian companies through energy efficiency and renewable energy solutions. They have a large portfolio of cost saving and carbon reduction projects across multiple markets in Italy, including healthcare, real estate, retail and residential.

Ameresco already offers clean energy solutions in several European countries, including the United Kingdom, Ireland and Greece. By applying Ameresco’s well-established business model and ENERQOS’ regional reach, expertise and scale, Ameresco’s acquisition is well-positioned to build a high-growth clean energy solutions business and pipeline across Europe.

“We are extremely pleased to be part of this acquisition combining two companies across the globe into a singular mission for customers seeking to install resilient and renewable energy infrastructure,” said Lars Meisinger from Aquila Capital, financial advisor to the seller. “It was a great pleasure to work alongside the Ameresco team on this opportunity, positioning us for additional partnerships in the future.”

“This acquisition further strengthens Ameresco’s global presence by expanding our footprint and adding a new pipeline of work throughout Italy,” said George Sakellaris, President and CEO of Ameresco. “Ameresco’s mission is to create a more sustainable future for our customers, and we see the acquisition of ENERQOS as extending our proven track record of providing significant renewable energy and energy efficiency solutions to entities across North America and Europe that increase energy savings and lower carbon emissions.”

“It is with great excitement that we enter into this next phase of our business. Enerqos was built on a commitment to developing renewable energy solutions and establishing emission reduction targets, so as to usher in a greener, better future for all,” said Enrico Giglioli, CEO of ENERQOS. “As a leader in the cleantech space, Ameresco shares this belief and has a demonstrated history of implementing innovative technologies that deliver clean energy and enhance overall security, reliability, and resiliency.”

The acquisition is expected to close in March 2023. The financial terms of this acquisition were not disclosed. Included in our guidance, this small and opportunistic acquisition will further our footprint in Europe.

Ameresco Landfill Gas to Renewable Natural Gas Plant Operations Begin at Republic Services’ Benson Valley Landfill

Friday, November 03, 2023

FRAMINGHAM, Mass. & FRANKFORT, Ky.-- Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced that it achieved commercial operation at its landfill gas to renewable natural gas plant at Republic Services’ Benson Valley Landfill in Frankfort, Kentucky. The Benson Valley facility has a gross nameplate in excess of 483,552 Dekatherms per year and is capable of processing 2,000 scfm of raw landfill gas.

Ameresco broke ground on the project in June 2022 and reached commercial operation in August 2023. As a result of this collaborative, long-term partnership, Benson Valley Landfill will reduce 27,440 tons of carbon dioxide emissions per year, a figure that is roughly equivalent to the carbon sequestered by planting 325,899 acres of forests or 31 million gallons of gasoline not being combusted.

“At Republic Services, our vision is to partner with customers to create a more sustainable world now and for future generations,” said Republic Services Area President Larson Richardson. “Our long-standing partnership with Ameresco enables us to capture naturally occurring gas created by decomposing waste in our landfill and convert that gas into a low-carbon fuel source that reduces greenhouse gas emissions. The Benson Valley RNG facility is just another example of us living our values; we are Sustainability in Action.”

Among the many benefits of this project, the completion of this work ensures that clean energy resources are available for the regional economy and significantly reduces greenhouse gas emissions within the environment. These benefits directly contribute to Republic Services’ long-term sustainability goal to beneficially reuse 50% more of their biogas by 2030. This is Ameresco’s eighth renewable energy project with Republic with another ten projects in various stages of development, permitting or construction.

"Achieving nationwide carbon neutrality necessitates the collective contributions of a diversified portfolio of technologies; there is no singular solution. It will also require a voluntary commitment to such cause from across all sectors,” said Michael Bakas, Executive Vice President of Ameresco, “Republic Services has made such a commitment, and we at Ameresco are profoundly fortunate to embark on this sustainability journey alongside them. Our collaboration harnesses advanced technologies to convert a byproduct of human activity into dependable and dispatchable renewable energy."

