Prenova Achieves Rapid Growth in 2008

Share Article

Prenova, Inc., a leading energy services provider, today announced record growth for fiscal year 2008. Revenue was up almost 50% from the previous year, as the company extended its string of quarter-over-quarter revenue growth to ten consecutive quarters. Demand remained strong for each of the company's four service lines, which include Energy Procurement, Utility Management, Remote Monitoring, and Energy Consulting. In 2008, the company managed over $2 billion in energy spend on behalf of its clients and reduced clients' energy consumption by over 900 million kilowatt-hours.

2008 was another record year for Prenova

Prenova, Inc., a leading energy services provider, today announced record growth for fiscal year 2008. Revenue was up almost 50% from the previous year, as the company extended its string of quarter-over-quarter revenue growth to ten consecutive quarters. Demand remained strong for each of the company's four service lines, which include Energy Procurement, Utility Management, Remote Monitoring, and Energy Consulting. In 2008, the company managed over $2 billion in energy spend on behalf of its clients and reduced clients' energy consumption by over 900 million kilowatt-hours.

"2008 was another record year for Prenova," said Michael Nark, President and Chief Executive Officer of Prenova. "Our growth was driven both by new customers and by existing customers expanding their use of our services. Energy has become a significant budget item in recent years due to rising prices. Dramatic price swings like we saw in 2008 make it difficult for companies to control energy spend. That's why customers rely on Prenova. They see us as their energy experts and know we can help them negotiate the best available energy pricing while also helping them reduce energy consumption."

Additional 2008 highlights include:

  • 25% increase in customer installed base
  • 95% increase in sites being proactively monitored
  • Over 60% growth in recurring revenue
  • Nearly one million energy bills processed (natural gas and electric)
  • Backlog at record levels

Given the state of the economy, companies are looking for ways to reduce operating costs. Energy represents a key savings opportunity. Unfortunately, most companies that take steps to control energy spend do so in an ad hoc way, without a clearly defined plan. They may not prioritize their efforts to achieve the greatest savings in the shortest amount of time. As a result, these companies spend more on energy than they need to for longer than they need to.

Prenova helps customers develop an energy management strategy that addresses the unique characteristics and requirements of their business. An effective strategy focuses on the greatest savings opportunities first. For some companies, energy procurement may be the best place to start. For others, attacking sites with above average energy consumption may be the right choice. Prenova is the only energy services provider that can help companies make this decision and then implement a solution no matter where the customer chooses to start.

About Prenova:
Prenova helps companies control energy spend by reducing utility costs and improving energy efficiency. We work hand-in-hand with our customers to develop an energy strategy that fits their unique business needs. Then we help them implement this strategy consistently across the organization by providing services that span the entire energy lifecycle. From sourcing energy to controlling energy consumption, Prenova's solutions can reduce energy spend by 10-20%. That's why companies like Burger King, Costco, Foot Locker, Home Depot, and Rite Aid turn to Prenova.

For more information, please visit prenova.

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

SCOTT BEAVER
Visit website