Geothermal and renewable energy company Ormat Technologies recently announced it has agreed to acquire substantially all of the business and assets of Viridity Energy, Inc., a privately held demand response, demand management, and battery storage solutions provider based in Philadelphia.
According to a press release on Ormat’s website,” The acquisition, which is expected to close early 2017, will mark Ormat’s entry into the growing energy storage and demand response markets, with an established North American presence.”
The deal includes a payment of $35 million at closing. Additional contingent consideration will be payable in two installments upon the achievement of certain performance milestones.
Headquartered in Reno, Nevada, Ormat is a large, international geothermal company with projects in 23 countries around the world.
“Ormat intends to use the Viridity platform to accelerate growth, expand its market presence, and further develop Viridity’s demand response VPower™ software platform and energy storage services,” commented Isaac Angel, Ormat’s CEO.
Viridity stated in a press release, ““Joining Ormat is exciting and is the right next step in our growth trajectory,” said Mack Treece, CEO, Viridity Energy. “Leveraging Ormat’s breadth of capabilities, electricity market expertise and resources, we will have a unique opportunity to accelerate innovation and deliver significant value to our customers and partners. Viridity will be ideally positioned to fulfill our core mission, and our employees will benefit from becoming part of a larger company. We look forward to working with the Ormat team to ensure a smooth transition.”