Ameresco to Announce Third Quarter 2023 Financial Results on November 6, 2023

Friday, November 17, 2023

FRAMINGHAM, Mass,: Ameresco, Inc. (NYSE:AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced that it will release its third quarter 2023 financial results after the close of the market on Monday, November 6, 2023. The earnings press release will be available on the “Investor Relations” section of the Company’s website at www.ameresco.com. The Company will host an earnings conference call at 4:30 p.m. EDT the same day.

In conjunction with its earnings conference call and press release, the Company will provide supplemental information concerning the financial results. The supplemental information on a Current Report on Form 8-K will be posted to the “Investor Relations” section of the Company's website.

Participants may access the earnings conference call by pre-registering here at least fifteen minutes in advance. A live, listen-only webcast of the conference call will also be available over the Internet. Individuals wishing to listen can access the call through the “Investor Relations” section of the Company’s website at www.ameresco.com. If you are unable to listen to the live call, an archived webcast will be available on the Company’s website for one year.

Ameresco building 165-kW solar + storage project on Indiana vocational school

Friday, March 22, 2024

Ameresco, a clean technology integrator specializing in energy efficiency and renewable energy, and Matchbook Learning Schools of Indiana will host a groundbreaking ceremony for The Match High School on Wednesday. This school will serve grades 9 through 12 and will feature a state-of-the-art facility for vocational learning and early career exploration.

In 2023, Matchbook Learning was one of 23 organizations chosen for the U.S. Department of Energy’s Renew Americas Schools Grant for critical facility and energy improvement funding. The grant, garnering over 1,000 applicants, totals over $5.3M, and will be used to partially fund the development of The Match High School and Career Center.

After a request for proposal process, Ameresco was selected by Matchbook Learning of Indiana to oversee all aspects of design, engineering and construction fulfillment for The Match High School and Career Center. The campus will comprise two buildings with the main school and the career center at separate sites.

The $5.3 million grant will finance a medley of energy improvements to The Match High School and Career Center buildings including a new 165-KW solar PV and energy storage system (BESS) which will provide clean, renewable backup energy to power the school’s operations. The improvements will feature new insulated TPO roofs, interior and exterior LED lighting and heat pump domestic hot water heaters within both buildings.

“Matchbook Learning was founded to revitalize the nation’s underperforming schools and inspire every student to reach their full potential,” said Sajan George, founder, Matchbook Learning Schools of Indiana. “Key to this undertaking is ensuring that students are served in sustainable facilities that provide students with a safe and inspiring environment for learning and collaboration.”

Ameresco will develop The Match High School and Career Center from two industrial warehouses spanning a combined 54,000 sq ft, and the development of both buildings will amount to over $20 million of energy upgrades.

“We are excited about the development of The Match High School and Career Center as we look ahead to welcoming our first cohort of students in the summer,” said Amy Swann, CEO, Matchbook Learning. “Providing students with a modern educational environment is a challenge top-of-mind for school leaders across the country, and we are invigorated by the U.S. Department of Energy’s Renew America’s Schools Grant to embark on this comprehensive school infrastructure development project support energy efficiency and sustainability.”

Integral to the operations of the Career Center will be the development of ultra-high efficiency rooftop units with building automation controls and a variable refrigerant flow heat recovery and ventilation system. The school will also feature building envelope improvements for long-term thermal energy savings.

“We are inspired by Matchbook’s mission and look forward to leading sustainability and energy efficiency upgrades for their newest school,” said Lou Maltezos, EVP, Ameresco. “We are honored to help make The Match High School and Career Center fully equipped to support student learning for years to come.”

The Match High School and Career Center will support a technologically-enhanced curriculum aligned with the organization’s goals of providing all students with a clear pathway to success. The career center building is expected to open its doors to students starting August 1, 2024, for the 24/25 school year, with the main school opening targeted for the second semester in January 2025. The Match Career Center will feature a vocational curriculum offering education in construction trades, welding, engineering and entrepreneurship.

