Veolia announced that it has completed the acquisition of Icetec, a Pennsylvania-based digital and distributed energy management company.
Terms were not disclosed.
Veolia operates a water utility in northern Delaware,
The acquisition "will complement Veolia’s existing North American energy service offerings and bring additional functionality to the company’s Hubgrade digital platform. In the context of increased volatility in the electricity market and stress on the power grids, Icetec customers will benefit from the broad services Veolia can provide to further increase their environmental performance," a release stated.
The move is part of the company’s GreenUp strategy, which aims to double its revenue in the United States and Canada by 2030, with a focus on decarbonization, resource regeneration, and depollution. The acquisition reinforces Veolia’s commitment to improving energy efficiency.
The Icetec team, based in Boothwyn, PA., near the Delaware state line, will bring both their software and expertise in site and asset optimization to Veolia’s Sustainable Industries and Buildings business.
Icetec’s platform enables institutions to better use their distributed energy assets, both operationally and financially, by accessing wholesale energy markets. Icetec also brings a portfolio of clients in the higher education, healthcare, commercial and industrial sectors.
Michael Webster, founder and CEO of Icetec said: ”Joining Veolia is an important step forward for our company to help us reach new markets, better serve our customers, achieve greater impact and provide growth opportunities for our team. With the opportunities across power markets in North America, we are excited to become part of a global energy and sustainability leader like Veolia where we can continue to develop and deploy Icetec’s management and optimization solutions to a broader set of industries and customers.”
Veolia is the largest private water operator and technology provider in the US and has a large presence in waste and pollution treatment systems. Headquartered in Boston, Veolia has more than 10,000 employees working at more than 350 locations across North America.
Veolia, based in France, operates on five continents with 215,000 employees.
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