World Energy Buys GSE for $8.6M, Gains Foothold in Texas
Some interesting news in cleantech today. Worcester, MA-based World Energy Solutions (NASDAQ: XWES) said it has acquired GSE Consulting, an energy management and procurement firm based in Dallas, TX, for $8.6 million plus a potential earn-out. World Energy said it will bring on more than 20 GSE employees across three offices in Texas.
The move appears to strengthen World Energy’s presence in Texas, which is the nation’s largest deregulated electricity market. And the acquisition is World Energy’s third in the last seven weeks, following pickups of Northeast Energy Solutions in energy efficiency and the energy procurement business of Co-eXprise.
World Energy, led by CEO Richard Domaleski, specializes in energy management services, such as the demand response market, in which utilities pay factories, stores, and cities to curtail their energy use during peak demand times.