Ameresco and Envision Energy to build major UK energy storage project

Saturday, May 25, 2024

FRAMINGHAM, Mass. - Ameresco, Inc. (NYSE: NYSE:AMRC), a cleantech integrator, and Envision Energy, a renewable energy solutions provider, have been selected by Atlantic Green to construct a significant battery energy storage system (BESS) in the United Kingdom. The project, named the Cellarhead BESS, will have a capacity of 300 megawatts (MW) and an energy storage potential of 624 megawatt hours (MWh).



The strategic initiative will be connected to the National Grid (LON:NG)'s Cellarhead sub-station, aiming to bolster the UK's energy security and reliability. Construction is set to begin in the first half of 2024, with the goal of connecting to the electricity grid by mid-2026.



This project is a key milestone in Atlantic Green's mission to develop approximately 2 gigawatts (GW) of battery energy storage, which is integral to the UK's transition to clean energy. The Cellarhead BESS project is expected to support the country's objective to achieve net zero emissions by reducing dependence on fossil fuels and mitigating greenhouse gas emissions.



Ameresco has entered into an Engineering, Procurement, and Construction (EPC) and Operations & Maintenance (O&M) contract for the project, which includes a full wrap price of approximately $249 million (196.5 million GBP). Envision Energy will supply the BESS and associated services, along with equipment warranties.



Nick Bradford, Managing Director of Atlantic Green, expressed enthusiasm about the development of battery energy storage as a vital step towards the UK's net-zero carbon goals. Mark Apsey, MBE, Senior Vice President of UK Operations at Ameresco, highlighted the importance of energy storage technology in achieving the UK's net zero targets and commended Atlantic Green's leadership and track record in project development.



Kane Xu, Global VP of Envision Energy, emphasized the importance of advanced battery solutions in enhancing energy security and facilitating the transition to renewable energy sources.



The BESS project, once completed, will be owned and operated by Atlantic Green as an energy storage asset. This collaboration is set to demonstrate the capabilities of battery storage technology in sustainable energy systems and contribute to the UK's clean energy landscape.



This article is based on a press release statement.



InvestingPro Insights

Ameresco, Inc. (NYSE: AMRC) is taking significant strides in the renewable energy sector with the recent announcement of their partnership on the Cellarhead BESS project in the UK. As investors consider the implications of this strategic initiative, it's essential to understand Ameresco's financial health and market performance.



InvestingPro data indicates that Ameresco has a market capitalization of approximately $1.65 billion, with a P/E ratio of 27.95 reflecting investor expectations of future earnings. The adjusted P/E ratio for the last twelve months as of Q1 2024 stands at 26.63, suggesting a slight improvement in valuation over time. Despite a challenging revenue growth of -13.54% over the last twelve months as of Q1 2024, the company has experienced a quarterly revenue growth of 10.1%, indicating a potential turnaround in its financial performance.



Two critical InvestingPro Tips for Ameresco are its significant debt burden and the fact that it's quickly burning through cash. These factors could impact the company's ability to finance its operations and investments effectively. Moreover, with 5 analysts having revised their earnings downwards for the upcoming period, investors should be cautious.



For those seeking more in-depth analysis, there are additional tips available on InvestingPro. For example, Ameresco's stock price movements have been quite volatile, which could be a concern for risk-averse investors. Still, the company has demonstrated strong returns over various periods, including the last week, month, three months, five years, and even the last decade. Ameresco does not pay a dividend, which might be a consideration for income-focused investors.



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Ameresco Entered into a $249M (196.5 million GBP) Contract and Long-Term Service (O&M) Agreement with Atlantic Green for One of the UK’s Largest Battery Energy Storage Projects

Tuesday, May 28, 2024

FRAMINGHAM, Mass.-- Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced that Ameresco and Envision Energy have been chosen by Atlantic Green to build the Cellarhead project, a 300-megawatt (MW) battery energy storage project (BESS) with a maximum energy capacity of 624 megawatt hours (MWh). The Cellarhead BESS project will be connected to National Grid’s Cellarhead sub-station and will provide the UK with additional energy security and reliability.

