Lime Rock New Energy and Management Partner to Acquire Power TakeOff
Pioneering the Future: Power TakeOff joins with Lime Rock New Energy, beginning a new chapter of growth and innovation in the energy efficiency landscape.
DENVER, Colorado., September 5, 2023 – Power TakeOff, a software-enabled energy efficiency services company, today announces that funds managed by Lime Rock New Energy, a growth equity investor in companies accelerating the energy transition, has acquired a controlling interest in Power TakeOff from the company’s founding shareholder group. The Power TakeOff and Lime Rock New Energy teams will work closely to accelerate Power TakeOff’s growth and service offerings for utilities nationwide. Kevin Martin and Peter Widmer, co-CEOs of Power TakeOff have also invested alongside Lime Rock New Energy and will to continue to lead the company.
Founded in 2007 and headquartered in Denver, Power TakeOff delivers innovative energy efficiency solutions to the small and medium business customers of utilities nationwide via the application of Power TakeOff’s proprietary artificial intelligence and machine learning (AI/ML) tools to utility automated metering infrastructure data lakes. Power TakeOff’s sophisticated AI and ML algorithms enable its customer engagement specialists to identify opportunities for small and medium businesses to save energy and money by deploying easily implemented behavior-based changes to building control systems. The flagship offering of the company today is its Virtual Commissioning® (VCx®) program, which is centered on a unique pay-for-performance model, where the company is compensated based on verified energy savings.
Today, Power TakeOff’s client portfolio encompasses over twenty investor-owned and municipal utilities across the United States. The company has experienced rapid growth in recent years and is expanding its service offerings to provide additional solutions to its utility customer base, including Virtual Strategic Energy Management™ (vSEM™), advanced measurement and verification services, and real-time metering and analytics.
Kevin Martin, co-CEO of Power TakeOff, said, “Lime Rock New Energy is our first institutional partner in our 16-year history, and we’re very excited to work with LRNE as we enter our next chapter of growth. We are proud of what the entire team has built at Power TakeOff to date, and we see significant opportunity to help our utility customers and their small and medium business customers achieve even more energy savings. We believe this partnership will accelerate our service and product offerings and work even more closely with our utility partners to create a more energy efficient, resilient, lower carbon, and lower cost power system.”
Mark Lewis, a Managing Director of Lime Rock New Energy, added, “As a former energy services company chief executive, I have long sought to partner with an energy services business with a defensible business model that delivers energy savings for its customers. Power TakeOff struck us as one of the most innovative businesses in the energy efficiency industry that we’ve encountered. By finding actionable opportunities for end users to save material amounts of energy and money without the need for incremental capital spending, we believe that Power TakeOff moves the needle for utilities and their small and medium business customers to achieve their climate and efficiency goals.”
About Power TakeOff, Inc.
Since 2007, Power TakeOff has been an industry leader in the creation of data-first, virtual utility products, services and efficiency programs. Specializing in Energy Information Software, Power TakeOff uses advanced analytics to simplify the vast amount of utility AMI data into personalized, custom energy efficiency recommendations with proven, advanced M&V statistical saving results. Utility leaders across North America rely on Power TakeOff to transform complex, non-residential engagement challenges into solutions that deliver exceptional customer experiences and results, increase utility revenue, meet efficiency goals, and reduce GHG emissions. Visit us at www.PowerTakeOff.com.
About Lime Rock New Energy
Lime Rock New Energy is a growth equity investment partner for entrepreneurs building differentiated, innovative, and growing energy transition businesses. It invests in companies across three critical sectors: products and services to drive faster adoption of renewable energy and grid modernization, energy efficiency for industry and the built environment, and decarbonization of transportation. In partnering with entrepreneurs leading growing businesses that reduce carbon emissions, the Lime Rock New Energy team seeks to accelerate their companies’ growth with capital, strategic and process experience, operations expertise, and the team’s deep network of relationships across all facets of the new energy economy. For more information, please visit www.lrnewenergy.com.