PORT WASHINGTON, Wis., April 28, 2021 /PRNewswire-PRWeb/ -- Franklin Energy, a leading provider of energy efficiency and grid optimization solutions, announced today that they have finalized the acquisition of Cultivate Energy Optimization, a full-service energy management firm heavily rooted in the cannabis industry.
"Indoor agriculture is a relatively untapped, emerging market with enormous energy-saving potential," said Jim Madej, CEO of Franklin Energy. "The wealth of industry experience that Cultivate brings to our team will be extremely valuable as we continue expanding solutions that meet our clients' needs."
Based in Centennial, Colorado, Cultivate Energy Optimization has been at the leading edge of the indoor agriculture transformation since 2016, working with over 20 utilities and key stakeholders from Colorado to Canada. Cultivate's unique combination of technical agriculture background and utility-based demand-side management experience has been key to their industry success.
"Franklin Energy maintains a strong position in the utility industry and is committed to innovation and solution development to continue enhancing their offerings," said Eric Stern, co-founder of Cultivate Energy Optimization.
"We look forward to what this acquisition brings to both the indoor agriculture sector and power industry in the years to come," said Joe Sullivan, co-founder of Cultivate Energy Optimization and the firm's Technical Director, who has joined the Franklin Energy team.
The indoor agriculture market is set to grow at a compound annual growth rate of more than 9% through 2025, according to recent market analysis. As a result, the indoor agriculture industry is projected to account for an increasingly sizable portion of U.S. energy demand during the coming years.
Today's acquisition will enable Franklin Energy to bring Cultivate Energy Optimization's decades of experience, strong networks, and innovation solutions to bear for the company's customers in one of the fastest-growing sectors of the economy.
About Franklin Energy:
Franklin Energy delivers turn-key energy efficiency and grid optimization programs for more than 60 utility and government partners across the U.S. and Canada. Our integrated in-house services provide deep personalization and insights, helping our energy partners achieve their carbon-reduction and energy productivity goals. The company has served the utility industry for more than 26 years, with smart solutions implemented by over 1,100 energy professionals.
About Cultivate Energy Optimization:
Cultivate Energy Optimization is a Colorado-based energy efficiency firm that works exclusively with utilities and governments to deliver cost-effective controlled environment agriculture (CEA) energy management programs within the cannabis cultivation sector. Having designed and implemented innovative programs in partnership with 20 utilities, the company has engaged, advised and collaborated with hundreds of cannabis cultivation business and horticulture trade-partners across North America to help building owners and facility operators reduce and optimize energy use.
Jamie Delk, Franklin Energy, +1 9202078958, [email protected]
SOURCE Franklin Energy