Construction is anticipated to commence on site this year with connection to the electricity grid anticipated at the end of 2026. With a maximum energy capacity of 624 megawatt hours, the Cellarhead BESS project will support the UK’s ambition to achieve net zero, supporting the increased penetration of clean energy generation, decrease reliance on fossil fueled generation, and ultimately mitigate greenhouse gas (GHG) emissions.

Atlantic Green was established in 2021, as a joint venture between two entrepreneurial shareholders Nofar Energy, and Interland Group, as a UK-based platform to invest, develop, and operate grid-scale standalone battery energy storage systems across the UK. With a mission to develop a c.2 GW capacity of battery energy storage to fuel the UK’s clean energy transition, the Cellarhead BESS represents a key milestone for both Atlantic Green’s development journey and wider sustainability objectives. As part of the BESS project Ameresco entered into an EPC and O&M contract including battery supply, balance of plant, warranty, and availability guarantees. The EPC full wrap price is c. $249 million (196.5 million GBP). Tier 1 OEM Envision Energy will provide the BESS and associated services, as well as the equipment warranties.

Ameresco and Atlantic Green expect to finish the BESS and secure grid connection by the middle of 2026. Following completion, Atlantic Green will own and operate the BESS as an energy storage asset.

“We believe that a continuous development of battery energy storage is a vital step in the UK’s journey to achieving net-zero carbon emissions, and we are excited to team up with Ameresco to bring this vision to life,” said Nick Bradford, Managing Director of Atlantic Green. “Since our founding, Atlantic Green has consistently prioritized finding strategic ways to leverage our battery storage assets with the wider community and we are eager to answer the rising demand for battery storage with this new project with such a level of energy capacity, to really make the impact on the UK electricity system that is much needed.”

“We’re excited to announce our collaboration with Atlantic Green to construct one of the largest battery energy storage projects in the United Kingdom,” said Mark Apsey, MBE, Senior Vice President of UK Operations at Ameresco. “Energy storage is one of the key technologies required to achieve the UK’s net zero targets. Atlantic Green’s strong company leadership and robust track record of developing similar projects makes them an excellent partner in this endeavor. Together, Ameresco and Atlantic Green will help support the UK’s progress towards increased power autonomy and achieving net-zero carbon emissions by 2050.”

"This project exemplifies our commitment to pushing the boundaries of battery storage technology, a cornerstone of sustainable energy systems,” said Kane Xu, Global VP, Envision Energy. “Partnering with Atlantic Green and Ameresco allows us to demonstrate the pivotal role that advanced battery solutions play in enhancing energy security and enabling a seamless transition to renewable energy sources. We are proud to contribute our cutting-edge technology to this landmark UK initiative."

Ameresco to Announce Second Quarter 2024 Financial Results on August 5, 2024

Monday, July 29, 2024

FRAMINGHAM, Mass.--Ameresco, Inc. (NYSE:AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced that it will release its second quarter 2024 financial results after the close of the market on Monday, August 5, 2024. The earnings press release will be available on the “Investor Relations” section of the Company’s website at www.ameresco.com. The Company will host an earnings conference call at 4:30 p.m. EDT the same day.





In conjunction with its earnings conference call and press release, the Company will provide supplemental information concerning the financial results. The supplemental information on a Current Report on Form 8-K will be posted to the “Investor Relations” section of the Company's website.





Participants may access the earnings conference call by pre-registering here at least fifteen minutes in advance. A live, listen-only webcast of the conference call will also be available over the Internet. Individuals wishing to listen can access the call through the “Investor Relations” section of the Company’s website at www.ameresco.com. If you are unable to listen to the live call, an archived webcast will be available on the Company’s website for one year.